Ms. Pauline Alimchandani reports
DREAM UNLIMITED CORP. RENEWS NORMAL COURSE ISSUER BID AND ANNOUNCES AUTOMATIC SECURITIES PURCHASE PLAN
The Toronto Stock Exchange has accepted a notice filed by Dream Unlimited Corp. to renew its prior normal course issuer bid for a one-year period. Under the bid, Dream will have the ability to purchase for cancellation up to a maximum of 6,604,023 of its Class A subordinate voting shares (representing 10 per cent of Dream's public float of 66,040,238 Class A subordinate voting shares) through the facilities of the Toronto Stock Exchange. The bid will commence on Sept. 20, 2019, and remain in effect until the earlier of Sept. 19, 2020, or the date on which Dream has purchased the maximum number of Class A subordinate voting shares permitted under the bid. Daily purchases will be limited to 15,029 Class A subordinate voting shares, equalling 25 per cent of the average daily trading volume during the last six calendar months (being 60,118 Class A subordinate voting shares per day), other than purchases pursuant to applicable block purchase exceptions. As of Sept. 6, 2019, the number of issued and outstanding Class A subordinate voting shares is 102,689,494.
In connection with the renewal of its normal course issuer bid, Dream has established an automatic securities purchase plan with its designated broker to facilitate the purchase of Class A subordinate voting shares under the normal course issuer bid at times when Dream would ordinarily not be permitted to purchase its Class A subordinate voting shares due to regulatory restrictions or self-imposed blackout periods. Purchases will be made by Dream's broker based upon the parameters prescribed by the TSX and the terms of the parties' written agreement. Outside of such restricted or blackout periods, the Class A subordinate voting shares may also be purchased in accordance with management's discretion. The plan has been precleared by the TSX and will terminate on Sept. 19, 2020.
Dream has renewed its normal course issuer bid because it believes that Class A subordinate voting shares may become available during the period of the bid at prices that would make the purchase of such Class A subordinate voting shares for cancellation in the best interests of Dream and its shareholders.
Dream's current normal course issuer bid for the purchase of up to 7,062,995 Class A subordinate voting shares expires on Sept. 19, 2019. Under this bid and up until Sept. 6, 2019, Dream has purchased for cancellation 2,351,200 Class A subordinate voting shares through the facilities of the Toronto Stock Exchange at an average price of $7.46 for a total cost of $17.5-million. Please note that the amount of shares repurchased under the bid was in line with both management and board strategy with respect to use of capital for share repurchases. Furthermore, the amount of shares that can be repurchased in the market under the TSX rules on a daily basis are subject to various trading restrictions which impact the amount that can be repurchased on a daily basis.
About Dream Unlimited Corp.
Dream is one of Canada's leading real estate companies with over $16-billion of assets under management in North America and Europe. The scope of the business includes asset management and management services for four Toronto Stock Exchange-listed trusts and institutional partnerships, condominium and mixed-use development, investments in and management of a renewable power portfolio, commercial property ownership, residential land development, and housing and multifamily development. Dream has an established record for being innovative and for its ability to source, structure and execute on compelling investment opportunities.
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