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vancouver british columbia, March 13, 2024 /CNW/ – WALL FINANCIAL CORPORATION (TSX: WFC) (the “Company”) today received approval from the Toronto Stock Exchange to renew its regular course issuer bid (the “Tender”) to purchase up to 672,142 common shares. announced that it was obtained from (the “Shares”) represent approximately 10% of the Company’s publicly traded shares (as that term is defined in the policies of the Toronto Stock Exchange (the “Exchange”)). March 13, 2024through the facilities of an exchange or through a Canadian alternative trading system through a registered investment dealer.
Bid starting from March 18, 2024 and end at the latest March 17, 2025, has been authorized by our Board of Directors (the “Board”) and the Exchange, and is conducted in accordance with the applicable rules and policies of the Exchange and applicable Canadian securities laws. Pursuant to the Tender, the Shares may be repurchased in open market transactions on the Exchange and/or Canadian Alternative Trading System or by other means permitted by the Exchange and applicable Canadian securities laws. The price we pay for such shares will be the prevailing market price at the time of purchase.
Average daily trading volume during the ended 6 months February 29, 2024 It was 1,553.Current total number of outstanding common shares of the Company March 8, 2024 is 32,305,665, and the total number of publicly traded shares at the moment is March 8, 2024 It was 6,721,427. The Company has set the maximum number of shares that can be purchased in a day at 1,000 shares.
We have entered into an Automated Securities Purchase Plan (“ASPP”) with CIBC World Markets Inc. (the “Broker”) that allows us to repurchase shares during times when we are generally not active in the market. Unique internal trading blackout period, insider trading rules, and more. The ASPP provides the broker with a set of standard instructions for making purchases under his NCIB subject to the limits and other conditions set out in the ASPP. The Broker will determine the timing of these purchases in its sole discretion based on purchase parameters established by the Company and in accordance with exchange rules, applicable securities laws, and the terms of the ASPP. The ASPP has been pre-approved by the exchange and will be implemented concurrently with the NCIB. All purchases made under the ASPP will be included in the calculation of the number of shares purchased and canceled by us under the NCIB.
The timing of purchases outside of the Restriction Period shall be determined by our management. Purchasing decisions are based on market conditions, stock prices, best use of available cash, and other factors. Purchases based on bids will be financed from our working capital.
All shares will be purchased and canceled.
The Board believes that this tender provides the Company with the following flexible mechanisms: (a) Managing and balancing our capital structure over the next 12 months. (b) return surplus cash to shareholders who have elected to participate in the bid by selling their shares; As a result, the Board of Directors believes that, subject to future price fluctuations and other factors, the purchase of stock is an appropriate use of corporate funds and is in the best interests of the Company and its stockholders. Additionally, this acquisition is expected to benefit all those who continue to hold shares by increasing their interest in the company when the repurchased shares are retired.
A copy of our regular course issuer notice of intent to bid filed with the Exchange may be obtained free of charge by stockholders by contacting our president. bruno wallsee the information below.
Current bid will expire March 14, 2024, the Company has received approval to purchase up to 688,362 shares.the current March 13, 2024The Company purchased 156,600 shares for cancellation at a volume-weighted average price based on current bidding in open market transactions on exchanges and/or Canadian alternative trading systems. $19.82 per share (excluding fees).
About Wall Financial Corporation
Wall Financial Corporation is a British Columbia-based real estate company that develops and manages residential and commercial rental units, develops and constructs resale housing, and develops and manages hotel real estate.
Forward-looking information
This news release contains forward-looking information. Information is forward-looking when we use what we currently know or expect to provide information about the future. Forward-looking information in this news release includes, without limitation, statements regarding the conditions under which NCIB and ASPP will operate. All such forward-looking statements are made pursuant to the “safe harbor” provisions of applicable Canadian securities laws.
Unless otherwise stated, the forward-looking information in this news release reflects the Company’s expectations as of the date of this news release. Except as required by Canadian securities laws, the Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.
By its nature, forward-looking information is subject to a number of risks and uncertainties and is based on a number of assumptions. This may cause actual results to differ materially from the expectations expressed or implied by such forward-looking information, and may cause our business prospects, goals, plans, strategic priorities and other information that is not historical fact to differ materially. may not be achieved. . Therefore, the Company cannot guarantee that forward-looking information will materialize.
This news release provides forward-looking information for the purpose of providing information about the Company’s current expectations and plans and to enable investors and others to better understand the Company’s operating environment. I am. However, readers are cautioned that such forward-looking information may not be appropriate to use for any other purpose.
Source Wall Financial Corporation
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