VEGREVILLE, AB, Nov. 22, 2013 /CNW/ - TerraVest Capital Inc.
("TerraVest" or the "Corporation") (TSX: TVK) announced today that it
has received the approval of the Toronto Stock Exchange (the "TSX") to
make a normal course issuer bid (the "Bid") for up to 621,305 of its
issued and outstanding common shares (the "Shares") on the TSX.
The Corporation has also entered into an "automatic securities purchase
plan" (as defined under applicable Canadian securities laws) with
National Bank Financial Inc. for the purpose of making purchases under
the Bid (the "Plan"). Purchases under the Bid will be determined by
National Bank Financial Inc. in its sole discretion, without
consultation with the Corporation, subject to the limitations of the
Plan and the rules of the TSX. The Plan constitutes an "automatic plan"
for purposes of applicable Canadian securities laws and has been
reviewed by the TSX. The Plan was established to provide standard
instructions regarding how TerraVest's Shares are to be purchased under
the Bid. Accordingly, TerraVest may purchase its Shares in accordance
with the Plan on any trading day during the issuer bid including during
self-imposed trading blackout periods. TerraVest may otherwise vary,
suspend or terminate the Plan only if it does not have material
non-public information, the decision to vary, suspend or terminate the
Plan is not taken during a self-imposed trading blackout period and any
variation, suspension or termination is made in accordance with the
terms of the Plan.
Purchases under the Bid may commence on November 26, 2013 and will
terminate on November 25, 2014, or on such earlier date as the Bid is
complete. Purchases of Shares will be made through the facilities of
the TSX in accordance with its rules. The average daily trading volume
of the Shares for the previous six calendar months ("ADTV") was 1,362
Shares. Subject to the TSX's block purchase exception, on any trading
day, purchases under the Bid will not exceed 1,000 Shares. The price
that the Corporation will pay for any Shares purchased under the Bid
will be the prevailing market price at the time of purchase and any
Shares purchased by the Corporation will be cancelled.
As of November 12, 2013, there were 12,426,103 Shares issued and
outstanding. The 621,305 Shares that may be repurchased under the Bid
represent approximately 5.0% of the issued and outstanding Shares on
November 12, 2013.
As at November 12, 2013, pursuant to its normal course issuer bid in
place since November 26, 2012, TerraVest has purchased 102,800 Common
Shares at a weighted average price of $3.59 per Share.
The Board of Directors of the Corporation has authorized the Bid because
it believes that it is an efficient use of the Corporation's financial
resources to purchase Shares when the market price of the Shares does
not fully reflect their underlying value.
SOURCE: TerraVest Capital Inc.
For further information:
TerraVest Capital Inc.
Chief Executive Officer
Paul A. Casey, CA
TerraVest Capital Inc.
Chief Financial Officer