Real Matters Inc. announced today that the Toronto Stock Exchange has approved an amendment to the Company’s current Normal Course Issuer Bid to increase the number of common shares that the Company may purchase for cancellation from 4 million common shares to 6 million common shares and to increase the aggregate purchase price for the shares purchased under the NCIB from C$70 million to C$100 million . No other …
Real Matters Inc. (“Real Matters” or the “Company”) (TSX: REAL) announced today that the Toronto Stock Exchange (“TSX”) has approved an amendment to the Company’s current Normal Course Issuer Bid (“NCIB”) to increase the number of common shares that the Company may purchase for cancellation from 4 million common shares (approximately 5.1% of the 78,074,755 common shares in the public float as at May 31, 2020) to 6 million common shares (approximately 7.7% of the 78,074,755 common shares in the public float as at May 31, 2020) and to increase the aggregate purchase price for the shares purchased under the NCIB from C$70 million (US$50 million) to C$100 million (US$82 million). No other terms of the NCIB have changed.
Since commencement of the NCIB, Real Matters has purchased for cancellation 2,770,734 common shares at a weighted average price of $18.54. The Company’s previously approved NCIB commenced on June 11, 2020. The amended NCIB will commence on May 14, 2021 and will continue until June 10, 2021, or such earlier date as the Company has acquired the maximum number of common shares permitted under the NCIB or spent C$100 million. The Company has allocated up to C$100 million towards the purchase of common shares under the NCIB, of which C$51,356,954 has been spent to date, leaving C$48,643,046 available for purchases. The actual number of common shares purchased by the Company under the NCIB and the timing of such purchases will be determined by the Company. Subject to certain prescribed exceptions, daily purchases under the amended NCIB will continue to be limited to a maximum of 135,858 common shares, which is 25% of the average daily trading volume of the Company’s common shares for the six months ended May 31, 2020 (being 543,435 common shares).
Purchases under the NCIB will continue to be made through the facilities of the TSX and alternative Canadian trading systems at the prevailing market price at the time of acquisition. All purchased shares will be cancelled.
The Company believes that the prevailing share price for its common shares does not currently reflect its underlying value such that the purchase of common shares for cancellation represents an attractive opportunity to return value to the Company’s common shareholders.
Real Matters previously entered into an automatic share purchase plan (the “Plan”) with Cormark Securities Inc. (“Cormark”) under which Cormark may purchase the Company’s common shares for cancellation based on a pre-arranged set of criteria determined by the Company. The Plan will continue to apply to the amended NCIB.
This Press Release contains “forward-looking information” within the meaning of applicable Canadian securities laws, including statements relating to the Company’s belief regarding the intrinsic value of its common shares. Words such as “could”, “forecast”, “target”, “may”, “will”, “would”, “expect”, “anticipate”, “estimate”, “intend”, “plan”, “seek”, “believe”, “likely” and “predict” and variations of such words and similar expressions are intended to identify such forward-looking information, although not all forward-looking information contains these identifying words.
The forward-looking information in this press release includes statements which reflect the current expectations of management based on information currently available to management. Although the Company believes that these expectations are reasonable, these statements by their nature involve risks and uncertainties and should not be read as a guarantee of the occurrence or timing of any future events, performance or results. A comprehensive discussion of the factors which could cause results or events to differ from current expectations can be found in the “Risk Factors” section of our Annual Information Form for the year ended September 30, 2020, which is available on SEDAR at www.sedar.com .
Readers are cautioned not to place undue reliance on the forward-looking information, which reflect our expectations only as of the date of this Press Release. Except as required by law, we do not undertake to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.
About Real Matters
Real Matters is a leading network management services provider for the mortgage lending and insurance industries. Real Matters’ platform combines its proprietary technology and network management capabilities with tens of thousands of independent qualified field professionals to create an efficient marketplace for the provision of mortgage lending and insurance industry services. Our clients include the majority of the top 100 mortgage lenders in the U.S. and some of the largest insurance companies in North America. We are a leading independent provider of residential real estate appraisals to the mortgage market and a leading independent provider of title and mortgage closing services in the U.S. Established in 2004, Real Matters principal offices are located in Buffalo (NY), Denver (CO), Middletown (RI), and Markham (ON). Real Matters is listed on the Toronto Stock Exchange under the symbol REAL. For more information, visit www.realmatters.com .
Vice President, Investor Relations
News Provided by Business Wire via QuoteMedia