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Dye & Durham Announces Preliminary Results of its Substantial Issuer Bid
Dye & Durham Announces Preliminary Results of its Substantial Issuer Bid Dye & ...
About this update from Dye & Durham Ltd.
[{"type":"text","content":"\n \n \n \n Dye & Durham Announces Preliminary Results of its Substantial Issuer Bid\n \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 Dye & Durham Announces Preliminary Results of its Substantial Issuer Bid\n \n \n Canada NewsWire\n \n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n June 19, 2023\n \n \n /CNW/ - Dye & Durham Limited (\"\n \n Dye & Durham\n \n \" or the \"\n \n Company\n \n \") (TSX: DND) announced today the preliminary results of its substantial issuer bid (the \"\n \n Offer\n \n \") to purchase for cancellation up to\n \n $15.0 million\n \n of its common shares (the \"\n \n Common Shares\n \n \"). The offer expired at\n \n 5:00 PM (Eastern Time)\n \n on\n \n June 16, 2023\n \n .\n \n \n All of the terms and conditions of the Offer have been complied with or waived and, based on a preliminary count by TSX Trust Company (the \"\n \n Depositary\n \n \"), Dye & Durham expects to take up and purchase for cancellation 882,352 Common Shares at a purchase price of\n \n $17\n \n .00 per Common Share (the \"\n \n Purchase Price\n \n \"), for aggregate consideration of approximately\n \n $15\n \n .0 million. The Common Shares expected to be purchased under the Offer represent approximately 1.59% of the issued and outstanding Common Shares on a non-diluted basis as at\n \n May 10, 2023\n \n , the date the Offer was publicly announced. After giving effect to the Offer, approximately 54,887,039 Common Shares are expected to be issued and outstanding.\n \n \n The Offer was made by way of a \"modified Dutch auction\", which allowed shareholders who chose to participate in the Offer to individually select the price, within a price range of not less than\n \n $17.00\n \n per Common Share and not more than\n \n $20.00\n \n per Common Share (in increments of\n \n $0.10\n \n per Common Share), at which they were willing to sell their Common Shares.\n \n \n Based on the Depositary's preliminary count, approximately 5,087,250 Common Shares were tendered to the Offer. As the Offer was oversubscribed, shareholders who made auct...