DRM Renews Normal Course Issuer Bid Dream Unlimited Corp. Renews Normal Course Issuer Bid and Announces Automatic Securities Purchase Plan
This press release contains forward-looking information that is based upon assumptions and is subject to risks and uncertainties as indicated in the cautionary note contained within this press release.
September 19, 2024 07:30 AM Eastern Daylight Time
TORONTO--(BUSINESS WIRE)--Dream Unlimited Corp. (TSX: DRM) (“Dream”) announced today that the Toronto Stock Exchange (the “TSX”) accepted a notice filed by Dream to renew its prior normal course issuer bid for a one year period. Under the bid, Dream will have the ability to purchase for cancellation up to a maximum of 2,375,743 of its Class A Subordinate Voting Shares (representing 10% of Dream’s public float of 23,757,433 Class A Subordinate Voting Shares as of September 9, 2024) through the facilities of the TSX. The bid will commence on September 23, 2024 and remain in effect until the earlier of September 22, 2025 or the date on which Dream has purchased the maximum number of Class A Subordinate Voting Shares permitted under the bid. Daily repurchases will be limited to 7,009 Class A Subordinate Voting Shares, representing 25% of the average daily trading volume of the Class A Subordinate Voting Shares on the TSX during the last six calendar months (being 28,037 Class A Subordinate Voting Shares per day), other than purchases pursuant to applicable block purchase exceptions. As of September 9, 2024, the number of issued and outstanding Class A Subordinate Voting Shares is 40,458,858.
In connection with the renewal of its normal course issuer bid, Dream has established an automatic securities purchase plan (the “Plan”) with its designated broker to facilitate the purchase of Class A Subordinate Voting Shares under the normal course issuer bid at times when Dream would ordinarily not be permitted to purchase its Class A Subordinate Voting Shares due to regulatory restrictions or self-imposed blackout periods. Purchases will be made by Dream’s broker based upon the parameters prescribed by the TSX and the terms of the parties’ written agreement. Outside of such restricted or blackout periods, the Class A Subordinate Voting Shares may also be purchased in accordance with Management’s discretion. The Plan has been pre-cleared by the TSX and will terminate on September 22, 2025.
Dream has renewed its normal course issuer bid because it believes that Class A Subordinate Voting Shares may become available during the period of the bid at prices that would make the purchase of such Class A Subordinate Voting Shares for cancellation in the best interests of Dream and its shareholders.
Dream’s current normal course issuer bid for the purchase of up to 2,223,383 Class A Subordinate Voting Shares expires on September 20, 2024. Under this bid and up until September 9, 2024, Dream has purchased for cancellation 811,362 Class A Subordinate Voting Shares through the facilities of the Toronto Stock Exchange at an average price of $19.96 for a total cost of approximately $16.2 million. Please note that the amount of share repurchased under the bid was in line with both management and board strategy with respect to use of capital for share repurchases.
About Dream Unlimited Corp.
Dream is a leading developer of exceptional office and residential assets in Toronto, owns stabilized income generating assets in both Canada and the U.S., and has an established and successful asset management business, inclusive of $25 billion of assets under management across four Toronto Stock Exchange listed trusts, our private asset management business and numerous partnerships. We also develop land, residential and income generating assets in Western Canada. Dream expects to generate more recurring income in the future as its urban development properties are completed and held for the long term. Dream has a proven track record for being innovative and for our ability to source, structure and execute on compelling investment opportunities.