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Mainstreet announces normal course issuer bid
Mainstreet announces normal course issuer bid Canada NewsWire CALGARY, May 30, 2...
About this update from Mainstreet Equity Corp.
[{"type":"text","content":"\n\n\n\nMainstreet 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\n\nCanada NewsWire\nCALGARY, May 30, 2017\n\n\n\nCALGARY, May 30, 2017 /CNW/ - Mainstreet Equity Corp. (\"Mainstreet\" or the \"Corporation\") (TSX:MEQ) today announced that the Toronto Stock Exchange (\"TSX\") has accepted its notice of intention to make a normal course issuer bid to purchase outstanding common shares of the Corporation (\"Shares\") on the open market in accordance with the rules of the TSX.  \n\nThe Corporation is authorized to purchase up to 479,437 Shares under the normal course issuer bid, representing approximately 10% of its public float of issued and outstanding Shares, as of May 29, 2017. As of that date, there were 8,854,385 Shares issued and outstanding. The average daily trading volume of the Shares for the past six months ended April 30, 2017, calculated in accordance with the rules of the TSX, was 4,239 and Mainstreet is subject to a daily repurchase limit of 25% of such volume, being 1,059 Shares. Mainstreet intends to commence the normal course issuer bid on June 1, 2017 and terminate the bid on May 31, 2018 or such earlier time as the bid is completed or terminated at the option of Mainstreet.  \n\nAll shares purchased under this bid will be purchased in the open market through the facilities of the TSX and/or alternative Canadian trading systems at the prevailing market price at the time of such transaction. Shares acquired under the bid will be cancelled and returned to treasury.  \n\nMainstreet intends to acquire Common Shares from time to time in amounts and prices which its management believes are favourable and consistent with prudent economic and financial considerations. During the period between June 1, 2016 and May 29, 2017, Mainstreet repurchased and cancelled 78,530 Shares under its previous normal course issuer bid at a volume weighted average price of $36.07 per Share. \n\nMainstreet's Board of Directors believes that, from time to time, the market price of its Shares may not reflect their underlying value.&#x...