Business
Exchange Income Corporation Announces Renewal of Normal Course Issuer Bid for Common Shares
Exchange Income Corporation Announces Renewal of Normal Course Issuer Bid for Common Share...
About this update from Exchange Income Corporation
[{"type":"text","content":"\n\n\n\nExchange Income Corporation Announces Renewal of Normal Course Issuer Bid for Common Shares\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\n\nCanada NewsWire\nWINNIPEG, Feb. 19, 2020\n\n\n\nWINNIPEG, Feb. 19, 2020 /CNW/ - Exchange Income Corporation (\"EIC\" or the \"Corporation\") (TSX: EIF) today announced that the Toronto Stock Exchange (\"TSX\") has approved the renewal of EIC's normal course issuer bid (the \"NCIB\"). Under the renewal, EIC can purchase up to an aggregate of 1,736,542 common shares of EIC (\"Common Shares\"), representing 5% of the issued and outstanding Common Shares as at February 14, 2020.\nPurchases of Common Shares pursuant to the NCIB may be made through the facilities of the TSX commencing on February 22, 2020 and ending on February 21, 2021, or an earlier date in the event that EIC purchases the maximum number of the Common Shares available under the NCIB.  EIC will pay the market price at the time of acquisition for any Common Shares purchased through the facilities of the TSX.  All Common Shares acquired directly by EIC under the NCIB will be cancelled.\nAs at February 14, 2020, there were 34,730,840 Common Shares issued and outstanding. The average daily trading volume of the Common Shares for the six-month period ended January 31, 2020 was 109,647 Common Shares. Daily purchases will be limited to 27,411 Common Shares, other than block purchase exceptions. \nPursuant to a previous notice of intention to conduct a normal course issuer bid, under which the Corporation sought and received approval from the TSX to purchase up to 1,567,004 Common Shares for the period of February 22, 2019 to February 21, 2020, the Corporation purchased an aggregate of 58,600 Common Shares on the open market at an average purchase price of $37.41 per Common Share.\nEIC sought approval of the NCIB because it believes that, from time to time, the market price of the Common Shares may not fully reflect the value of the Common Shares.  EIC believes that, in such circumstances, the purchase of Common Shares represents an accretive use of capit...