Crown Capital Partners Announces Renewal of Normal Course Issuer Bid

Ad blocking detected

Thank you for visiting CanadianInsider.com. We have detected you cannot see ads being served on our site due to blocking. Unfortunately, due to the high cost of data, we cannot serve the requested page without the accompanied ads.

If you have installed ad-blocking software, please disable it (sometimes a complete uninstall is necessary). Private browsing Firefox users should be able to disable tracking protection while visiting our website. Visit Mozilla support for more information. If you do not believe you have any ad-blocking software on your browser, you may want to try another browser, computer or internet service provider. Alternatively, you may consider the following if you want an ad-free experience.

Canadian Insider Club
$299/ year*
Daily Morning INK newsletter
+3 months archive
Canadian Market INK weekly newsletter
+3 months archive
30 publication downloads per month from the PDF store
Top 20 Gold, Top 30 Energy, Top 40 Stock downloads from the PDF store
All benefits of basic registration
No 3rd party display ads
JOIN THE CLUB

* Price is subject to applicable taxes.

Paid subscriptions and memberships are auto-renewing unless cancelled (easily done via the Account Settings Membership Status page after logging in). Once cancelled, a subscription or membership will terminate at the end of the current term.

Crown Capital Partners Announces Renewal of Normal Course Issuer Bid

Canada NewsWire

CALGARY, April 8, 2020 /CNW/ - Crown Capital Partners Inc. ("Crown" or the "Corporation") (TSX:CRWN), a capital partner to entrepreneurs and growth businesses, today announced that it has received approval from the Toronto Stock Exchange (the "TSX") to renew its normal course issuer bid ("NCIB") for a 12-month period commencing April 13, 2020.

The renewed NCIB will follow the current NCIB, which ends on April 9, 2020 and under which Crown purchased 235,509 shares at a volume-weighted average price per share of $7.20 up to April 7, 2020.

Under the terms of the renewed NCIB, Crown will have the right to purchase up to 550,000 of its common shares (the "Shares") representing approximately 10% of the public float and approximately 5.8% of the 9,430,712 issued and outstanding Shares as at March 31, 2020. The number of Shares that can be purchased pursuant to the renewed NCIB is subject to a daily maximum of 1,000 Shares, being the greater of (i) 566 Shares, which is 25% of 2,264 Shares (being the average daily trading volume for the Shares on the TSX for the six months ended March 31, 2020); and (ii) 1,000 Shares. Pursuant to TSX temporary relief measures, for the period up to and including June 30, 2020, the daily purchase limit is 1,132 Shares (being 50% of the average daily trading volume for the Shares on the TSX for the six months ended March 31, 2020). Shares purchased by the Corporation pursuant to the renewed NCIB will be cancelled. Purchases made pursuant to the renewed NCIB will be made in the open market through the facilities of the TSX and alternative trading systems, if eligible. The renewed NCIB will commence on April 13, 2020 and remain in effect until the earlier of April 12, 2021, the termination of the renewed NCIB by Crown, and Crown purchasing the maximum number of Shares permitted under the renewed NCIB.

In the opinion of the Corporation's board of directors and senior management, the renewed NCIB provides Crown with the flexibility to utilize its capital to acquire Shares from time to time under the appropriate circumstances. At December 31, 2019, Crown's total equity per basic common share was $10.38.  

About Crown Capital Partners (TSX:CRWN)

Founded in 2000, Crown is a leading specialty finance company that provides growth capital to a diversified group of successful mid-market companies that are seeking alternatives to banks and private equity funds. Crown provides customized solutions in the form of loans, royalties, and other structures with minimal or no ownership dilution. In addition to deploying capital as a principal investor, Crown develops, manages and co- invests in alternative investment funds, including Crown Partners Fund and Crown Capital Power Fund.

FORWARD-LOOKING STATEMENTS

This news release contains certain "forward looking statements" and certain "forward looking information" as defined under applicable Canadian and U.S. securities laws. Forward-looking statements can generally be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology. Forward-looking statements in this news release include, but are not limited to, statements, management's beliefs, expectations or intentions regarding future purchases of Shares. Forward-looking statements are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements are subject to various risks and uncertainties concerning the specific factors identified in the Crown's periodic filings with Canadian securities regulators. See Crown's most recent annual information form for a detailed discussion of the risk factors affecting Crown. In addition, Crown's dividend policy will be reviewed from time to time in the context of the Corporation's earnings, financial requirements for its operations, and other relevant factors and the declaration of a dividend will always be at the discretion of the board of directors of the Corporation. Crown undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.

SOURCE Crown Capital Partners Inc.

Cision View original content: http://www.newswire.ca/en/releases/archive/April2020/08/c6091.html

Copyright CNW Group 2020

Comment On!

140
Upload limit is up to 1mb only
To post messages to your Socail Media account, you must first give authorization from the websites. Select the platform you wish to connect your account to CanadianInsider.com (via Easy Blurb).