World News: 12:30 GMT Friday 11th January 2019. [Dream Hard Asset Alternatives Trust via Globe Newswire via SPi World News]
TORONTO, Jan. 11, 2019 (GLOBE NEWSWIRE) -- announced today that the Toronto Stock Exchange accepted a notice filed by Dream Hard Asset Alternatives Trust (the “”) to renew its prior normal course issuer bid for a one year period. Under the bid, the Trust will have the ability to purchase for cancellation up to a maximum of 6,066,081 of its Units (the “”) (representing 10% of the Trust’s public float of 60,660,817 Units) through the facilities of the Toronto Stock Exchange. The bid will commence on January 15, 2019 and will remain in effect until the earlier of January 14, 2020 or the date on which the Trust has purchased the maximum number of Units permitted under the bid. Daily purchases will be limited to 7,608 Units which equals 25% of the average daily trading volume during the last six calendar months (being 30,432 Units per day), other than purchases pursuant to applicable block purchase exceptions. As of December 31, 2018, the number of issued and outstanding Units is 72,592,822.
In connection with the renewal of its normal course issuer bid, the Trust has established an automatic securities purchase plan (the “”) with its designated broker to facilitate the purchase of Units under the normal course issuer bid at times when the Trust would ordinarily not be permitted to purchase its Units due to regulatory restrictions or self-imposed blackout periods. Purchases will be made by the Trust’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 Units may also be purchased in accordance with Management’s discretion. The Plan has been pre-cleared by the TSX and will terminate on January 14, 2020.
The Trust has renewed its normal course issuer bid because it believes that Units may become available during the period of the bid at prices that would make the purchase of such Units for cancellation in the best interests of the Trust and its unitholders.
The Trust’s current normal course issuer bid for the purchase of up to 6,273,601 Units expires on January 14, 2019. Under this bid and up until January 7, 2019, the Trust has purchased for cancellation 1,164,499 Units through the facilities of the Toronto Stock Exchange at a weighted average price of $6.58 for a total cost of $7.7 million. Please note that the amount of Units repurchased under the bid was in line with both management and board strategy with respect to use of capital for share repurchases. Furthermore, the amount of Units that can be repurchased in the market under the TSX rules on a daily basis are subject to various trading restrictions which impact the amount that can be repurchased on a daily basis.
Dream Hard Asset Alternatives Trust provides an opportunity for Unitholders to invest in hard asset alternative investments, real estate development, real estate lending, real estate, and renewable power managed by an experienced team with a successful track record in these areas. The objectives of the Trust are to build and maintain a growth-oriented portfolio, provide predictable cash distributions to Unitholders on a tax efficient basis, and grow and reposition the portfolio to increase NAV per unit over time. For more information, please visit:
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Globe Newswire: 12:30 GMT Friday 11th January 2019
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