WALL FINANCIAL CORPORATION ANNOUNCES RENEWAL OF NORMAL COURSE ISSUER BID
VANCOUVER, BC, March 13, 2024 /CNW/ - WALL FINANCIAL CORPORATION (TSX: WFC) (the "Company") announced today that it has received approval from the Toronto Stock Exchange to renew its normal course issuer bid (the "Bid") to purchase up to 672,142 Common Shares ("Shares") in total, being approximately 10% of the Company's Public Float (as that term is defined in the policies of the Toronto Stock Exchange (the "Exchange")) as at March 13, 2024, through the facilities of the Exchange or through alternative Canadian trading systems by a registered investment dealer.
The Bid, which will begin on March 18, 2024 and end no later than March 17, 2025, has been approved by the Company's board of directors (the "Board") and by the Exchange and will be made in accordance with the applicable rules and policies of the Exchange, and applicable Canadian securities laws. Under the Bid, Shares may be repurchased in open market transactions on the Exchange and/or alternative Canadian trading systems, or by such other means as may be permitted by the Exchange and applicable Canadian securities laws. The price which the Company will pay for any such Shares will be the prevailing market price at the time of purchase.
The average daily trading volume for the six months ended February 29, 2024 was 1,553. The total issued and outstanding common shares of the Company as of March 8, 2024 was 32,305,665 and the total public float as of March 8, 2024 was 6,721,427. The Company has determined the maximum number of Shares that may be purchased in one day will be 1,000 Shares.
The Company has entered into an automatic securities purchase plan (the "ASPP") with CIBC World Markets Inc. (the "Broker") to allow for the repurchase of Shares at times when the Company ordinarily would not be active in the market due to its own internal trading blackout periods, insider trading rules or otherwise. The ASPP provides a set of standard instructions to the Broker to make purchases under the NCIB in accordance with the limits and other terms set out in the ASPP. The Broker will determine the timing of these purchases in its sole discretion based on purchasing parameters set by the Company and subject to the rules of the Exchange, applicable securities laws, and the terms of the ASPP. The ASPP has been pre-cleared by the Exchange and will be implemented concurrent with the NCIB. All purchases made under the ASPP will be included in computing the number of shares purchased and cancelled by the Company under the NCIB.
Outside of the restricted periods, the timing of purchases will be determined by management of the Company. Decisions regarding purchases will be based on market conditions, share price, best use of available cash, and other factors. The funding for any purchase pursuant to the Bid will be financed out of the working capital of the Company.
All Shares will be purchased for cancellation.
The Board believes the Bid will provide the Company with a flexible mechanism for: (a) managing and balancing its capital structure over the next 12 months; and (b) returning excess cash to shareholders who choose to participate in the Bid by selling their Shares. As a result, depending upon future price movements and other factors, the Board believes that the purchase of the Shares would be an appropriate use of corporate funds and in the best interests of the Company and its shareholders. Furthermore, the purchases are expected to benefit all persons who continue to hold Shares by increasing their equity interest in the Company when the repurchased Shares are cancelled.
A copy of the Company's Notice of Intention to make a Normal Course Issuer Bid filed with the Exchange may be obtained, by any shareholder without charge, by contacting the Company's President, Bruno Wall, at the information below.
Under the current Bid, which expires on March 14, 2024, the Company obtained approval to purchase up to 688,362 Shares. As of March 13, 2024, the Company purchased for cancellation 156,600 Shares under the current Bid in open market transactions on the Exchange and/or alternative Canadian trading systems at a volume weighted average price paid of $19.82 per Share (excluding commissions).
Wall Financial Corporation is a B.C. based real estate company active in the development and management of residential and commercial rental units, development and construction of residential housing for resale, and the development and management of hotel properties.
This news release contains information that is forward-looking. Information is forward-looking when the Company uses what we know and expect today to give information about the future. Forward-looking information in this news release includes, but is not limited to, statements with respect to the terms under which the NCIB and ASPP will be operated. All such forward-looking statements are made pursuant to the 'safe harbour' provisions of applicable Canadian securities laws.
Unless otherwise indicated, forward-looking information in this news release reflects the Company's expectations at the date in this news release. Except as may be required by Canadian securities laws, the Company does not undertake any obligation to update or revise any forward-looking information, whether as a result of new information, future events, or otherwise.
Forward-looking information, by its very nature, is subject to numerous risks and uncertainties and is based on a number of assumptions. This gives rise to the possibility that actual results could differ materially from the expectations expressed in or implied by such forward-looking information and that the Company's business outlook, objectives, plans, strategic priorities and other information that is not historical fact may not be achieved. As a result, the Company cannot guarantee that any forward-looking information will materialize.
Forward-looking information is provided in this news release for the purpose of giving information about the Company's current expectations and plans and allowing investors and others to have a better understanding of the Company's operating environment. However, readers are cautioned that it may not be appropriate to use such forward-looking information for any other purpose.
SOURCE Wall Financial Corporation
Bruno Wall, President, Wall Financial Corporation, 1010 Burrard Street, Vancouver, British Columbia V6Z 2R9, 604.893.7131.
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