TORONTO–(BUSINESS WIRE)–Dream Impact Trust (TSX: MPCT.UN) today announced that the Toronto Stock Exchange (“TSX“) accepted a notice filed by Dream Impact Trust (the “Confidence”) to renew its previous normal course issuer bid for a period of one year. Under the offering, the Trust will have the ability to purchase for cancellation up to a maximum of 4,625,500 of its units (the “Units”) (representing 10% of the Trust’s public float of 46,255,009 Units) through the facilities of the TSX. The Offer will commence on January 20, 2022 and will remain in effect until January 19, 2023 or the date the Trust has purchased the maximum number of Units permitted under the Offer. Daily redemptions will be limited to 9,747 Units, which represents 25% of the average daily trading volume of the Units on the TSX over the past six calendar months (i.e. 38,991 Units per day), other than purchases under the exceptions apply to bulk purchases. As of January 7, 2022, the number of units issued and outstanding was 65,051,762.
As part of the renewal of its normal course issuer bid, the Trust has implemented an automatic securities purchase plan (the “Plan”) with its Designated Broker to facilitate the purchase of Units under the normal course issuer bid when the Trust would not normally be permitted to purchase its Units due to regulatory restrictions or blackout periods. self-imposed ban. Purchases will be made by the Trust’s broker within the parameters prescribed by the TSX and the terms of the parties’ written agreement. Outside of these restricted or blackout periods, units may also be purchased at management’s discretion. The plan has been pre-approved by the TSX and will expire on January 19, 2023.
The Trust has renewed its normal course issuer bid as it believes that units may become available during the term of the offer at prices that would make the purchase of such units for cancellation within interest of the Trust and its unitholders.
The Trust sought and received approval from the TSX on January 15, 2021 to purchase up to 4,742,017 Units for the period from January 20, 2021 to January 19, 2022. Under this offering and until January 7, 2022 , the Trust purchased for cancellation 1,178,300 Units through the facilities of the TSX at a weighted average price per Unit of $6.44 for a total cost of approximately $7.6 million. Please note that the amount of units repurchased under the offer was consistent with both management’s and the board’s strategy regarding the use of capital for unit repurchases. In addition, the number of Units that may be redeemed daily in the market under TSX rules is subject to various trading restrictions which affect the amount that may be redeemed daily.
About Dream Impact Trust
Dream Impact Trust is an open-end trust dedicated to impact investing. Impact investing is the intention to create measurable positive, social and environmental change in our communities and for our stakeholders, while generating attractive returns in the marketplace. Dream Impact’s underlying portfolio is made up of exceptional real estate assets divided into two operational segments: development and recurring income, which would not otherwise be available in a public and fully transparent vehicle, managed by an experienced team with evidence in these areas. The Trust’s goals are to create positive and lasting impacts for our stakeholders through our three vertical impact sectors: Environmental Sustainability and Resilience, Accessible and Affordable Housing, and Inclusive Communities; balance portfolio growth and stability, increasing cash flow, equity and net asset value over time; leverage access to an experienced management team and strong partnerships to generate attractive returns for investors; offer investors a portfolio of high-quality real estate development opportunities, concentrated in key geographic markets; and to provide predictable cash distributions to Unitholders on a tax-efficient basis. For more information, please visit: www.dreamimpacttrust.ca.
This press release may contain forward-looking information within the meaning of applicable securities laws, including with respect to future purchases of Units by the Trust. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the control of the Trust, which could cause actual results to differ materially from those are disclosed or implied by such forward-looking information. – search for information. These risks and uncertainties include, but are not limited to: adverse changes in general economic and market conditions; the impact of the COVID-19 pandemic on the Trust and the uncertainties surrounding the COVID-19 pandemic; changes in the regulatory environment; environmental risks; local real estate conditions, including properties under development near the Trust’s properties and changes in real estate values; timely rental of vacant space and relocation of occupied space upon expiration; dependence on the financial condition of tenants and borrowers; the uncertainties of acquisition activity; the ability to effectively integrate acquisitions; dependence on our partners in the development, construction and operation of our real estate projects; uncertainty surrounding the development and construction of new projects and delays and cost overruns in the design, development, construction and operation of projects; our ability to execute our strategic plans and meet our financial obligations; interest and mortgage rates and settlements; inflation; availability of equity and debt financing; exchange rate fluctuations. All forward-looking information contained in this press release speaks as of January 18, 2022. The Trust does not undertake to update 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 documents filed with securities regulatory authorities filed on SEDAR (www.sedar.com).