- Timbercreek Financial Corp. has received approval to commence a normal course issuer bid
- The NCIB will commence on April 15, 2021
- Timbercreek may purchase up to 10 per cent of the issued and outstanding shares
- All shares acquired during the NCIB will be cancelled
- Timbercreek Financial is a leading non-bank, commercial real estate lender
- Timbercreek Financial Corp. (TF) opened trading at $8.81 per share
Timbercreek Financial Corp. (TF) has obtained the approval of the Toronto Stock Exchange to commence a normal course issuer bid (NCIB).
The NCIB will commence on April 15, 2021 and will terminate by April 14, 2022 or the date on which Timbercreek has purchased the maximum number of shares permitted under the NCIB.
Under the NCIB, the company may, over a 12-month period purchase up to a maximum of 8,030,909 shares, representing 10% of the issued and outstanding shares as of March 31, 2021.
The maximum number of shares that the company may acquire on any one trading day is 25,120.
As of March 31, 2021, there were 80,977,475 shares issued and outstanding.
Under the normal course issuer bid which ended on March 29, 2021, Timbercreek was authorized to purchase up to 8,309,785 shares and purchased 2,484,515 shares at an average price of C$8.05 per share.
All shares purchased under the 2020 NCIB by the company were cancelled.
The price Timbercreek will pay for any shares under the NCIB will be the market price at the time of acquisition. Any Shares purchased by the company will be cancelled. National Bank Financial will conduct the bid.
The Company believes that the market price of its shares may not, from time to time, accurately reflect their underlying value, making the purchase of shares an attractive investment and advantageous use of available funds. Timbercreek believes that the purchase of shares will benefit remaining shareholders by increasing their equity interest in the company’s assets.
Timbercreek Financial is a leading non-bank, commercial real estate lender providing shorter-duration, structured financing solutions to commercial real estate investors.
Timbercreek Financial Corp. (TF) opened trading at $8.81 per share.