Mr. Mike Pyle reports
EXCHANGE INCOME CORPORATION ANNOUNCES RENEWAL OF NORMAL COURSE ISSUER BID FOR COMMON SHARES
The Toronto Stock Exchange has approved the renewal of Exchange Income Corp.'s normal course issuer bid. Under the renewal, Exchange Income can purchase up to an aggregate of 1,736,542 common shares of Exchange Income, representing 5 per cent of the issued and outstanding common shares as at Feb. 14, 2020.
Purchases of common shares pursuant to the normal course issuer bid may be made through the facilities of the TSX commencing on Feb. 22, 2020, and ending on Feb. 21, 2021, or an earlier date in the event that Exchange Income purchases the maximum number of the common shares available under the normal course issuer bid. Exchange Income will pay the market price at the time of acquisition for any common shares purchased through the facilities of the TSX. All common shares acquired directly by Exchange Income under the normal course issuer bid will be cancelled.
As at Feb. 14, 2020, there were 34,730,840 common shares issued and outstanding. The average daily trading volume of the common shares for the six-month period ended Jan. 31, 2020, was 109,647 common shares. Daily purchases will be limited to 27,411 common shares, other than block purchase exceptions.
Pursuant to a previous notice of intention to conduct a normal course issuer bid, under which the corporation sought and received approval from the TSX to purchase up to 1,567,004 common shares for the period of Feb. 22, 2019, to Feb. 21, 2020, the corporation purchased an aggregate of 58,600 common shares on the open market at an average purchase price of $37.41 per common share.
Exchange Income sought approval of the normal course issuer bid because it believes that, from time to time, the market price of the common shares may not fully reflect the value of the common shares. Exchange Income believes that, in such circumstances, the purchase of common shares represents an accretive use of capital.
About Exchange Income Corp.
Exchange Income is a diversified, acquisition-oriented company that is focused in two sectors: (i) aerospace and aviation services and equipment; and (ii) manufacturing.
We seek Safe Harbor.
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