Quest Capital Corp. Announces Normal Course Issuer Bid and New Director
December 10 2009 - 2:04PM
Marketwired
Quest Capital Corp. (the "Corporation" or "Quest") (TSX: QC)(NYSE
Amex: QCC) announced today that, subject to final acceptance of its
notice of intention by the Toronto Stock Exchange (the "TSX"), the
Corporation intends to make a normal course issuer bid ("NCIB"),
under which the Corporation may make open market purchases of its
common shares over the TSX. The Corporation intends to commence the
NCIB on or around December 16, 2009 but in any case not sooner than
two clear trading days after filing with the TSX of the final form
of the notice.
Under the NCIB, the Corporation may purchase up to 12,132,650
common shares, which represents approximately 10% of the total of
the Corporation's public float; Quest has 151,464,334 common shares
issued and outstanding as at December 10, 2009 and its public float
is approximately 121,326,500. The actual number of shares
purchased, the timing of the purchases and the prices at which the
shares will be purchased will depend upon future market conditions.
The Corporation will not purchase in any 30 day period more than
3,029,287 common shares, being 2% of the issued and outstanding
common shares at the time of acceptance of the notice by the TSX.
The Corporation will cancel shares purchased under the bid. In the
previous 12 months, the Corporation has not purchased any of its
outstanding common shares.
The Corporation's directors believe that the purchase from time
to time of common shares of the Corporation may be a worthwhile
investment for the Corporation that should benefit continuing
shareholders. The Corporation's directors believe that normal
course issuer bid purchases of shares for cancellation may, by
reducing the number of outstanding shares, reduce the discount that
may exist between the market price of its shares and the
Corporation's net asset value per share.
Quest also announced today that Stewart Robertson has been
appointed to the board of directors. "Mr. Robertson is a real
estate entrepreneur with a tremendous amount of experience in real
estate management and distressed properties. His insight and
experience will be of great value to Quest, particularly as the
Company continues monetizing its loan portfolio" said A. Murray
Sinclair, Quest Chairman.
ABOUT QUEST
Quest Capital Corp. is a publicly traded mortgage investment
corporation. For more information about Quest, please visit our
website (www.questcapcorp.com) or SEDAR (www.sedar.com).
Forward Looking Statements
This press release may include certain statements that
constitute "forward-looking statements", and "forward looking
information" within the meaning of applicable securities laws
("forward-looking statements" and "forward-looking information" are
collectively referred to as "forward-looking statements", unless
otherwise stated). Such forward-looking statements involve known
and unknown risks and uncertainties that may cause our actual
results, performance or achievements to be materially different
from any future results, performance or achievements expressed or
implied by such forward looking statements. Forward-looking
statements may relate to the Company's future outlook and
anticipated events or results and may include statements regarding
the Company's future financial position, business strategy,
budgets, litigation, projected costs, financial results, taxes,
plans and objectives. We have based these forward-looking
statements largely on our current expectations and projections
about future events and financial trends affecting the financial
condition of our business. These forward-looking statements were
derived utilizing numerous assumptions regarding expected growth,
results of operations, performance and business prospects and
opportunities that could cause our actual results to differ
materially from those in the forward-looking statements. While the
Company considers these assumptions to be reasonable, based on
information currently available, they may prove to be incorrect.
Forward-looking statements should not be read as a guarantee of
future performance or results.
Forward-looking statements are based on information available at
the time those statements are made and/or management's good faith
belief as of that time with respect to future events, and are
subject to risks and uncertainties that could cause actual
performance or results to differ materially from those expressed in
or suggested by the forward looking statements. To the extent any
forward-looking statements constitute future-oriented financial
information or financial outlooks, as those terms are defined under
applicable Canadian securities laws, such statements are being
provided to describe the current potential of the Company and
readers are cautioned that these statements may not be appropriate
for any other purpose, including investment decisions.
Forward-looking statements speak only as of the date those
statements are made. Except as required by applicable law, we
assume no obligation to update or to publicly announce the results
of any change to any forward-looking statement contained or
incorporated by reference herein to reflect actual results, future
events or developments, changes in assumptions or changes in other
factors affecting the forward looking statements. If we update any
one or more forward-looking statements, no inference should be
drawn that we will make additional updates with respect to those or
other forward-looking statements. You should not place undue
importance on forward-looking statements and should not rely upon
these statements as of any other date. All forward-looking
statements contained in this press release are expressly qualified
in their entirety by this cautionary notice.
Contacts: Quest Capital Corp. A. Murray Sinclair Chairman (800)
318-3094 or (604) 687-8378 Quest Capital Corp. Jim Grosdanis CFO
(800) 318-3094 or (604) 687-8378 www.questcapcorp.com
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