TORONTO, Sept. 18, 2019 (GLOBE NEWSWIRE) — Dream Unlimited Corp. (TSX: DRM) (TSX:DRM.PR.A) (âDreamâ) announced today that the Toronto Stock Exchange accepted a notice filed by Dream to renew its prior normal course issuer bid for a one year period. Under the bid, Dream will have the ability to purchase for cancellation up to a maximum of 6,604,023 of its Class A Subordinate Voting Shares (representing 10% of Dreamâs public float of 66,040,238 Class A Subordinate Voting Shares) through the facilities of the Toronto Stock Exchange (the âTSXâ). The bid will commence on September 20, 2019 and remain in effect until the earlier of September 19, 2020 or the date on which Dream has purchased the maximum number of Class A Subordinate Voting Shares permitted under the bid. Daily purchases will be limited to 15,029 Class A Subordinate Voting Shares, which equals 25% of the average daily trading volume during the last six calendar months (being 60,118 Class A Subordinate Voting Shares per day), other than purchases pursuant to applicable block purchase exceptions. As of September 6, 2019, the number of issued and outstanding Class A Subordinate Voting Shares is 102,689,494.
In connection with the renewal of its normal course issuer bid, Dream has established an automatic securities purchase plan (the âPlanâ) with its designated broker to facilitate the purchase of Class A Subordinate Voting Shares under the normal course issuer bid at times when Dream would ordinarily not be permitted to purchase its Class A Subordinate Voting Shares due to regulatory restrictions or self-imposed blackout periods. Purchases will be made by Dreamâs broker based upon the parameters prescribed by the TSX and the terms of the partiesâ written agreement. Outside of such restricted or blackout periods, the Class A Subordinate Voting Shares may also be purchased in accordance with Managementâs discretion. The Plan has been pre-cleared by the TSX and will terminate on September 19, 2020.
Dream has renewed its normal course issuer bid because it believes that Class A Subordinate Voting Shares may become available during the period of the bid at prices that would make the purchase of such Class A Subordinate Voting Shares for cancellation in the best interests of Dream and its shareholders.
Dreamâs current normal course issuer bid for the purchase of up to 7,062,995 Class A Subordinate Voting Shares expires on September 19, 2019. Under this bid and up until September 6, 2019, Dream has purchased for cancellation 2,351,200 Class A Subordinate Voting Shares through the facilities of the Toronto Stock Exchange at an average price of $7.46 for a total cost of $17.5 million. Please note that the amount of shares repurchased under the bid was in line with both management and board strategy with respect to use of capital for share repurchases. Furthermore, the amount of shares that can be repurchased in the market under the TSX rules on a daily basis are subject to various trading restrictions which impact the amount that can be repurchased on a daily basis.
About Dream Unlimited Corp.
Dream is one of Canadaâs leading real estate companies with over $16 billion of assets under management in North America and Europe. The scope of the business includes asset management and management services for four Toronto Stock Exchange listed trusts and institutional partnerships, condominium and mixed-use development, investments in and management of a renewable power portfolio, commercial property ownership, residential land development, and housing and multi-family development. Dream has an established track record for being innovative and for its ability to source, structure and execute on compelling investment opportunities.
Forward Looking Information
This press release may contain forwardâlooking information within the meaning of applicable securities legislation, including with respect to future purchases of Class A Subordinate Voting Shares by Dream. Forwardâlooking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Dreamâs control, which could cause actual results to differ materially from those that are disclosed in or implied by such forwardâlooking information. These risks and uncertainties include, but are not limited to general and local economic and business conditions, employment levels, regulatory risks, mortgage rates and regulations, environmental risks, consumer confidence, seasonality, adverse weather conditions, reliance on key clients and personnel and competition. All forward looking information in this press release speaks as of September 18, 2019. Dream does not undertake to update any such forward looking information whether as a result of new information, future events or otherwise. Additional information about these assumptions and risks and uncertainties is disclosed in filings with securities regulators filed on SEDAR (www.sedar.com).
For further information, please contact:
| Dream Unlimited Corp. | |
| Pauline Alimchandani | Kim Lefever |
| EVP & Chief Financial Officer | Director, Investor Relations |
| (416) 365-5992 | (416) 365-6339 |
| palimchandani@dream.ca | klefever@dream.ca |