WALL FINANCIAL CORPORATION ANNOUNCES AMENDMENT OF NORMAL COURSE ISSUER BID
VANCOUVER, BC, June 21, 2024 /CNW/ - WALL FINANCIAL CORPORATION (TSX: WFC) (the "Company") announced today that the Toronto Stock Exchange (the "Exchange") has approved an amendment to its previously approved normal course issuer bid (the "Bid") to allow the Company to purchase common shares by other means permitted by applicable securities laws, including by off exchange private agreement or in reliance on certain issuer bid exemptions set out in National Instrument 62-104 – Take-Over Bids and Issuer Bids ("NI 62-104"). No other terms of the Bid have been amended. The effective date of the amendment is June 21, 2024. To date, the Company has purchased 43,200 Shares for cancellation since the commencement of the Bid on March 18, 2024.
The Bid, which began on March 18, 2024 and will end no later than March 17, 2025, was approved by the Company's board of directors (the "Board") and by the Exchange and is made in accordance with the applicable rules and policies of the Exchange, and applicable Canadian securities laws. Under the Bid, Shares may be repurchased in open market transactions on the Exchange and/or alternative Canadian trading systems, or by such other means as may be permitted by applicable Canadian securities laws.
The Company further announced today that it will purchase 80,000 common shares from a prior officer and director of the Company by way of an off exchange private agreement at a price of $19.00 per common share for a total purchase price of $1,520,000 (the "Purchase"). The Purchase satisfies the requirements of the Employee, executive officer, director and consultant exemption set out in section 4.7 of NI 62-104. The Purchase will be included when calculating the Company's total number of shares available to purchase under the Bid, being 672,142 common shares, being approximately 10% of the Company's Public Float (as that term is defined in the policies of the Exchange) as at March 13, 2024.
For more information regarding the terms of the Bid, please see the Company's news release dated March 13, 2024.
Wall Financial Corporation is a B.C. based real estate company active in the development and management of residential and commercial rental units, development and construction of residential housing for resale, and the development and management of hotel properties. For further information, contact Bruno Wall, President, Wall Financial Corporation, 1010 Burrard Street, Vancouver, British Columbia V6Z 2R9, 604.893.7131.
This news release contains information that is forward-looking. Information is forward-looking when the Company uses what we know and expect today to give information about the future. Forward-looking information in this news release includes, but is not limited to, statements with respect to the terms under which the Bid will be operated. All such forward-looking statements are made pursuant to the 'safe harbour' provisions of applicable Canadian securities laws.
Unless otherwise indicated, forward-looking information in this news release reflects the Company's expectations at the date in this news release. Except as may be required by Canadian securities laws, the Company does not undertake any obligation to update or revise any forward-looking information, whether as a result of new information, future events, or otherwise.
Forward-looking information, by its very nature, is subject to numerous risks and uncertainties and is based on a number of assumptions. This gives rise to the possibility that actual results could differ materially from the expectations expressed in or implied by such forward-looking information and that the Company's business outlook, objectives, plans, strategic priorities and other information that is not historical fact may not be achieved. As a result, the Company cannot guarantee that any forward-looking information will materialize.
Forward-looking information is provided in this news release for the purpose of giving information about the Company's current expectations and plans and allowing investors and others to have a better understanding of the Company's operating environment. However, readers are cautioned that it may not be appropriate to use such forward-looking information for any other purpose.
SOURCE Wall Financial Corporation
Media contact: Bruno Wall, President, Wall Financial Corporation, 1010 Burrard Street, Vancouver, British Columbia V6Z 2R9, 604.893.7131
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