VANCOUVER, BC, March 17, 2021 /CNW/ - Wall Financial Corporation (the "Company") announced today that it has signed an agreement with a former director of the Company to repurchase 1,500,000 common shares of the Company (the "Common Shares") or approximately 4.42% of the 33,953,365 Common Shares that are currently issued and outstanding. The purchase price is a total of $24 million, or $16.00 per Common Share.
The Common Shares purchased by the Company will be canceled. The purchase and cancellation is being made as an exempt issuer bid pursuant to section 4.7 National Instrument 62-104 Take-Over Bids and Issuer Bids ("NI 62-104"). The price per Common Share has been calculated to comply with the requirements of section 1.11 of NI 62-104.
The Company believes that the current market price of the shares does not fully reflect the value of its business and its future business prospects and represents an attractive investment opportunity, and consequently, that this purchase will enhance long-term value for its remaining shareholders.
Subsequent to this repurchase and cancellation, the Company will have 32,453,365 Common Shares issued and outstanding.
About Wall Financial Corporation
Wall Financial Corporation is a B.C. based real estate company active in the development and management of residential rental apartments, development and construction of residential housing for resale, and the development and management of hotel properties.
Certain statements contained in this news release constitute forward looking statements. The use of any words such as "will" and similar expressions are intended to identify forward-looking statements. Forward-looking statements in this news release include that the Common Shares will be canceled and subsequent to the repurchase and cancellation, the Company will have 32,453,365 Common Shares issued and outstanding. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements are based on reasonable assumption but no assurance can be given that these expectations will prove to be correct and the forward-looking statements included in this news release should not be unduly relied upon.
The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above.
SOURCE Wall Financial Corporation
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