TORONTO, March 21, 2017 /CNW/ - Street Capital Group Inc. ("Street Capital" or the "Company") (TSX: SCB), announced today that the Toronto Stock Exchange (the "Exchange") has accepted Street Capital's notice of its intention to renew its normal course issuer bid for a portion of its common shares ("Common Shares"). Street Capital's normal course issuer bid will be made in accordance with the requirements of the Exchange. Street Capital is adopting an automatic securities purchase plan in connection with its normal course issuer bid that contains parameters regarding how its Common Shares may be repurchased during times when it would ordinarily not be permitted to purchase Common Shares due to regulatory restrictions or self-imposed blackout periods.
Pursuant to the notice, Street Capital may, in the 12-month period commencing March 23, 2017, acquire for cancellation up to 2% of the total Common Shares outstanding. Based on a total of 121,531,794 Common Shares outstanding on March 9, 2017, Street Capital could acquire 2,430,636 Common Shares under its normal course issuer bid. Purchases will be made at market prices through the facilities of the Exchange. Under the normal course issuer bid, Street Capital may purchase up to 15,523 Common Shares on the Exchange during any trading day, which is 25% of 62,094 (the average daily trading volume for Street Capital's Common Shares on the Exchange for the six months ended February 28, 2017). This limitation does not apply to purchases made pursuant to block purchase exemptions.
Under the normal course issuer bid that commenced March 23, 2016 and will expire on March 22, 2017, Street Capital has purchased 630,132 Common Shares at a volume weighted average price of $1.44.
Street Capital believes that the repurchase by Street Capital of a portion of outstanding Common Shares is an appropriate use of available cash and is in the best interests of Street Capital and its shareholders.
About Street Capital Group Inc. (www.streetcapitalgroup.ca)
Street Capital Group Inc. (TSX: SCB) is a public company operating through its wholly-owned subsidiary, Street Capital Bank of Canada, a federally regulated Schedule I Bank offering residential mortgage loans with the strategic goal of introducing additional retail banking products in the coming years. Street Capital Bank of Canada sources its mortgage products primarily through a network of independent mortgage brokers across Canada with whom it has built relationships. Street Capital Bank of Canada offers a broad line-up of high ratio and conventional mortgages to borrowers and either sells the mortgages it underwrites to top tier financial institutions or holds them on balance sheet. Street Capital Bank of Canada lends throughout all of the Provinces of Canada (other than Quebec) and has offices in Ontario, Alberta and British Columbia. For more information please visit www.streetcapital.ca.
The statements made in this release that are not historical facts contain forward-looking information that involves risks and uncertainties. All statements, other than statements of historical facts, which address Street Capital Group Inc.'s expectations, should be considered as forward-looking statements and therefore subject to various risks and uncertainties. The words "may", "will", "could", "should", "would", "suspect", "outlook", "believe", "plan", "anticipate", "estimate", "expect", "intend", "forecast", "objective", "hope" and "continue" (or the negative thereof), and words and expressions of similar import, are intended to identify forward-looking statements.
Such statements are based on knowledge of the environment in which the Company currently operates, but because of the factors listed herein, as well as other factors beyond the Company's control, actual results may differ materially from the expectations expressed in the forward-looking statements. The Company undertakes no obligation, and does not intend, to update, revise or otherwise publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of any unanticipated events.
SOURCE Street Capital