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Queen's Road Capital Announces 90% Shareholder Participation in the DRIP & Continuation of the NCIB
Hong Kong, Hong Kong--(Newsfile Corp. - November 18, 2022) - Queen's Road Capital Investment ...
About this update from Queen's Road Capital Investment Ltd.
[{"type":"text","content":"Queen's Road Capital Announces 90% Shareholder Participation in the DRIP & Continuation of the NCIBHong Kong, Hong Kong--(Newsfile Corp. - November 18, 2022) - Queen's Road Capital Investment Ltd. (TSX: QRC) (the \"Company\" or \"QRC\") is pleased to announce that the Board of Directors of the Company has approved the continuation of the Company's normal course issuer bid for a further period of 12 months (the \"2022 NCIB\"). The Company's notice to commence the 2022 NCIB has been approved by the Toronto Stock Exchange (the \"TSX\"). The Company intends to purchase up to 22,126,121 common shares of the Company (\"Common Shares\") under the 2022 NCIB, representing approximately 5% of the Company's 442,522,435 issued and outstanding Common Shares on November 9, 2022. Any shares purchased under the 2022 NCIB will be cancelled and returned to treasury. Purchases under the 2022 NCIB will be made through the facilities of the TSX and alternative trading systems in Canada. The NCIB enables the Company to repurchase its Common Shares for cancellation when the market price of its Common Shares may not fully reflect the underlying value of the Company's business and future prospects.Any purchases under the 2022 NCIB will depend on future market conditions. The Company will determine the timing, amount and acceptable price of any such 2022 NCIB purchases, subject at all times to applicable TSX and other regulatory requirements. The period during which the Company is authorized to make purchases under the 2022 NCIB will commence on November 22, 2022 and will end 12 months thereafter on November 21, 2023 or such earlier date on which the maximum number of Common Shares are purchased under the 2022 NCIB or the 2022 NCIB is terminated at the Company's election. There are no assurances that any shares will be purchased under the 2022 NCIB, as purchases will depend on market conditions satisfactory to the Company during the term of the 2022 NCIB.Under TSX rules, no more than 7,271 Common Shares (being 25% of the average daily trading volume on the TSX of 29,084 Common Shares for the period July 6 2022, the date of listing on TSX, to October 31 2022) can be purchased on the TSX on any single trading day under the 2022 NCIB, with the exception that one block purchase in excess of the daily maximum is permitted per calendar week.The 2022 NCIB conti...