This press release contains forward-looking information that is based upon assumptions and is subject to risks and uncertainties as indicated in the cautionary note contained within this press release.
TORONTO--(BUSINESS WIRE)--Sep. 19, 2024--
Dream Unlimited Corp. (TSX: DRM) (“Dream”) announced today that the Toronto Stock Exchange (the “TSX”) accepted a notice filed by Dream to renew its prior normal course issuer bid for a one year period. Under the bid, Dream will have the ability to purchase for cancellation up to a maximum of 2,375,743 of its Class A Subordinate Voting Shares (representing 10% of Dream’s public float of 23,757,433 Class A Subordinate Voting Shares as of September 9, 2024) through the facilities of the TSX. The bid will commence on September 23, 2024 and remain in effect until the earlier of September 22, 2025 or the date on which Dream has purchased the maximum number of Class A Subordinate Voting Shares permitted under the bid. Daily repurchases will be limited to 7,009 Class A Subordinate Voting Shares, representing 25% of the average daily trading volume of the Class A Subordinate Voting Shares on the TSX during the last six calendar months (being 28,037 Class A Subordinate Voting Shares per day), other than purchases pursuant to applicable block purchase exceptions. As of September 9, 2024, the number of issued and outstanding Class A Subordinate Voting Shares is 40,458,858.
In connection with the renewal of its normal course issuer bid, Dream has established an automatic securities purchase plan (the “Plan”) with its designated broker to facilitate the purchase of Class A Subordinate Voting Shares under the normal course issuer bid at times when Dream would ordinarily not be permitted to purchase its Class A Subordinate Voting Shares due to regulatory restrictions or self-imposed blackout periods. Purchases will be made by Dream’s broker based upon the parameters prescribed by the TSX and the terms of the parties’ written agreement. Outside of such restricted or blackout periods, the Class A Subordinate Voting Shares may also be purchased in accordance with Management’s discretion. The Plan has been pre-cleared by the TSX and will terminate on September 22, 2025.
Dream has renewed its normal course issuer bid because it believes that Class A Subordinate Voting Shares may become available during the period of the bid at prices that would make the purchase of such Class A Subordinate Voting Shares for cancellation in the best interests of Dream and its shareholders.
Dream’s current normal course issuer bid for the purchase of up to 2,223,383 Class A Subordinate Voting Shares expires on September 20, 2024. Under this bid and up until September 9, 2024, Dream has purchased for cancellation 811,362 Class A Subordinate Voting Shares through the facilities of the Toronto Stock Exchange at an average price of $19.96 for a total cost of approximately $16.2 million. Please note that the amount of share repurchased under the bid was in line with both management and board strategy with respect to use of capital for share repurchases.
About Dream Unlimited Corp.
Dream is a leading developer of exceptional office and residential assets in Toronto, owns stabilized income generating assets in both Canada and the U.S., and has an established and successful asset management business, inclusive of $25 billion of assets under management across four Toronto Stock Exchange listed trusts, our private asset management business and numerous partnerships. We also develop land, residential and income generating assets in Western Canada. Dream expects to generate more recurring income in the future as its urban development properties are completed and held for the long term. Dream has a proven track record for being innovative and for our ability to source, structure and execute on compelling investment opportunities.
Forward Looking Information
This press release may contain forward‐looking information within the meaning of applicable securities legislation, including with respect to future purchases of Class A Subordinate Voting Shares by Dream. Forward‐looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Dream’s control, which could cause actual results to differ materially from those that are disclosed in or implied by such forward‐looking information. These assumptions include, but are not limited to: the nature of development lands held and the development potential of such lands, interest rates and inflation remaining in line with management expectations, our ability to bring new developments to market, anticipated positive general economic and business conditions, including low unemployment and interest rates, positive net migration, oil and gas commodity prices, our business strategy, including geographic focus, anticipated sales volumes, performance of our underlying business segments and conditions in the Western Canada land and housing markets. Risks and uncertainties include, but are not limited to, general and local economic and business conditions, the impact of public health crises and epidemics, employment levels, risks associated with unexpected or ongoing geopolitical events, including disputes between nations, terrorism or other acts of violence, international sanctions and the disruption of movement of goods and services across jurisdictions, inflation or stagflation, regulatory risks, mortgage and interest rates and regulations, risks related to a potential economic slowdown in certain of the jurisdictions in which we operate and the effect inflation and any such economic slowdown may have on market conditions and lease rates, environmental risks, consumer confidence, seasonality, adverse weather conditions, reliance on key clients and personnel and competition. All forward looking information in this press release speaks as of September 19, 2024. Dream does not undertake to update any such forward looking information whether as a result of new information, future events or otherwise. Additional information about these assumptions and risks and uncertainties is disclosed in filings with securities regulators filed on SEDAR+ (
www.sedarplus.com
). These filings are also available at the Dream’s website at www.dream.ca.
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https://www.businesswire.com/news/home/20240917291978/en/
For further information, please contact:
Dream Unlimited Corp.
Meaghan Peloso
Chief Financial Officer
(416) 365-6322
mpeloso@dream.ca
Kim Lefever
Director, Investor Relations
(416) 365-6339
klefever@dream.ca
Source: Dream Unlimited Corp.
