NexC Partners Corp. Receives Approval for Normal Course Issuer Bid
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 04/06/15 -- NexC Partners Corp. (the "Company") (TSX: NXC) has received approval for a normal course issuer bid to purchase up to 274,788 Class A Shares (the "Shares") of the Company, representing approximately 10% of the public float of 2,747,884 Shares. The Company may purchase up to 54,957 Shares in any 30 day period which is 2% of the 2,747,884 issued and outstanding Shares at March 24, 2015.
The Shares may be purchased for cancellation from April 8, 2015 to April 7, 2016 through the facilities of the Toronto Stock Exchange or other eligible alternative markets and may only be purchased at a price per Share not exceeding the last published net asset value per Share. Purpose Investments Inc., the Manager of the Company, believes that such purchases are in the best interest of the Company and are a desirable use of its available funds.
On March 31, 2014, the Company announced that it was making a normal course issuer bid, which commenced April 2, 2014, to purchase up to 297,463 Shares through the facilities of the TSX or other eligible alternative markets. The Company repurchased 159,129 Shares at a weighted average price of $10.93 per share under the bid, which expired on April 1, 2015.
The Company offers an annual conditional redemption where Class A Shares, Class F Shares and Class J Shares may be redeemed at the option of the holder of such shares on the last business day of March if the annual redemption condition has been met. The annual redemption condition states that Class A Shares, Class F Shares and Class J Shares may only be redeemed if the Class A Shares trade on the TSX at an average discount to the net asset value per Class A Share of greater than 5% on a volume weighted basis for the four months ending on February 28 preceding the annual redemption date in March.
Purpose Investments Inc. is a Canadian asset management firm committed to enabling all investors to have access to great investment products at reasonable fees. The Class A Shares of the Company are listed for trading on the Toronto Stock Exchange under the symbol NXC.
Contacts:
NexC Partners Corp.
Investor Relations
(416) 583-3850
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Datum: 06.04.2015 - 12:34 Uhr
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News-ID 1349253
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