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Mainstreet announces final results of substantial issuer bid
Mainstreet announces final results of substantial issuer bid Mainstreet announces ...
About this update from Mainstreet Equity Corp.
[{"type":"text","content":"\n\n\n\nMainstreet announces final results of substantial 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\nMainstreet announces final results of substantial issuer bid\nCanada NewsWire\nCALGARY, April 22, 2016\n\n\n\nCALGARY, April 22, 2016 /CNW/ - Mainstreet Equity Corp. (\"Mainstreet\" or the \"Corporation\") today announced the final results of its substantial issuer bid (the \"Offer\") to purchase for cancellation up to 1,200,000 of its issued and outstanding common shares (\"Shares\"), which expired at 5:00 p.m. (Eastern time) on April 12, 2016.\n\nBased upon a final calculation by Computershare Investor Services Inc., the depositary for the Offer, Mainstreet has taken up and paid for, on a pro rata basis, a total of 1,200,000 Shares at a purchase price of $36.00 per Share, for an aggregate purchase price of $43.2 million, excluding fees and expenses relating to the Offering. \n\nThe Shares purchased under the Offer represent 11.8% of the issued and outstanding Shares prior to giving effect to the Offer.  After giving effect to the Offer, the number of issued and outstanding Shares will be 8,932.915.\n\nBased upon the final calculation by the depositary, 1,478,179 Shares were properly deposited under the Offer and not withdrawn. As the Offer was oversubscribed, successfully depositing shareholders had approximately 81.0% of their deposited Shares purchased by Mainstreet, other than \"odd lot\" deposits which were not subject to pro-ration under the Offer.\n\nPayment for the purchased Shares will be effected by the depositary in accordance with the Offer and applicable law. Any Shares deposited and not purchased will be returned to the applicable shareholders of the Corporation promptly by the depositary.\n\nMainstreet designates the entire amount of the deemed dividend arising from its repurchase of the Shares as an eligible dividend which is an amount equal to $33.26 per Share. Dividends are designated to be eligible dividends pursuant to subsection 89(14) of the Income Tax Act (Canada) and any applicable provincial legislation pertaining t...