VEGREVILLE, AB, Jan. 31, 2018 /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 renew its normal course issuer bid (the "Bid") for up to 913,256 of its issued and outstanding common shares (the "Shares") on the TSX. In connection with Bid, TerraVest has renewed its automatic securities purchase plan with its designated broker to allow for purchases of Shares (the "Share Purchase Plan"). The Share Purchase Plan will commence on February 2, 2018 and end on, or before, February 1, 2019.
Purchases under the Bid may commence on February 2, 2018 and will terminate on February 1, 2019, or on such earlier date as the Bid is complete. Purchases of Shares will be made either through the facilities of the TSX in accordance with its rules, and alternative Canadian trading platforms, or through the Share Purchase Plan. Purchases under the Share Purchase Plan will be determined by TerraVest's broker in its sole discretion, without consultation with TerraVest, subject to the limitations of the Share Purchase Plan and the rules of the TSX. The Share Purchase Plan is considered an "automatic plan" for purposes of applicable Canadian securities laws and has been reviewed by the TSX. The Share Purchase Plan was established to provide standard instructions regarding how the Shares are to be purchased under the Bid. Accordingly, TerraVest may purchase its Shares in accordance with the Share Purchase Plan on any trading day during the Bid, including during self-imposed trading blackout periods. TerraVest may otherwise vary, suspend or terminate the Share Purchase Plan only if it does not have material non-public information, the decision to vary, suspend or terminate the Share Purchase 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 Share Purchase Plan.
The average daily trading volume of the Shares for the previous six calendar months ("ADTV") was 3,456 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. Any Shares purchased by the Corporation will be cancelled.
As of January 29, 2018, there were 18,265,134 Shares issued and outstanding. The 913,256 Shares that may be repurchased under the Bid represent approximately 5.0% of the issued and outstanding Shares on January 29, 2018.
Pursuant to the Corporation's normal course issuer bid which commenced on December 19, 2016 and expired on December 18, 2017, TerraVest purchased 179,700 Common Shares at a weighted average price of $9.42 per Common 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: Dustin Haw, Chief Executive Officer, TerraVest Capital Inc., (416) 855-1928, [email protected]