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TORONTO, July 10, 2019 /CNW/ - Tricon Capital Group
Inc. (TSX:TCN) ("Tricon" or the "Company") announced
today that the Toronto Stock Exchange (the "TSX") has
approved its notice of intention to make a normal course issuer bid
for a portion of its common shares ("Common Shares") as
appropriate opportunities arise from time to time. The normal
course issuer bid will be made in accordance with the requirements
of the TSX. Tricon is adopting an automatic securities purchase
plan in connection with its normal course issuer bid, which will
take effect on July 15, 2019, that
contains strict parameters regarding how its Common Shares may be
repurchased during times when it would ordinarily not be permitted
to purchase Common Shares due to regulatory restrictions or
self-imposed blackout periods. Tricon may begin to purchase Common
Shares on July 15, 2019.
As of July 9, 2019, 194,391,138
Common Shares were issued and outstanding. Pursuant to the normal
course issuer bid, Tricon intends to acquire up to 2,000,000 Common
Shares, being approximately 1.03% of its total issued and
outstanding Common Shares, in the 12-month period commencing
July 15, 2019 and ending on
July 14, 2020. Purchases under
the normal course issuer bid will be funded through available cash
and made by Tricon through the facilities of the TSX and/or
alternative trading systems, in accordance with the TSX's
applicable policies. The price that Tricon will pay for any Common
Shares will be the market price of such Common Shares at the time
of acquisition. Under the normal course issuer bid, Tricon may
purchase up to 82,602 Common Shares on the TSX during any trading
day, which is 25% of 330,411 (the average daily trading volume for
Tricon's Common Shares on the TSX for the six months ended
June 30, 2019). This limitation does
not apply to purchases made pursuant to block purchase exemptions.
Common Shares that are purchased under the normal course issuer bid
will be cancelled upon their purchase by Tricon.
Tricon believes that the repurchase of a portion of outstanding
Common Shares is an appropriate use of available resources and is
in the best interests of Tricon.
Pursuant to a previous notice of intention to conduct a normal
course issuer bid, under which Tricon sought and received approval
from the TSX to purchase up to 2,700,000 Common Shares for the
period from October 6, 2017 to
October 5, 2018, Tricon purchased a
total of 1,414,831 Common Shares through the facilities of the TSX
and/or alternative trading systems at a weighted average purchase
price of C$10.60 per Common
Share.
About Tricon Capital Group Inc.
Tricon is a residential real estate company primarily focused on
rental housing in North America,
with approximately $7.2 billion
(C$9.7 billion) of assets under
management. Tricon invests in a portfolio of single-family rental
homes, multi-family rental apartments and for-sale housing assets,
and manages third-party capital in connection with its investments.
Since its inception in 1988, Tricon has invested in real estate and
development projects valued at approximately $21 billion. More information about Tricon is
available at www.triconcapital.com.
Forward-Looking Statements
Certain statements contained in this news release constitute
forward-looking information within the meaning of applicable
securities laws. In some cases, forward-looking information can be
identified by such terms such as "may", "might", "will", "could",
"should", "would", "occur", "expect", "plan", "anticipate",
"believe", "intend", "estimate", "predict", "potential",
"continue", "likely", "schedule", or the negative thereof or other
similar expressions concerning matters that are not historical
facts. Some of the specific forward-looking statements in this news
release include, but are not limited to, statements with respect to
the number of Common Shares to be acquired under the normal course
issuer bid and other related matters. Tricon has based these
forward-looking statements on factors and assumptions about future
events and financial trends that it believes may affect its
financial condition, financial performance, business strategy and
financial needs. Although the forward-looking statements contained
in this news release are based upon assumptions that management of
Tricon believe are reasonable based on information currently
available to management, there can be no assurance that actual
results will be consistent with these forward-looking statements.
Forward-looking statements necessarily involve known and unknown
risks and uncertainties, many of which are beyond Tricon's control,
including, among other things, the risks identified in materials
filed under Tricon's profile at www.sedar.com from time to time.
The forward-looking statements made in this news release relate
only to events or information as of the date hereof. Except as
required by applicable Canadian law, Tricon undertakes no
obligation to update or revise publicly any forward-looking
statements, whether as a result of new information, future events
or otherwise, after the date on which the statements are made or to
reflect the occurrence of unanticipated events.
SOURCE Tricon Capital Group Inc.