CALGARY, Alta., April 8, 2022 /CNW/ – Crown Capital Partners Inc. (“Crown“or the”society“) (TSX: CRWN), a financial partner for entrepreneurs and growth companies, today announced that it has received approval from the Toronto Stock Exchange (the “TSX”) to renew its public offering of Normal Course Redemption (“OPRCN”) for a 12 -month period commencing April 13, 2022.
The renewed NCIB will follow the current NCIB, which ends on April 12, 2022 and pursuant to which Crown purchased 170,156 shares at a volume-weighted average price per share of $6.87 until April 8, 2022.
Under the Renewed Offer, Crown will have the right to purchase up to 280,000 of its common shares (the “Shares”) representing approximately 10% of the public float and approximately 5.0% of the 5,642,546 issued shares and in circulation at March 31, 2022. The number of shares that may be purchased under the renewed offering is subject to a daily maximum of 1,000 shares, which is the greater of 1,000 and 25% of the average daily trading volume of the shares on the TSX for the completed semester March 31, 2022. The shares purchased by the Company under the renewed offer will be cancelled. Purchases under the Renewed Offering will be made in the open market through the facilities of the TSX and other trading systems, if eligible. The renewed tender offer will commence on April 13, 2022 and will remain in effect until April 12, 2023, at which time the renewed tender offer will be terminated by Crown and Crown will purchase the maximum number of shares permitted in under the renewed tender offer.
Concurrent with the renewal of the tender offer, Crown has entered into a new automatic share purchase plan (“ASPP”) with a designated broker to enable the purchase of shares under the renewed tender offer. at times when Crown would not normally be permitted to purchase Shares due to regulatory restrictions or self-imposed trading blackout periods.
Under the ASPP, prior to the commencement of a particular trading blackout period, Crown may, but is not required to, instruct the Designated Broker to make purchases under the Renewed Offering. tender offer in accordance with the terms of the ASPP. Such purchases will be determined by the Designated Broker in its sole discretion based on purchase parameters established by Crown prior to the blackout period in accordance with the terms of the ASPP and applicable TSX rules. The ASPP has been pre-cleared by the TSX and will be implemented upon April 13, 2022.
Outside of pre-determined blackout periods, shares may be purchased under the Renewed Offer at the discretion of Crown management, in accordance with TSX rules and applicable securities laws. All purchases made under the RPEA will be included in the calculation of the number of shares purchased under the renewed offer.
In the opinion of the company’s board of directors and senior management, the renewed offer provides Crown with the flexibility to use its capital to acquire shares from time to time in appropriate circumstances. To December 31, 2021Crown’s total equity per basic common share was $9.74.
About Crown Capital Partners (TSX: CRWN)
Founded in 2000 as part of Crown Life Insurance Company, Crown is a leading specialty finance company currently operating primarily in the telecommunications infrastructure and distributed energy markets. We focus on alternative asset classes that require a specialist capital partner, and we aim to create long-term value by acting both as an investment fund manager for institutional partners and as as a direct investor in operating companies serving these markets. For more information, please visit crowncapital.ca.
This press release contains certain “forward-looking statements” and certain “forward-looking information” as defined by applicable Canadian and United States securities laws. Forward-looking statements can generally be identified by the use of forward-looking words such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”. , “continues”, “plans” or similar terminology. Forward-looking statements contained in this press release include, but are not limited to, management’s statements, opinions, expectations or intentions regarding future purchases of Shares. Forward-looking statements are based on forecasts of future results, estimates of amounts not yet determinable and assumptions which, although considered reasonable by management, are inherently subject to significant commercial, economic and competitive uncertainties and contingencies. Forward-looking statements are subject to various risks and uncertainties regarding specific factors identified in the Crown’s periodic filings with Canadian securities regulators. See the crown most recent annual information form for a detailed analysis of the risk factors affecting Crown. In addition, Crown’s dividend policy will be reviewed from time to time in the context of the Company’s earnings, financial requirements for its operations and other relevant factors, and the declaration of a dividend will always be at the discretion of the Board of Directors of the Company. Crown undertakes no obligation to update any forward-looking information except as required by applicable law. This forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are cautioned not to place undue reliance on any forward-looking statements or information.
SOURCECrown Capital Partners Inc.
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