Business
TerraVest announces normal course issuer bid for its common shares and automatic securities purchase plan
TSX: TVK VEGREVILLE, AB, Nov. 22, 2012 /CNW/ - TerraVest Capital Inc. ("TerraVest" or t...
About this update from Terravest Industries, Inc.
[{"type":"text","content":"\n\n\n\n\n\nTSX: TVK\n\n\nVEGREVILLE, AB, Nov. 22, 2012 /CNW/ - TerraVest Capital Inc.\n (\"TerraVest\" or the \"Corporation\") (TSX: TVK) announced today that it\n has received the approval of the Toronto Stock Exchange (the \"TSX\") to\n make a normal course issuer bid (the \"Bid\") for up to 626,470 of its\n issued and outstanding common shares (the \"Shares\") on the TSX.\n\n\nThe Corporation has also entered into an \"automatic securities purchase\n plan\" (as defined under applicable Canadian securities laws) with\n National Bank Financial Inc. for the purpose of making purchases under\n the Bid (the \"Plan\"). Purchases under the Bid will be determined by\n National Bank Financial Inc. in its sole discretion, without\n consultation with the Corporation, subject to the limitations of the\n Plan and the rules of the TSX. The Plan constitutes an \"automatic plan\"\n for purposes of applicable Canadian securities laws and has been\n reviewed and approved by the TSX. The Plan was established to provide\n standard instructions regarding how TerraVest's Shares are to be\n purchased under the Bid. Accordingly, TerraVest may purchase its Shares\n in accordance with the Plan on any trading day during the issuer bid\n including during self-imposed trading blackout periods.\n\n\nPurchases under the Bid may commence on November 26, 2012 and will\n terminate on November 25, 2013, or on such earlier date as the Bid is\n complete. Purchases of Shares will be made through the facilities of\n the TSX in accordance with its rules.  The average daily trading volume\n of the Shares for the previous six calendar months (\"ADTV\") was 11,032\n Shares. Subject to the TSX's block purchase exception, on any trading\n day, purchases under the Bid will not exceed 25% of the ADTV. The price\n that the Corporation will pay for any Shares purchased under the Bid\n will be the prevailing market price at the time of purchase and any\n Shares purchased by the Corporation will be cancelled.\n\n\nAs of November 22, 2012, there were 12,529,403 Shares issued and\n outstanding. The 626,470 Shares that may be repurchased under the Bid\n represent approximately 5.0% of the issued and outstanding Shares on\n November 22, 2012.\n\n\nOn August 23, 2012, pursuant to a substantial issuer bid dated July 16,\n 2012, TerraVest Income Fund, the predecessor to the Co...