This press release contains forward-looking information that is based on assumptions and is subject to the risks and uncertainties indicated in the cautionary statement contained in this press release.
TORONTO, September 17, 2021– (COMMERCIAL THREAD) –Dream Unlimited Corp. (TSX: DRM) (“Dream”) announced today that the Toronto Stock Exchange (the “TSX“) has accepted a notice filed by Dream to renew its normal course buyback offer for a period of one year. Under the offer, Dream will have the option to purchase for cancellation up to one maximum of 2,336,326 of its Class A subordinate voting shares (representing 10% of Dream’s free float of 23,363,265 Class A subordinate voting shares) through the Toronto Stock Exchange. will begin on September 21, 2021 and will remain in effect until the first of September 20, 2022 or until the date on which Dream has purchased the maximum number of Class A Subordinate Voting Shares permitted under the Offer. Daily redemptions will be limited to 19,623 Class A Subordinate Voting Shares, representing 25% of the average daily trading volume of Class A Subordinate Voting Shares on the TSX during the last six calendar months (i.e. 78,494 shares with subal voting rights category A per day), with the exception of purchases made in accordance with the exceptions applicable to bulk purchases. As of September 10, 2021, the number of shares issued and The number of class A subordinate voting shares is 41,960,959.
As part of the renewal of its normal course buyback offer, Dream has put in place an automatic securities purchase plan (the “Plan“) with its designated broker to facilitate the purchase of Class A Subordinate Voting Shares in the normal course of the issuer bid at times when Dream would not normally be permitted to purchase its Class A Subordinate Voting Shares. Class A subordinate voting due to regulatory restrictions or self-imposed blackout periods. Purchases will be made by Dream’s broker within parameters prescribed by the TSX and the terms of the parties’ written agreement. During these restricted or blackout periods, the Class A Subordinate Voting Shares may also be purchased at the discretion of management.The plan has been pre-authorized by the TSX and will terminate on September 20, 2022.
Dream has renewed its normal course issuer bid because it believes that the Class A Subordinate Voting Shares may become available during the Offer Period at prices that would cause the Class A Subordinate Voting Shares to become available during the Offer Period. purchase of these Class A subordinate voting shares would be canceled in the best interests of Dream and its shareholders.
Dream’s normal course issuer bid to purchase a maximum of 2,604,395 Class A subordinate voting shares expired on July 30, 2021, the date on which the Company acquired the number maximum of Class A subordinate voting shares authorized under the offer. As part of this offer, Dream purchased 2,604,395 Class A Subordinate Voting Shares through the Toronto Stock Exchange at an average price of $ 21.65 for a total cost of approximately 56.4 millions of dollars.
About Dream Unlimited Corp.
Dream is a leading developer of exceptional office and residential assets in Toronto, has stabilized income generating assets in Canada and the United States, and has an established and successful asset management business comprising $ 12 billion. dollars in assets under management in three companies listed on the Toronto Stock Exchange. trusts, our private management activity and numerous partnerships. We are also developing real estate and residential assets in Western Canada. Dream expects to generate more recurring revenue in the future as its urban development properties are completed and long-term owned. Dream has a proven track record of innovation and the ability to seek, structure and execute attractive investment opportunities.
This press release may contain forward-looking information within the meaning of applicable securities laws, including with respect to future purchases of Class A subordinate voting shares by Dream. 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 Dream’s control, which could cause actual results to differ materially from those. that are disclosed or implied by such forward-looking information. information search. These risks and uncertainties include, but are not limited to, general and local economic and business conditions, the impact of the COVID-19 pandemic on Society, and uncertainties surrounding the COVID-19 pandemic, including government actions. aimed at containing employment levels linked to the COVID-19 pandemic. , regulatory risks, mortgage rates and regulations, environmental risks, consumer confidence, seasonality, adverse weather conditions, dependence on customers and key personnel and the competition. All forward-looking information contained in this press release is dated September 17, 2021. Dream does not undertake to update this forward-looking information, whether as a result of new information, future events or otherwise. Additional information on these assumptions and risks and uncertainties is disclosed in filings with securities regulatory authorities on SEDAR (www.sedar.com).
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Dream Unlimited Corp.
Director, Investor Relations