PWC Capital Inc. Announces Normal Course Issuer Bids

LONDON, March 14, 2016 /CNW/ - PWC Capital Inc.'s (TSX:PWC) Normal Course Issuer Bids (NCIBs) for its Common Shares and Class B Preferred Shares, which commenced on March 16, 2015, will terminate on March 15, 2016. PWC has not completed any repurchases of its Common Shares or Class B Preferred Shares under the NCIBs terminating on March 15, 2016.

PWC has obtained approval from the Toronto Stock Exchange (TSX) to proceed with new NCIBs for its Common Shares and Class B Preferred Shares. For both NCIBs, the purchases may commence on March 16, 2016 and will terminate on March 15, 2017, or such earlier date as PWC may complete its purchases pursuant to the NCIBs.  The purchases will be made by PWC through the facilities of the TSX or alternative trading systems and in accordance with the rules of the TSX, and the prices that PWC will pay for any Common Shares or Class B Preferred Shares will be the market price of such shares at the time of acquisition.  PWC will make no purchases of Common Shares or Class B Preferred Shares other than open market purchases.

Pursuant to the Common Share NCIB, PWC may purchase for cancellation up to 2,740,000 of its Common Shares representing 9.98% of the public float.  As of March 7, 2016, the public float comprises 27,465,096 Common Shares.  The issued and outstanding Common Shares total 44,592,260.  The average daily trading volume (ADTV) of PWC's Common Shares on the TSX for the months of September 2015 to February 2016 was 26,073 shares. Daily purchases will be limited to 25% of the ADTV, which is 6,518 Common Shares, other than block purchase exceptions.

Pursuant to the Class B Preferred Share NCIB, PWC may purchase for cancellation up to 109,000 of its Class B Preferred Shares (TSX:PWC.PR.B) representing 9.98% of the public float.  As of March 7, 2016, the public float comprises 1,092,725 Class B Preferred Shares.  The issued and outstanding Class B Preferred Shares total 1,094,058.  The average daily trading volume (ADTV) of PWC's Class B Preferred Shares on the TSX for the months of September 2015 to February 2016 was 217 shares. Daily purchases will be limited to 1,000 Class B Preferred Shares, other than block purchase exceptions.

PWC believes that the market price of its Common Shares and Class B Preferred Shares are unusually low and do not fully reflect the value of its business and the future prospects of PWC.  As a result, PWC believes that purchasing its Common Shares and Class B Preferred Shares represents an attractive investment opportunity and an appropriate and desirable use of available funds. 

On behalf of the Board of Directors: David R. Taylor, President & C.E.O.

SOURCE PWC Capital Inc.

For further information: Investor Relations: Wade MacBain, Director (866) 792-8104, wadem@pwccapital.com; Public Relations & Media: Tel Matrundola, Vice-President, (866) 787-9936, telm@pwccapital.com; Visit our website at: http://pwccapital.com

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