CALGARY,
AB, April 11, 2023 /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, 2023.
The renewed NCIB will follow the current NCIB, which ends on
April 12, 2023 and under which Crown
purchased 5,000 shares at a volume-weighted average price per
share of $7.83 up to April 10, 2023.
Under the terms of the renewed NCIB, Crown will have the right
to purchase up to 280,000 of its common shares (the "Shares")
representing approximately 10.3% of the public float and
approximately 5.0% of the 5,640,546 issued and outstanding Shares
as at March 31, 2023. The number of
Shares that can be purchased pursuant to the renewed NCIB is
subject to a daily maximum of 1,000 Shares, which is the greater of
1,000 and 25% of the average daily trading volume for the Shares on
the TSX for the six months ended March 31,
2023. 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/or alternative Canadian trading systems, if
eligible. The renewed NCIB will commence on April 13, 2023 and
remain in effect until the earlier of April 12, 2024, the
termination of the renewed NCIB by Crown, and Crown purchasing the
maximum number of Shares permitted under the renewed NCIB.
In conjunction with the renewal of the NCIB, Crown has entered
into a renewed automatic share purchase plan ("ASPP") with a
designated broker to allow for the purchase of Shares under the
renewed NCIB at times when Crown would ordinarily not be permitted
to purchase Shares due to regulatory restrictions or customary
self-imposed trading black-out periods.
Pursuant to the ASPP, before the commencement of any particular
trading black-out period, Crown may, but is not required to,
instruct the designated broker to make purchases under the renewed
NCIB in accordance with the terms of the ASPP. Such purchases will
be determined by the designated broker at its sole discretion based
on purchasing parameters established by Crown prior to the trading
black-out period in accordance with the terms of the ASPP and
applicable TSX rules. The ASPP has been pre-cleared by the TSX and
will be implemented effective April 13,
2023.
Outside of the pre-determined trading black-out periods, Shares
may be purchased under the renewed NCIB based on the discretion of
Crown's management, in compliance with TSX rules and applicable
securities laws. All purchases made under the ASPP will be included
in computing the number of Shares purchased 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, 2022, Crown's total equity per basic
common share was $8.98.
About Crown Capital Partners
(TSX:CRWN)
Founded in 2000 within Crown Life Insurance Company, Crown
Capital Partners is a capital partner to entrepreneurs and growth
businesses mainly operating in the telecommunications
infrastructure, distribution services, and distributed power
markets. We focus on growth industries that require a specialized
capital partner, and we aim to create long-term value by acting as
both a direct investor in operating businesses serving these
markets and as a manager of investment funds for institutional
partners. For additional information, please
visit crowncapital.ca.
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.