TORONTO, Jan. 12, 2022 (GLOBE NEWSWIRE) – Partners Value Investments LP (the “Partnership”) (TSX VENTURE: PVF) announced today that it has received approval from the TSX Venture Exchange (the “Exchange”) for the renewal of its normal course buyback offers to purchase up to 3,373,123 of its non-voting limited partnership units (the “Equity LP Units”), which represents approximately 5% of its currently outstanding Equity LP Units (the “Share Offer”); and to purchase up to 801,918 of its Class A Non-Voting Preferred Limited Partnership Units, Series 1 (the “Preferred Partnership Units”), representing approximately 5% of its Limited Partnership Units. currently outstanding (the “Preferred Offer”) (collectively, the “Offers”). The offer period will take effect from January 14, 2022 to January 13, 2023, or any earlier date the Partnership finalizes its purchases.
Purchases by the Partnership in connection with the Offers will be made through its broker, RBC Capital Markets, through the facilities of the Exchange, other designated exchanges and alternative trading systems in Canada. The price that the Partnership will pay for the Equity LP Units and LP Preferred Units purchased will be the market price for the Equity LP Units and LP Preferred Units at the time of acquisition. All Stock LP Units and / or Preferred LP Units purchased under the Offers will be canceled. As of December 22, 2021, there were 67,462,461 stock limited partnership units outstanding and 16,038,362 preferred limited partnership units outstanding.
Of the 3,669,481 Equity LP shares and 999,828 LP preferred shares approved for purchase under the Company’s normal course issuer bids which began on October 1, 2020 and expired on October 1, 2020. September 30, 2021, the Partnership purchased 109,500 Units of Equity LP and did not make any purchases of Preferred LP Units through the Exchange.
The Partnership believes that, from time to time, the market price of the Securities may not adequately reflect their value. In such circumstances, the Partnership believes that its outstanding securities may represent an appropriate and desirable use of its available funds. All Stock LP Units and Preferred LP Units purchased by the Partnership under this Offer will be canceled.
As part of the offers, the Partnership entered into an automatic purchase plan with its designated broker, RBC Capital Markets. The automatic purchase plan will allow the purchase of Equity LP units and LP preferred units when the limited partnership would not normally be active in the market due to its own internal trading blackout periods, rules and regulations. on insider trading or otherwise. Outside of such periods, Equity LP Units and LP Preferred Units will be redeemed at the discretion of management and in accordance with applicable laws.
For more information, contact Investor Relations at [email protected] or 416-956-5141.
Note: This press release contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of applicable Canadian securities regulations. Expressions that are predictions or indicate future events, trends or prospects and that do not relate to historical matters identify forward-looking information and forward-looking statements.
Although the Partnership believes that its anticipated future results, performance or achievements expressed or implied by forward-looking statements and information are based on reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information. , as they involve and risks, uncertainties and other unknown factors, many of which are beyond its control, which may cause the actual results, performance or achievements of the Partnership to differ materially from the anticipated future results, performance or achievements expressed or implied by these forward-looking statements and information.
Factors that could cause actual results to differ materially from those envisaged or suggested by forward-looking statements and information include, but are not limited to: the impacts of the ongoing COVID-19 pandemic; the financial performance of Brookfield Asset Management Inc., the impact or unforeseen impact of general economic, political and market factors; the behavior of financial markets, including fluctuations in interest rates and exchange rates; global equity and capital markets and the availability of equity and debt financing and refinancing in these markets; strategic actions, including provisions; changes in accounting policies and methods used to present the financial position (including uncertainties associated with critical accounting assumptions and estimates); the effect of applying future accounting changes; business competition; operational and reputational risks; technological change; changes in government regulations and legislation; changes in tax laws, catastrophic events, such as earthquakes and hurricanes; the possible impact of international conflicts and other developments, including terrorist acts; and other risks and factors detailed from time to time in the Partnership’s documents filed with securities regulators in Canada.
The Partnership cautions that the foregoing list of important factors that may affect future results is not exhaustive. When relying on the Partnership’s forward-looking statements and information, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by law, the Partnership assumes no obligation to publicly update or revise any forward-looking statements and information, whether written or oral, that may result from new information, future events or otherwise. .