TerraVest Announces Renewal of Normal Course Issuer Bid for Its Debentures
VEGREVILLE, AB, Jan. 15, 2019 /CNW/ – TerraVest Industries Inc. (“TerraVest” or the “Corporation“) (TSX: TVK) announced today that it has received the approval of the Toronto Stock Exchange (the “TSX“) to renew its normal course issuer bid (the “Bid“) for up to $950,000 aggregate principal amount of its issued and outstanding 7.00% convertible unsecured subordinated debentures due June 30, 2020 (the “Debentures“) on the TSX.
Purchases under the Bid may commence on January 17, 2019 and will terminate on January 16, 2020 or on such earlier date as the Bid is complete. Purchases of Debentures will be made through the facilities of the TSX in accordance with its rules. Purchases under the Bid may also be made through alternative Canadian trading platforms. The average daily trading volume of the Debentures for the previous six calendar months (“ADTV“) was $17,824.00 aggregate principal amount of Debentures. Subject to the TSX’s block purchase exception, on any trading day, purchases under the Bid will not exceed $4,456.00 aggregate principal amount of Debentures (25% of the ADTV). The price that the Corporation will pay for any Debentures purchased under the Bid will be the prevailing market price at the time of purchase. Any Debentures purchased by the Corporation will be cancelled.
As of January 4, 2019 there was $13,583,000 aggregate principal amount of Debentures issued and outstanding. The $950,000 aggregate principal amount of Debentures that may be repurchased under the Bid represents approximately 10% of the “public float” (as defined in the TSX Company Manual) of the Corporation’s issued and outstanding Debentures on January 4, 2019.
Pursuant to the Corporation’s normal course issuer bid which commenced on July 4, 2017, and terminated on July 3, 2018, TerraVest purchased $286,000 aggregate principal amount of its Debentures at a weighted average price of $116.32 per Debenture.
The Board of Directors of the Corporation has authorized the Bid because it believes that it is an efficient use of the Corporation’s financial resources to purchase Debentures when the market price of the Debentures does not fully reflect their underlying value.
SOURCE TerraVest Industries Inc.
View original content: http://www.newswire.ca/en/releases/archive/January2019/15/c7794.html
For further information: Dustin Haw, Chief Executive Officer, TerraVest Industries Inc., (416) 855-1928, firstname.lastname@example.org
CO: TerraVest Industries Inc.
CNW 08:00e 15-JAN-19Back