VEGREVILLE, ALBERTA -- (Marketwired) -- 12/14/15 -- TerraVest Capital Inc. ("TerraVest" or the "Corporation") (TSX: TVK) announced today that it has received the approval of the Toronto Stock Exchange (the "TSX") to renew its normal course issuer bid (the "Bid") for up to 913,619 of its issued and outstanding common shares (the "Shares") on the TSX.
Purchases under the Bid may commence on December 18, 2015 and will terminate on December 17, 2016, or on such earlier date as the Bid is complete. Purchases of Shares will be made through the facilities of the TSX in accordance with its rules, and alternative Canadian trading platforms. The average daily trading volume of the Shares for the previous six calendar months ("ADTV") was 6,045 Shares. Subject to the TSX's block purchase exception, on any trading day, purchases under the Bid will not exceed 1,511 Shares (25% of the ADTV). The price that the Corporation will pay for any Shares purchased under the Bid will be the prevailing market price at the time of purchase. Any Shares purchased by the Corporation will be cancelled.
As of December 14, 2015, there were 18,272,395 Shares issued and outstanding. The 913,619 Shares that may be repurchased under the Bid represent approximately 5.0% of the issued and outstanding Shares on December 14, 2015.
Pursuant to the Corporation's normal course issuer bid which commenced on December 18, 2014 and expires on December 17, 2015, TerraVest purchased 86,100 Common Shares at a weighted average price of $5.95 per Common Share.
The Board of Directors of the Corporation has authorized the Bid because it believes that it is an efficient use of the Corporation's financial resources to purchase Shares when the market price of the Shares does not fully reflect their underlying value.
Contacts:
TerraVest Capital Inc.
Mitchell Gilbert
Chief Investment Officer
(416) 364-0064
mitchell.gilbert@terravestcapital.com
TerraVest Capital Inc.
Paul A. Casey
Chief Financial Officer
(780) 632-2040
pcasey@terravestcapital.com
