, /CNW/ – EQB Inc. (“EQB” or the “Visitor”) (TSX: EQB) (TSX: EQB.PR.C) appear today that information technology has filed, and the Toronto Stock Exchange (“TSX”) has approved, notice of EQB’s intention to renew its normal course issuer bid (the “NCIB”) for Common Shares (the “Common Shares”) and its Non-Cumulative 5-Twelvemonth Charge per unit Reset Preferred Shares, Series 3 (the “Preferred Shares” together with the Common Shares, the “Shares”).
The Company intends to purchase a maximum of 1,150,000 Mutual Shares and 288,680 of its Preferred Shares under the terms of the NCIB, representing, respectively, approximately three.8% and x% of the public float of such shares.
Every bit at
December ix, 2022, there were 37,515,884 Common Shares issued and outstanding and the public bladder was xxx,257,982 Common Shares and 2,911,800 Preferred Shares were issued and outstanding and the public float was 2,886,800 Preferred Shares, calculated in accordance with the rules of the TSX.
Purchases under the renewed NCIB may embark on
Dec 23, 2022
and continue until
December 22, 2023, when the NCIB expires, or on such earlier date equally the NCIB is consummate. The actual number of Shares purchased under the NCIB and the timing of any such purchases will exist at the Company’southward discretion. Subject to the TSX’s block purchase exception, on any trading twenty-four hours purchases under the NCIB will not exceed 17,117 Common Shares and 1,000 Preferred Shares, based on an boilerplate daily trading volume of the Mutual Shares and Preferred Shares from
June one, 2022
November 30, 2022
of 68,471 and 1,261 shares respectively (rounding downwards and determined in accordance with TSX polices).
The purchases fabricated by EQB volition be implemented through the facilities of the TSX, and through alternative Canadian trading systems, in accord with TSX rules. Any Shares purchased past the Visitor will be cancelled.
The Visitor’s lath of directors has authorized the NCIB because it believes that, from time to time, the market place price of Shares may exist such that their purchase may exist an attractive and appropriate use of corporate funds. The NCIB will provide the Visitor with additional flexibility to manage capital and generate value for shareholders. Decisions regarding the timing of time to come purchases of Shares volition be based on market place atmospheric condition, share price and other factors. Although EQB has a present intention to larn its Shares pursuant to the NCIB, EQB will non be obligated to brand any purchases and purchases may exist suspended at whatsoever fourth dimension.
In connection with the NCIB, the Company has entered into a share purchase program (the “Plan”) to facilitate the purchase of Preferred Shares pursuant to the bid and under which its broker may purchase Shares according to a prearranged set of criteria. If implemented, the Plan will enable the purchase of Shares at whatsoever fourth dimension, including when the Company would not ordinarily be active in the market place because of internal trading coma periods, insider trading rules or otherwise.
Under its existing NCIB, the Company repurchased vii,600 Preferred Shares through the facilities of the TSX and culling Canadian trading systems at a weighted-average price of approximately
per Preferred Share for total cash consideration of
(including commission). No Common Shares were repurchased under the previous NCIB.
Near EQB Inc.
EQB Inc. trades on the Toronto Stock Exchange (TSX: EQB and EQB.PR.C) and serves more than 370,000 people across
through its wholly endemic subsidiary Equitable Depository financial institution,
Challenger Banking concern™. Equitable Depository financial institution’south wholly owned subsidiary Concentra Bank supports credit unions across
that serve more than five million members. Equitable Bank has over
in combined assets nether management and assistants, with a clear mandate to drive modify in Canadian banking to enrich people’s lives. Founded over l years ago,
Challenger Banking concern™ provides diversified personal and commercial banking and through its EQ Bank platform (eqbank.ca) has been named the top Schedule I Bank in
on the Forbes World’s Best Banks 2022 and 2021 lists. Please visit equitablebank.ca for details.
Cautionary Note Regarding Forwards-Looking Statements
Statements made in the sections of this news release, in other filings with Canadian securities regulators and in other communications include frontward-looking statements within the meaning of applicable securities laws (forrard-looking statements). These statements include, only are not express to, statements virtually the Visitor’s objectives, strategies and initiatives, financial performance expectations and other statements made herein, whether with respect to the Company’south businesses or the Canadian economy. Generally, forward-looking statements can be identified by the utilize of forward-looking terminology such as “plans”, “expects” or “does not await”, “is expected”, “upkeep”, “scheduled”, “planned”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not conceptualize”, or “believes”, or variations of such words and phrases which state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “exist achieved”, or other like expressions of future or conditional verbs. Forward-looking statements are bailiwick to known and unknown risks, uncertainties and other factors that may cause the actual results, level of action, closing of transactions, performance or achievements of the Visitor to exist materially different from those expressed or implied by such frontwards-looking statements, including but non limited to risks related to capital markets and additional funding requirements, business concern integration risks, fluctuating involvement rates and full general economic weather condition, legislative and regulatory developments, changes in accounting standards, the nature of our customers and rates of default, the number of Shares ultimately available to be purchased pursuant to the NCIB and the intention of the directors and officers of the Company to sell Shares pursuant to the NCIB. and competition besides as those factors discussed under the heading “Take chances Direction” in the MD&A and in the Company’s documents filed on SEDAR at world wide web.sedar.com.
Forward-looking statements in this news release include, but are not limited to: the starting time of the NCIB past the Company; the number of Shares ultimately available to be purchased by the Company pursuant to the NCIB and the purchase price of such Shares; the Visitor’due south entrance into the Plan; and the intention of the directors and officers of the Company to sell Shares pursuant to the NCIB. Such forward-looking statements are based on a number of material factors and assumptions, including, but not limited to: that the Visitor will purchase Shares pursuant to the NCIB; assumptions in respect of the price of the Visitor’s Shares; that the directors and officers of the Company volition not sell Shares pursuant to the NCIB; general economical conditions; and that in that location is no material adverse change in the price of gold or other metals.
All material assumptions used in making forward-looking statements are based on management’s knowledge of electric current business atmospheric condition and expectations of future business organisation conditions and trends, including their knowledge of the current credit, interest rate and liquidity conditions affecting the Visitor and the Canadian economic system. Although the Company believes the assumptions used to brand such statements are reasonable at this time and has attempted to identify in its continuous disclosure documents important factors that could cause bodily results to differ materially from those independent in frontwards-looking statements, there may exist other factors that crusade results not to be every bit anticipated, estimated or intended. Certain fabric assumptions are practical past the Depository financial institution in making forward-looking statements, including without limitation, assumptions regarding its continued ability to fund its mortgage business, a continuation of the current level of economic uncertainty that affects existent estate marketplace conditions, continued credence of its products in the market, besides equally no material changes in its operating price structure and the current tax government. There can exist no assurance that such statements will prove to be accurate, as bodily results and future events could differ materially from those predictable in such statements. Appropriately, readers should non place undue reliance on forward-looking statements. The Company does not undertake to update whatever frontwards-looking statements that are independent herein, except in accordance with applicable securities laws.
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SOURCE EQB Inc.
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