Integrated Asset Management Corp. Announces Renewal of Normal Course Issuer Bid
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 05/12/17 -- Integrated Asset Management Corp. ("IAM") (TSX: IAM) today announced that the Toronto Stock Exchange (the "TSX") has approved IAM''s notice of intention to renew its normal course issuer bid for the purchase for cancellation of certain of its common shares.
As at May 11, 2017, there were 27,954,295 issued and outstanding common shares of IAM. Under this renewal of the normal course issuer bid, IAM is permitted to purchase up to 1,397,715 common shares (representing 5.0% of the issued and outstanding common shares) at prevailing market prices during the 12 month period commencing May 24, 2017 and ending May 23, 2018.
Except where reliance is placed on the TSX''s block purchase exemption, IAM may purchase up to 2,008 common shares on the TSX on any trading day, which represent 25% of the average daily trading volume on the TSX of 8,033 shares for the most recently completed six calendar months prior to the date of the notice. Purchases will be executed through the facilities of the TSX and/or other alternative Canadian trading systems at prevailing market prices under the rules and policies of the TSX. All securities purchased by IAM under the normal course issuer bid will be cancelled.
Under the previous normal course issuer bid which came into effect on May 24, 2016 and will expire on May 23, 2017 IAM purchased nil common shares, representing 0.0% of the outstanding common shares at the commencement of the normal course issuer bid. On May 11, 2017, the common shares closed at $1.47.
IAM considers that these purchases from time to time at prevailing market prices may provide liquidity for shareholders and be a worthwhile investment for both IAM and its shareholders.
IAM is one of Canada''s leading alternative asset management companies with approximately $2.5 billion in assets and committed capital under management in real estate and private debt.
Contacts:
Integrated Asset Management Corp.
Tom Felkai
CFO
416 933 8263
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Datum: 12.05.2017 - 06:30 Uhr
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News-ID 1504273
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