TORONTO, ONTARIO--(Marketwired - March 31, 2017) - Altus Group Limited ("Altus Group" or "the Company") (TSX:AIF) announced today that it plans to redeem all of its outstanding 6.75% Convertible Debentures (the "Debentures"). The Debentures, which have a maturity date of June 30, 2017, will be redeemed by the Company early on May 3, 2017 (the "Redemption Date") in accordance with the terms of the Debenture trust indenture. The Debentures are listed on the Toronto Stock Exchange under the symbol "AIF.DB.A". The aggregate principal amount of the Debentures outstanding is $5,365,000.
On the Redemption Date, Altus Group will either pay holders that wish to redeem their Debentures a redemption price equal to $1,000 for each $1,000 principal amount of Debentures and all accrued and unpaid interest up to but excluding the Redemption Date or, for those holders opting to convert their Debentures, it will issue 100 common shares per $1,000 of principal amount of Debentures.
Altus Group intends to use cash on hand to pay the redemption price of the redeemed Debentures. However, assuming that all Debentures holders exercise their right to convert, 536,500 common shares will be issued from Treasury.
Formal notice of redemption is being delivered to the Debenture holders through the Debenture Trustee, BNY Trust Company of Canada, in accordance with the trust indenture. Beneficial holders of the Debentures are encouraged to contact their investment dealer to coordinate the surrender of their Debentures or if they have any questions about the redemption. No action is required to be taken by holders of the Debentures if they wish to have their Debentures redeemed in cash.
About Altus Group Limited
Altus Group Limited is a leading provider of independent advisory services, software and data solutions to the global commercial real estate industry. Our businesses, Altus Analytics and Altus Expert Services, reflect decades of experience, a range of expertise, and technology-enabled capabilities. Our solutions empower clients to analyze, gain market insight and recognize value on their real estate investments. Headquartered in Canada, we have approximately 2,300 employees around the world, with operations in North America, Europe and Asia Pacific. Our clients include some of the world's largest real estate industry participants across a variety of sectors. Altus Group pays a quarterly dividend of $0.15 per share and our shares are traded on the TSX under the symbol AIF.
For more information on Altus Group, please visit: www.altusgroup.com.
Forward-Looking Information
Certain information in this press release may constitute "forward-looking information" within the meaning of applicable securities legislation. All information contained in this press release, other than statements of current and historical fact, is forward-looking information. Forward-looking information includes information that relates to, among other things, objectives, strategies and intentions, and future financial and operating performance and prospects. Generally, forward-looking information can be identified by use of words such as "may", "will", "expect", "believe", "plan", "would", "could" and other similar terminology. All of the forward-looking information in this press release is qualified by this cautionary statement. Forward-looking information is not, and cannot be, a guarantee of future results or events. Forward-looking information is based on, among other things, opinions, assumptions, estimates and analyses that, while considered reasonable by Altus Group at the date the forward-looking information is provided, inherently are subject to significant risks, uncertainties, contingencies and other factors that may cause actual results, performance or achievements, industry results or events to be materially different from those expressed or implied by the forward-looking information. Please consult Altus Group's most recent regulatory filings on SEDAR for more information on the Company's forward-looking statements.