Stock BuybacksBy The Online Investor Staff, updated Fri., Sep. 18, 9:47 AM
|This Slide: #24 of 25|
Slide #24. Urbana Corporation
Urbana Corporation (TSE:URB.CA)
Share Amount Authorized:
Urbana Corporation ("Urbana") (TSX & CSE: URB & URB.A) announced today that the Toronto Stock Exchange ("TSX") has accepted its notice of intention to conduct a normal course issuer bid to enable it to purchase up to 3,754,840 of its non-voting Class A shares (the "Class A Shares"), representing 10% of the public float, pursuant to TSX rules. Purchases under the bid may commence on September 4, 2020, and will terminate on the earlier of September 3, 2021, the date Urbana completes its purchases pursuant to the notice of intention to make a normal course issuer bid filed with the TSX, and the date of notice by Urbana of termination of the bid. Purchases will be made on the open market by Urbana through the facilities of the TSX or the Canadian Securities Exchange ("CSE") in accordance with the rules and policies of the TSX. Caldwell Securities Ltd. will make all purchases pursuant to the bid on behalf of Urbana. The price that Urbana will pay for any such shares will be the market price of such shares on the TSX or the CSE at the time of acquisition. Class A Shares purchased under the bid will be cancelled. Urbana will not purchase on any given day, in the aggregate, more than 6,081 Class A Shares (the "Daily Limit"), being 25% of the average daily volume for the most recently completed six months, which is 24,325 shares (the "ADTV"), calculated in accordance with the TSX rules. Notwithstanding the above-mentioned Daily Limit, Urbana may make one block purchase per calendar week that exceeds the Daily Limit in accordance with TSX rules. A block purchase under TSX rules means a purchase that (a) has a total purchase price of at least $200,000, (b) is at least 5,000 shares and has a total purchase price of at least $50,000, or (c) is at least 20 board lots and at least 150% of the AD
Urbana is a non-redeemable investment fund and an investment fund for the purposes of applicable securities laws. Co.'s long-term strategy is to continue seek and acquire investments for income and capital appreciation. As of Dec 31 2010, Co.'s total assets was C$176,821,300.
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