TORONTO, June 13, 2023 (GLOBE NEWSWIRE) — RioCan Real Estate Investment Trust (“RioCan” or the “Trust”) (TSX: REI.UN) today announced the results of the votes held at its June 13, 2023 annual and special meeting of unitholders (the “Meeting”). The total number of units represented by unitholders present in person or by proxy at the… [Read More]
Zenbase is Now Working With Equifax to Offer Automated Rent Reporting and Support Landlord ESG Initiatives
Monthly rent payment data to be reported to Equifax Canada to help renters build credit history
CALGARY, Alberta–(BUSINESS WIRE)–#financialhealth–Zenbase now offers property owners and operators rent reporting to help improve the financial health of their residents and increase their operational predictability through improved payment rates. By reporting rental data to Equifax Canada, Zenbase is helping Canadians build their credit history. With over three million Canadians being considered “credit invisible” and another seven million having “thin” credit files, contributing rental data to the credit data ecosystem creates a significant opportunity to support the “Social” in ESG by helping these Canadians improve their financial well-being.
With deep accounting integrations across the multi-family space, Zenbase is proud to offer the first of its kind landlord-verified rent reporting in Canada that’s completely automated.
Zenbase is a no-lift solution for the landlords. As soon as landlords enable Zenbase for their preferred property management system, residents can sign up and give consent for their payments to be reported. The entire process of monitoring and reporting is handled by Zenbase and it requires zero investment for the landlords.
“Most renters are getting zero acknowledgment in their credit score for paying their biggest monthly expense and we are changing that,” explained Koray Can Oztekin, CEO and Founder of Zenbase. “With our landlord partners we are turning rent reporting into a standard for rent payments which is a key part of our vision to provide equitable financial access for everyone by creating a financial identity and stability toward financial health.”
“Data can be a force for good, and Equifax is hyper-focused on finding alternative sources of data that can help ensure every Canadian has access to the credit they deserve,” said Sandy Kyriakatos, Chief Data Officer for Equifax Canada. “We are so pleased to be working with Zenbase to benefit Canadian renters, who are often underserved by traditional credit. Canadians who rent their homes are often paying more than they would pay for a mortgage, but don’t get credit for consistently making those payments. When this data is reported to us, it helps build a person’s credit history, which can mean more equitable access to credit.”
About Zenbase
Zenbase, a leader in rewarding and flexible rent payments, is committed to economic inclusion that fosters financial empowerment for renters. Our solutions improve the financial wellness of renters while improving operational efficiency for property managers. Rent is usually due on the 1st of the month but that doesn’t align with most people’s bi-monthly pay cycle. We’ve fixed that misalignment and provide other financial tools like rent reporting. For more information, visit myzenbase.com.
About Equifax
At Equifax (NYSE: EFX), we believe knowledge drives progress. As a global data, analytics, and technology company, we play an essential role in the global economy by helping financial institutions, companies, employers, and government agencies make critical decisions with greater confidence. Our unique blend of differentiated data, analytics, and cloud technology drives insights to power decisions to move people forward. Headquartered in Atlanta and supported by nearly 14,000 employees worldwide, Equifax operates or has investments in 24 countries in North America, Central and South America, Europe, and the Asia Pacific region. For more information, visit Equifax.ca.
Contacts
Zenbase Press Contact:
Philipp Postrehovsky
philipp@myzenbase.com
604-657-2775
Equifax Canada Press Contact
Equifax Canada Media Relations
MediaRelationsCanada@equifax.com
Allied Announces Conversion to an Open-End Trust
TORONTO, June 12, 2023 (GLOBE NEWSWIRE) — Allied Properties Real Estate Investment Trust (“Allied”) (TSX:AP.UN) announced today that it has completed its conversion from a “closed-end” trust to an “open-end” trust. Unitholders approved the conversion of Allied to an open-end trust and certain amendments to the declaration of trust of Allied (the “Declaration of Trust”)… [Read More]
Northview Fund announces recapitalization transaction including the acquisition of three portfolios for $742 million and its intention to transform into Northview Residential REIT, a $2.7 billion, internally managed, traditional open-ended real estate investment trust focused on national multi-family properties
Highlights Northview will acquire over 3,300 multi-family suites and 119,000 commercial square feet for $742 million in exchange for Northview Fund units, exchangeable units and redeemable units at an issue price of $15.06 per unit and the assumption of in-place financing Northview Residential REIT’s portfolio will consist of 14,622 multi-family suites and execusuites and 1.25… [Read More]
Dream Unlimited Corp. Announces Dream Investor Day and Voting Results of Annual Meeting of Shareholders
TORONTO–(BUSINESS WIRE)–DREAM UNLIMITED CORP. (TSX: DRM) (“Dream”) is pleased to announce that on Wednesday, September 6, 2023, Dream Unlimited Corp., Dream Office REIT and Dream Impact Trust are welcoming investors for a joint investor session. The event will be hosted at our head office at 30 Adelaide Street East, Suite 301 at 10:00 am ET. This session will discuss each company’s net asset value, capital allocation strategy and business plan, to provide better insight into how we view and manage the businesses.
At our annual meeting of shareholders (the “Meeting”) held today, all of the nominees for election as directors of Dream (the “Board”) referred to in its management information circular for the Meeting were elected. Votes cast on this matter were as follows:
Nominee |
Votes For |
% Votes For |
Votes Withheld |
% Votes Withheld |
Michael Cooper |
187,042,413 |
98.56 |
2,737,988 |
1.44 |
James Eaton |
189,725,522 |
99.97 |
55,129 |
0.03 |
Joanne Ferstman |
189,217,086 |
99.70 |
563,498 |
0.30 |
Richard Gateman |
188,072,226 |
99.10 |
1,708,425 |
0.90 |
Jane Gavan |
189,476,956 |
99.84 |
303,695 |
0.16 |
Duncan Jackman |
182,504,337 |
96.17 |
7,276,314 |
3.83 |
Jennifer Lee Koss |
188,214,996 |
99.18 |
1,565,655 |
0.82 |
Vincenza Sera |
188,268,258 |
99.20 |
1,512,393 |
0.80 |
At the Meeting, PricewaterhouseCoopers LLP was appointed as the auditor of Dream and its subsidiaries for the ensuing year, and the Board was authorized to fix the remuneration of the auditor.
At the Meeting, shareholders approved a resolution amending Dream’s performance share unit plan to increase the number of performance share units that may be granted or credited under the plan by a further 600,000 units.
At the Meeting, shareholders approved a resolution amending Dream’s restricted share and restricted share unit plan to increase the number of restricted share units and restricted share awards that may be granted or credited under the plan by a further 800,000 units.
At the Meeting, shareholders approved a resolution amending Dream’s deferred share incentive plan to increase the number of deferred share units and income deferred share units that may be granted or credited under the plan by a further 65,000 units.
About Dream Unlimited Corp.
Dream is a leading developer of exceptional office and residential assets in Toronto, owns stabilized income generating assets in both Canada and the U.S., and has an established and successful asset management business, inclusive of $24 billion of assets under management across four Toronto Stock Exchange listed trusts, our private asset management business and numerous partnerships. We also develop land and residential assets in Western Canada. Dream expects to generate more recurring income in the future as its urban development properties are completed and held for the long term. Dream has a proven track record for being innovative and for our ability to source, structure and execute on compelling investment opportunities. For more information please visit our website at www.dream.ca.
Contacts
For further information, please contact:
Dream Unlimited Corp.
Deb Starkman
Chief Financial Officer
(416) 365-4124
dstarkman@dream.ca
Kim Lefever
Director, Investor Relations
(416) 365-6339
klefever@dream.ca
Dream Office REIT Announces Dream Investor Day and Voting Results of Annual and Special Meeting of Unitholders
TORONTO–(BUSINESS WIRE)–DREAM OFFICE REAL ESTATE INVESTMENT TRUST (TSX:D.UN) (“Dream Office REIT” or the “REIT”) is pleased to announce that on Wednesday, September 6, 2023, Dream Unlimited Corp., Dream Office REIT and Dream Impact Trust are welcoming investors for a joint investor session. The event will be hosted at our head office at 30 Adelaide Street East, Suite 301 at 10:00 am ET. This session will discuss each company’s net asset value, capital allocation strategy and business plan, to provide better insight into how we view and manage the businesses.
At our annual and special meeting of unitholders (the “Meeting”) held today, all of the nominees for election as trustees of the REIT (the “Trustees”) referred to in its management information circular for the Meeting (the “Circular”) were elected. Votes cast on this matter were as follows:
Nominee |
Votes For |
% Votes |
Votes |
% Votes |
||||
Amar Bhalla |
32,877,524 |
99.36 |
212,209 |
0.64 |
||||
Donald Charter |
32,075,626 |
96.94 |
1,014,107 |
3.06 |
||||
Michael Cooper |
30,852,700 |
93.24 |
2,237,033 |
6.76 |
||||
P. Jane Gavan |
29,871,332 |
90.27 |
3,218,401 |
9.73 |
||||
Dr. Kellie Leitch |
32,877,356 |
99.36 |
212,377 |
0.64 |
||||
Karine MacIndoe |
32,877,893 |
99.36 |
211,840 |
0.64 |
||||
Qi Tang |
32,910,105 |
99.46 |
179,628 |
0.54 |
At the Meeting, PricewaterhouseCoopers LLP was appointed auditor of the REIT and its subsidiaries for the ensuing year, and the Trustees were authorized to fix the remuneration of the auditor.
At the Meeting, a special resolution approving certain amendments to the Declaration of Trust of the REIT intended to provide the Trustees and the REIT’s subsidiaries with greater flexibility, in accordance with market practice, in respect of financing transactions requiring a guarantee of the REIT, to increase quorum requirements and to address other non-substantive clarifying changes, as more particularly set forth in the Circular, was approved by a requisite vote of more than 662/3% of the votes cast by the unitholders of the REIT.
At the Meeting, a resolution approving certain amendments to the Declaration of Trust of the REIT to provide that the Trustees may at any time declare an extraordinary distribution of cash, units or property of the REIT in specie, as more particularly set forth in the Circular, was approved by a requisite vote of more than 50% of the votes cast by the unitholders of the REIT.
At the Meeting, a resolution approving certain amendments to the REIT’s deferred unit incentive plan to increase the number of deferred trust units and income deferred trust units of the REIT that may be granted or credited under the plan by a further 500,000 units (or 250,000 units if the proposed Unit Consolidation referred to below is effected), was approved by a requisite vote of more than 50% of the votes cast by the unitholders of the REIT.
At the Meeting, a resolution (the “Consolidation Resolution”) authorizing the Trustees to effect a consolidation (the “Unit Consolidation”) of (i) (a) the issued and outstanding REIT Units, Series A of the REIT on the basis of one (1) post consolidation unit for every two (2) pre-consolidation units, and (b) the issued and outstanding REIT Units, Series B of the REIT on the basis of one (1) post consolidation unit for every two (2) pre-consolidation units, if applicable, and (ii) the issued and
outstanding Special Trust Units of the REIT on the basis of one (1) post-consolidation unit for every two (2) pre-consolidation units, as more particularly described in the Circular, was approved by a requisite vote of more than 50% of the votes cast by the unitholders of the REIT.
The Consolidation Resolution was required to be approved by more than 50% of the votes cast by the unitholders entitled to vote at the Meeting. Votes cast on this matter were as follows:
Votes For |
|
% Votes For |
|
Votes Against |
|
% Votes Against |
|
32,959,744 |
|
99.31 |
|
228,244 |
|
0.69 |
If the board of Trustees proceeds with the Unit Consolidation, it will take effect on a date to be coordinated with the Toronto Stock Exchange and details will be announced in advance by the REIT. No further action on the part of unitholders is required in order for the board of Trustees to implement the Unit Consolidation.
About Dream Office REIT
Dream Office REIT is an unincorporated, open-ended real estate investment trust. Dream Office REIT is a premier office landlord in downtown Toronto with over 3.5 million square feet owned and managed. We have carefully curated an investment portfolio of high-quality assets in irreplaceable locations in one of the finest office markets in the world. For more information, please visit our website at www.dreamofficereit.ca.
Contacts
For further information, please contact:
Michael J. Cooper
Chairman and Chief Executive Officer
(416) 365–5145
mcooper@dream.ca
Jay Jiang
Chief Financial Officer
(416) 365-6638
jjiang@dream.ca
CAPREIT Divests $103MM in Non-Core Properties & Reinvests $74MM in New Build Properties
TORONTO, June 08, 2023 (GLOBE NEWSWIRE) — Canadian Apartment Properties Real Estate Investment Trust (“CAPREIT”) (TSX:CAR.UN) announced today that it has closed on three dispositions of non-core properties built between 1971 and 1999 for combined consideration of $103.3 million (excluding disposition costs). CAPREIT also announced that it has reinvested a total of $74.1 million (excluding… [Read More]
Dream Impact Trust Announces Dream Investor Day and Voting Results of Annual Meeting of Unitholders
TORONTO–(BUSINESS WIRE)–DREAM IMPACT TRUST (TSX: MPCT.UN) (the “Trust”) is pleased to announce that on Wednesday, September 6, 2023, Dream Unlimited Corp., Dream Office REIT and Dream Impact Trust are welcoming investors for a joint investor session. The event will be hosted at our head office at 30 Adelaide Street East, Suite 301 at 10:00 am ET. This session will discuss each company’s net asset value, capital allocation strategy and business plan, to provide better insight into how we view and manage the businesses.
At our annual meeting of unitholders (the “Meeting”) held today, all of the nominees for election as trustees of the Trust (the “Trustees”) referred to in its management information circular for the Meeting (the “Circular”) were elected. Votes cast on this matter were as follows:
Nominee |
Votes For |
% Votes |
Votes |
% Votes |
Amar Bhalla |
22,878,302 |
97.73 |
532,554 |
2.27 |
Dr. Catherine Brownstein |
22,861,957 |
97.66 |
548,899 |
2.34 |
Robert Goodall |
22,844,323 |
97.58 |
566,533 |
2.42 |
Jennifer Lee Koss |
22,860,826 |
97.65 |
550,030 |
2.35 |
Karine MacIndoe |
22,890,890 |
97.78 |
519,966 |
2.22 |
At the Meeting, PricewaterhouseCoopers LLP was appointed as the auditor of the Trust, Dream Impact Master LP and the Trust’s subsidiaries for the ensuing year, and the Trustees were authorized to fix the remuneration of the auditor.
The Trust is also pleased to announce that the unitholders approved a resolution (the “Consolidation Resolution”) authorizing the Trustees to effect a consolidation (the “Unit Consolidation”) of the issued and outstanding units of the Trust (“Units”) on the basis of one (1) post consolidation Unit for every four (4) pre-consolidation Units, as more particularly described in the Circular.
The Consolidation Resolution was required to be approved by more than 50% of the votes cast by the unitholders entitled to vote at the Meeting. Votes cast on this matter were as follows:
|
Votes For |
% Votes For |
Votes Against |
% Votes Against |
All Unitholders |
21,911,144 |
93.57 |
1,504,628 |
6.43 |
If the board of Trustees proceeds with the Unit Consolidation, it will take effect on a date to be coordinated with the Toronto Stock Exchange and details will be announced in advance by the Trust. No further action on the part of unitholders is required in order for the board of Trustees to implement the Unit Consolidation.
About Dream Impact Trust
Dream Impact is an open-ended trust dedicated to impact investing. Dream Impact’s underlying portfolio is comprised of exceptional real estate assets reported under two operating segments: development and investment holdings, and recurring income, that would not be otherwise available in a public and fully transparent vehicle, managed by an experienced team with a successful track record in these areas. The objectives of Dream Impact are to create positive and lasting impacts for our stakeholders through our three impact verticals: environmental sustainability and resilience, attainable and affordable housing, and inclusive communities; while generating attractive returns for investors. For more information, please visit: www.dreamimpacttrust.ca.
Contacts
Meaghan Peloso
Chief Financial Officer
(416) 365-6322
mpeloso@dream.ca
Kim Lefever
Director, Investor Relations
(416) 365-6339
klefever@dream.ca
Dream Residential REIT Announces Voting Results of Annual Meeting of Unitholders and New Chief Executive Officer
TORONTO–(BUSINESS WIRE)–DREAM RESIDENTIAL REAL ESTATE INVESTMENT TRUST (TSX:DRR.U) (“Dream Residential REIT” or the “REIT”) announced that, at its annual meeting of unitholders (the “Meeting”) held today, all of the nominees for election as trustees of the REIT (the “Trustees”) referred to in its management information circular for the Meeting were elected. Votes cast on this matter were as follows:
Nominee |
Votes For |
% Votes |
Votes |
% Votes |
Leonard Abramsky |
4,436,189 |
76.61 |
1,354,396 |
23.39 |
P. Jane Gavan |
5,784,885 |
99.90 |
5,700 |
0.10 |
Fahad Khan |
5,784,355 |
99.89 |
6,230 |
0.11 |
Brian Pauls |
5,784,355 |
99.89 |
6,230 |
0.11 |
Vicky Schiff |
5,785,785 |
99.92 |
4,800 |
0.08 |
At the Meeting, PricewaterhouseCoopers LLP was appointed auditor of the REIT and its subsidiaries for the ensuing year, and the Trustees were authorized to fix the remuneration of the auditor.
The REIT is pleased to announce the appointment of Mr. Brian Pauls as Chief Executive Officer of the REIT effective June 6, 2023.
About Dream Residential REIT
Dream Residential REIT is an unincorporated, open-ended real estate investment trust established and governed by the laws of the Province of Ontario. The REIT owns an initial portfolio of 16 garden-style multi-residential properties, consisting of 3,432 units primarily located in three markets across the Sunbelt and Midwest regions of the United States. For more information, please visit www.dreamresidentialreit.ca.
Contacts
Dream Residential REIT
Brian Pauls
Chief Executive Officer
(416) 365-2365
bpauls@dream.ca
Derrick Lau
Chief Financial Officer
(416) 365-2364
dlau@dream.ca
Scott Schoeman
Chief Operating Officer
(303) 519-3020
sschoeman@dream.ca
PropTech Company, Doormat, Raises $1.25 Million in Pre-Seed Funding, Revolutionizing a Critical Stage of the Homeownership Journey
More than three quarters of Canadians feel that technology is necessary to improve the real estate buying and selling process in the country.
TORONTO–(BUSINESS WIRE)–Today, Doormat, Ontario’s real estate lawyer, enhancing the client experience and streamlining the legal process with advanced technology solutions, has announced it has raised $1.25M in pre-seed funding. Through this, Doormat is bringing much-needed simplicity and ease to the real estate buying and selling process in Canada. Alate Partners led the funding round, with participation from The LegalTech Fund, Erin Bury of Willful, Brandon Chu formerly of Shopify, alongside additional angel investors.
In Canada, a legal professional is an essential part of a real estate transaction, and yet, this component of the industry hasn’t kept up with the technological advancements seen in other industries. Doormat is on a mission to provide Canadian homeowners, home buyers and home sellers with a better option for their legal real estate needs. Through their online platform, Doormat brings transparency and simplicity to legal real estate services – from home buying and selling to mortgage refinancing to property ownership changes, enabling clients to feel confident and informed. With Doormat, Canadians can tackle the tedious legal tasks involved in the real estate process all from the comfort of their own home.
“When I purchased my first property, I wasn’t aware that I needed a real estate lawyer, and once I went through the lengthy process of finding one, I was confused and uncertain about the entire thing,” said Robert Saunders, CEO and Co-Founder of Doormat. “This confusion inspired the creation of Doormat, as we set out to simplify the real estate journey. By addressing the critical need for accessible legal expertise in property transactions, Doormat empowers home buyers and sellers with the confidence and assurance they deserve. With the housing market slowly experiencing a rebound, we want Canadians to have access to a real estate tool kit and Doormat is a part of that. We are igniting change, driven by a disruptive passion to redefine the way we navigate the world of real estate.”
With real estate being an ongoing hot topic for Canadians, Doormat conducted a bilingual survey hosted on the Angus Reid Forum at the end of May to poll Canadians’ sentiments on the use of technology in the real estate industry alongside Canadians’ comfort level with using a real estate lawyer online. The survey received responses from over 1,500 individuals across Canada.
The real estate industry needs more technology
The conventional methods of buying and selling property prove intricate and overwhelming. This is precisely where Doormat steps in. Now available in Ontario, Doormat’s pioneering approach seamlessly integrates innovative proptech with a personalized service, providing a comprehensive solution that simplifies real estate legal services and ensures accessibility for all.
Traditionally, the real estate market has been associated with complexity and stress. Prospective buyers and sellers often find themselves entangled in convoluted processes, paperwork, and intricate negotiations, leading to frustration and inefficiency with the vast majority of Canadians (82%) feeling that technology is necessary to improve the real estate buying and selling process in Canada.
“Doormat is re-imagining a crucial, yet often overlooked aspect of the home buying journey: the closing process. The team has the right mix of software development, real estate law, and operations expertise to bring much needed innovation to the sector,” said Courtney Cooper, Principal at Alate Partners. “We are impressed by Robert and the team’s vision as well as the support that they have already garnered from industry leaders and legal professionals. We look forward to working with Doormat to bring a better, digital-first real estate lawyer to Canadians.”
Embracing technology for comfort and convenience
Canadians have readily embraced these technological advancements, recognizing the benefits they bring to the home buying and selling experience. With the advancement of digital tools and online platforms like Doormat, individuals are now able to navigate the real estate market with greater ease and confidence. Nearly two-thirds of Canadians (63%) would be comfortable engaging with an online real estate lawyer if it would save them time and money during the home buying and selling process. This stat jumps to 71% when honing in on younger Canadians, which includes the next generation of homeowners, aged 18 to 34.
Doormat combines proptech and legal tech and has created an online solution where homeowners and homebuyers can go for their legal real estate needs. What started with a vision from a software engineer, real estate lawyer, and operations executive is now rounded out by a leading panel of investors, bringing additional expertise in the real estate, legal and tech spaces. Thanks to the strategically-selected investors, the additional capital will help Doormat grow its team and expand the company’s presence throughout Ontario and beyond, improving the overall legal real estate experience and offering greater access to tech-powered solutions.
Visit Doormat.ca to learn more.
ABOUT DOORMAT:
Doormat is Ontario’s real estate lawyer, revolutionizing a critical stage of the homeownership experience through an online personalized experience where buyers and sellers can conveniently communicate, negotiate, and complete their real estate transactions, all within a user-friendly and secure environment. Combining legal tech and proptech, Doormat is evolving the untapped real estate lawyer industry and is dedicated to simplifying the real estate transaction process, starting in Ontario. Through its online platform, Doormat is bringing much-needed simplicity and ease to a complex process and is building a better way to do real estate. To learn more, visit Doormat.ca.
Contacts
MEDIA
Taylor McKibbon
Talk Shop Media
+1 (403) 707 6300
tm@talkshopmedia.com
Melcor Developments Ltd. Announces Normal Course Issuer Bid
EDMONTON, Alberta, June 05, 2023 (GLOBE NEWSWIRE) — Melcor Developments Ltd. (TSX:MRD), an Alberta-based real estate development and asset management company, announced today that the Toronto Stock Exchange has accepted its notice of intention to make a normal course issuer bid through the facilities of the TSX and on alternative trading systems. The notice provides… [Read More]
Mainstreet Announces Normal Course Issuer Bid (NCIB)
NOTICE OF CORRECTION TO NCIB DATES 2023-2024
CALGARY, Alberta–(BUSINESS WIRE)–Mainstreet Equity Corp. (“Mainstreet” or the “Corporation”) (TSX:MEQ) announced on May 31, 2023 that the Toronto Stock Exchange (“TSX”) has accepted its notice of intention to make a normal course issuer bid to purchase outstanding common shares of the Corporation (“Shares”) on the open market in accordance with the rules of the TSX. The May 31, 2023 news release incorrectly stated that the bid would commence on June 1, 2023 and terminate on May 31, 2024. The correct date for the commencement of the bid is June 3, 2023 and the bid will terminate on June 2, 2024. All other aspects of the May 31, 2023 release were correct. The information in the May 31, 2023 news release has been updated to correct these dates and is restated in the following paragraphs.
The Corporation is authorized to purchase up to 474,499 Shares under the normal course issuer bid, representing approximately 10% of its public float of issued and outstanding Shares, as of May 20, 2023. As of that date, there were 9,318,818 Shares issued and outstanding. The average daily trading volume of the Shares for the past six months ended April 30, 2023, calculated in accordance with the rules of the TSX, was 2,895 and Mainstreet is subject to a daily repurchase limit of 1,000 Shares. Mainstreet intends to commence the normal course issuer bid on June 3, 2023 and terminate the bid on June 2, 2024 or such earlier time as the bid is completed or terminated at the option of Mainstreet.
All shares purchased under this bid will be purchased in the open market through the facilities of the TSX and/or alternative Canadian trading systems at the prevailing market price at the time of such transaction. Shares acquired under the bid will be cancelled.
Mainstreet intends to acquire Common Shares from time to time in amounts and prices which its management believes are favourable and consistent with prudent economic and financial considerations. During the period between June 1, 2022 and the date hereof, Mainstreet repurchased 17,300 Shares under its previous normal course issuer bid, at an average weighted price of $114.81 per Share, with such repurchases being made through the facilities of the TSX and alternative Canadian trading systems. Mainstreet had approval from the TSX to acquire up to 477,109 Shares under such previous normal course issuer bid.
Mainstreet’s Board of Directors believes that, from time to time, the market price of its Shares may not reflect their underlying value. At such times, the Board of Directors believe that the purchase of Shares for cancellation pursuant to the normal course issuer bid is in the best interests of Mainstreet and its shareholders, as the cancellation of the Shares will increase the value of the remaining Shares.
Forward-Looking Information
Certain statements contained herein constitute “forward-looking statements” as such term is used in applicable Canadian securities laws. These statements relate to, among other things, Mainstreet’s intentions to acquire Shares pursuant to the normal course issuer bid, the timing of such bid and that the repurchase and cancellation of the Shares pursuant to the bid is in the best interests of the shareholders and that it will increase the value of the remaining Shares. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions of future events or performance (often, but not always, using such words or phrases as “expects” or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “estimates” or “intends”, or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved) are not statements of historical fact and should be viewed as forward-looking statements.
Such forward-looking statements are not guarantees of future events or performance and by their nature involve known and unknown risks, uncertainties and other factors, including those risks described in the Corporation’s Annual Information Form under the heading “Risk Factors” and the failure to realize anticipated benefits of the normal course issuer bid, that may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, other factors may cause actions, events or results to be different than anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could vary or differ materially from those anticipated in such forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements contained herein.
Forward-looking statements are based on management’s beliefs, estimates and opinions on the date the statements are made, and the Corporation undertakes no obligation to update forward-looking statements if these beliefs, estimates or opinions should change, except as required by applicable securities laws or as otherwise described therein.
Certain information set out herein may be considered as “financial outlook” within the meaning of applicable securities laws. The purpose of this financial outlook is to provide readers with disclosure regarding the Corporation’s reasonable expectations as to the anticipated results of its proposed business activities for the periods indicated. Readers are cautioned that the financial outlook may not be appropriate for other purposes.
Contacts
For more information:
Bob Dhillon, Founder, President & CEO
Direct: +1 (403) 215-6063
Executive Assistant: +1 (403) 215-6070
100, 305 10 Avenue SE, Calgary, AB T2G 0W2 Canada
TSX: MEQ
https://www.mainst.biz
https://www.sedar.com
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