Winnipeg, Manitoba, January 12, 2017 – Exchange Income Corporation (“EIC”) (TSX: EIF) today announced that the Toronto Stock Exchange (“TSX”) has approved the renewal of EIC’s normal course issuer bid (the “NCIB”). Under the renewal EIC can purchase up to an aggregate of 1,554,884 common shares of EIC (“Common Shares”), representing 5% of the issued and outstanding Common Shares as at January 9, 2017.
Purchases of Common Shares pursuant the NCIB may be made through the facilities of the TSX commencing on January 23, 2017 and ending on January 22, 2018, or an earlier date in the event that EIC purchases the maximum number of the Common Shares available under the NCIB. EIC will pay the market price at the time of acquisition for any Common Shares purchased through the facilities of the TSX. All Common Shares acquired directly by EIC under the NCIB will be cancelled.
As at January 9, 2017, there were 31,097,673 Common Shares issued and outstanding, of which 27,919,882 Common Shares comprise the public float. The average daily trading volume of the Common Shares for the six month period ended December 31, 2016 was 121,560 Common Shares. Daily purchases will be limited to 30,390 Common Shares, other than block purchase exceptions.
During the past 12 months, EIC purchased an aggregate of 57,710 Common Shares under its prior normal course issuer bid at a weighted average price of $22.25 per Common Share.