CALGARY, April 8, 2019 /CNW/ - Crown Capital Partners Inc. ("Crown" or the "Corporation") (TSX: CRWN), a capital partner to entrepreneurs and growth businesses, today announced that it has received approval from the Toronto Stock Exchange (the "TSX") to renew its normal course issuer bid ("NCIB") for a 12-month period commencing April 10, 2019.
The renewed NCIB will follow the current NCIB, which ends on April 9, 2019 and under which Crown purchased 99,683 shares at a volume-weighted average price per share of $10.07 up to April 5, 2019.
Under the terms of the renewed NCIB, Crown will have the right to purchase up to 300,000 of its common shares (the "Shares") representing approximately 5.3% of the public float and approximately 3.1% of the 9,610,827 issued and outstanding Shares as at March 31, 2019. The number of Shares that can be purchased pursuant to the renewed NCIB is subject to a daily maximum of 1,391, which is 25% of 5,565 (being the average daily trading volume for the Shares on the TSX for the six months ended March 31, 2019). Shares purchased by the Corporation pursuant to the renewed NCIB will be cancelled. Purchases made pursuant to the renewed NCIB will be made in the open market through the facilities of the TSX and alternative trading systems, if eligible. The renewed NCIB will commence on April 10, 2019 and remain in effect until the earlier of April 9, 2020, the termination of the renewed NCIB by Crown, and Crown purchasing the maximum number of Shares permitted under the renewed NCIB.
In the opinion of the Corporation's board of directors and senior management, the renewed NCIB provides Crown with the flexibility to utilize its capital to acquire Shares from time to time under the appropriate circumstances. At December 31, 2018, Crown's total equity per basic common share was $10.91.
Founded in 2000, Crown is a leading specialty finance company that provides growth capital to a diversified group of successful mid-market companies that are seeking alternatives to banks and private equity funds. Crown provides customized solutions in the form of loans, royalties, and other structures with minimal or no ownership dilution. In addition to deploying capital as a principal investor, Crown develops, manages and co- invests in alternative investment funds, including Crown Partners Fund and Crown Capital Power Fund.
This news release contains certain "forward looking statements" and certain "forward looking information" as defined under applicable Canadian and U.S. securities laws. Forward-looking statements can generally be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology. Forward-looking statements in this news release include, but are not limited to, statements, management's beliefs, expectations or intentions regarding potential future purchases of Shares. Forward-looking statements are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements are subject to various risks and uncertainties concerning the specific factors identified in the Crown's periodic filings with Canadian securities regulators. See Crown's most recent annual information form for a detailed discussion of the risk factors affecting Crown. In addition, Crown's dividend policy will be reviewed from time to time in the context of the Corporation's earnings, financial requirements for its operations, and other relevant factors and the declaration of a dividend will always be at the discretion of the board of directors of the Corporation. Crown undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.
SOURCE Crown Capital Partners Inc.
For further information: Craig Armitage, Investor Relations, firstname.lastname@example.org, (416) 347-8954