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Crown Capital Partners Announces Normal Course Issuer Bid
Crown Capital Partners Announces Normal Course Issuer Bid Crown Capital Partners A...
About this update from Crown Capital Partners, Inc.
[{"type":"text","content":"\n\n\n\nCrown Capital Partners Announces Normal Course Issuer Bid\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nCrown Capital Partners Announces Normal Course Issuer Bid\nCanada NewsWire\nCALGARY, April 6, 2016\n\n\n\nCALGARY, April 6, 2016 /CNW/ - Crown Capital Partners Inc. (\"Crown\" or the \"Corporation\") (TSX: CRN), which provides growth capital to successful mid-market companies, today announced that the Toronto Stock Exchange (the \"TSX\") has approved its Notice of Intention to make a normal course issuer bid (\"NCIB\"). Crown will have the right under the NCIB to purchase up to 620,000 of its common shares (the \"Shares\") representing approximately 10.0% of the public float of Shares and approximately 6.5% of the 9,494,002 issued and outstanding Shares.\n\nCrown is commencing the NCIB because, in the opinion of the Corporation's board of directors and senior management, the Shares may occasionally trade in a price range which does not adequately reflect the value of the underlying business and financial position. \n\n\"We continue to deliver on the plan articulated during our initial public offering, and the current market conditions for our debt solutions are among the most favorable we have witnessed in our 15-year history, resulting in a strong and growing transaction pipeline,\" said Chris Johnson, President and CEO of Crown. \"In our view, the current trading price, which represents approximately 0.8 times book value per share, undervalues the business given the quality of our assets and growth prospects. As a result, we will be using a portion of our free cash flow to buy back Shares while continuing to deliver on our growth plan, putting capital to work to generate growing earnings and cash flow for shareholders.\"\n\nPurchases made pursuant to the NCIB will be made in the open market through the facilities of the TSX and alternative trading systems, if eligible. The NCIB will commence on April 8, 2016 and remain in effect until the earlier of April 7, 2017, the termination of the NCIB by Crown and Crown purchasing the maximum...