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Wall Financial Corporation Announces Repurchase of its Common Shares
Wall Financial Corporation Announces Repurchase of its Common Shares Canada New...
About this update from Wall Financial Corporation
[{"type":"text","content":"\n \n \n \n Wall Financial Corporation Announces Repurchase of its Common Shares\n \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 Canada NewsWire\n \n \n \n \n \n VANCOUVER, BC\n \n ,\n \n March 17, 2021\n \n /CNW/ - Wall Financial Corporation (the \"Company\") announced today that it has signed an agreement with a former director of the Company to repurchase 1,500,000 common shares of the Company (the \"Common Shares\") or approximately 4.42% of the 33,953,365 Common Shares that are currently issued and outstanding. The purchase price is a total of\n \n $24 million\n \n , or\n \n $16.00\n \n per Common Share.\n \n \n The Common Shares purchased by the Company will be canceled. The purchase and cancellation is being made as an exempt issuer bid pursuant to section 4.7 National Instrument 62-104\n \n Take-Over Bids and Issuer Bids\n \n (\"NI 62-104\"). The price per Common Share has been calculated to comply with the requirements of section 1.11 of NI 62-104.\n \n \n The Company believes that the current market price of the shares does not fully reflect the value of its business and its future business prospects and represents an attractive investment opportunity, and consequently, that this purchase will enhance long-term value for its remaining shareholders.\n \n \n Subsequent to this repurchase and cancellation, the Company will have 32,453,365 Common Shares issued and outstanding.\n \n \n \n About Wall Financial Corporation\n \n \n \n Wall Financial Corporation is a B.C. based real estate company active in the development and management of residential rental apartments, development and construction of residential housing for resale, and the development and management of hotel properties.\n \n \n \n Forward-Looking Statements\n \n \n \n \n Certain statements contained in this news release constitute forward looking statements. The use of any words such as \"will\" and similar expressions are intended to identify forward-looking statements. Forward-looking statements in this news release include that the Common Shares will be canceled and subsequent to t...