Dream Unlimited Corp. Renews Normal Course Issuer Bid
TORONTO, ONTARIO--(Marketwired - Sep 16, 2016) - Dream Unlimited Corp. (DRM.TO) (DRM-PA.TO) ("Dream") announced today that the Toronto Stock Exchange 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 3,245,397 of its Class A Subordinate Voting Shares (representing 10% of Dream's public float of 32,453,975 Class A Subordinate Voting Shares) through the facilities of the Toronto Stock Exchange. The bid will commence on September 20, 2016 and remain in effect until the earlier of September 19, 2017 or the date on which Dream has purchased the maximum number of Class A Subordinate Voting Shares permitted under the bid. Daily purchases will be limited to 8,194 Class A Subordinate Voting Shares, which equals 25% of the average daily trading volume during the last six calendar months (being 32,776 Class A Subordinate Voting Shares per day), other than purchases pursuant to applicable block purchase exceptions. As of September 12, 2016, the number of issued and outstanding Class A Subordinate Voting Shares is 77,803,711.
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.
During the period from September 2, 2015 to September 1, 2016, under its prior normal course issuer bid, Dream purchased for cancellation 568,427 Class A Subordinate Voting Shares at an average price of $7.25 for a total cost of $4.1 million.
About Dream Unlimited Corp.
Dream is one of Canada's leading real estate companies with approximately $14.5 billion of assets under management in North America and Europe. The scope of the business includes residential land development, housing and condominium development, asset management for four TSX-listed trusts, investments in and management of Canadian renewable energy infrastructure and commercial property ownership. Dream has an established track record for being innovative and for its ability to source, structure and execute on compelling investment opportunities.
Forward-Looking Information
This press release may contain forward‐looking information within the meaning of applicable securities legislation. Forward‐looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Dream's control, which could cause actual results to differ materially from those that are disclosed in or implied by such forward‐looking information. These risks and uncertainties include, but are not limited to general and local economic and business conditions, employment levels, regulatory risks, mortgage rates and regulations, environmental risks, consumer confidence, seasonality, adverse weather conditions, reliance on key clients and personnel and competition. All forward looking information in this press release speaks as of September 16, 2016. Dream does not undertake to update any such forward looking information whether as a result of new information, future events or otherwise. Additional information about these assumptions and risks and uncertainties is disclosed in filings with securities regulators filed on SEDAR (www.sedar.com).
