TSX:TCN - Post Discussion
Post by
retiredcf on Oct 14, 2022 8:47am
RBC
October 13, 2022
Tricon Residential Inc.
Share Repurchase Program Instituted
NYSE: TCN | USD 8.39 | Outperform | Price Target USD 12.00
Sentiment: Positive
Reaction: We think the repurchase news is a slight positive for TCN. While we typically do not like to see REITs repurchase shares, TCN isn't a REIT anyway, and a small repurchase likely represents a better use of capital than acquiring homes at current valuations.
News: TCN intends to acquire up to 2.5 million shares (1% of outstanding, $21 million as of prior close) over a period starting on October 18, 2022 and ending on October 17, 2023. October 18 is the date that the previously announced U.S. multifamily sale is expected to close, so funds for the repurchase program will likely come from that. We expect the repurchase to be executed relatively rapidly, subject to daily volume limitations.
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