CALGARY, Sept. 4, 2015 /CNW/ - Genesis Land Development
Corp. (the "Company" or "Genesis") (TSX:GDC) is pleased to announce
that a Notice of Intention to make a Normal Course Issuer Bid (the
"Bid"), which has been approved by its Board of Directors (the
"Board"), has been filed with and accepted by the Toronto Stock
Exchange (the "TSX"). The Company's board of directors and
management believes that the market prices of the Common Shares do
not properly reflect the underlying value of the Company's assets
and business and accordingly, the purchase by the Company of its
outstanding Common Shares pursuant to the Bid constitutes an
attractive and appropriate investment of corporate funds.
Pursuant to the Bid, Genesis may purchase for cancellation up to
2,246,310 common shares in the capital of Genesis ("Common
Shares"), which is 5% of Genesis's issued and outstanding Common
Shares as at September 3, 2015.
Pursuant to the rules of the TSX, the maximum number of Common
Shares that the Company may purchase in any one day is 15,649
Common Shares or 25% of the Company's average daily trading volume
of 62,599 Common Shares on the TSX in the six months ended
August 31, 2015. Genesis may
also make one block purchase per calendar week which exceeds the
daily purchase restriction in accordance with TSX rules. Any Common
Shares purchased pursuant to the Bid will be cancelled by the
Company.
The Bid will commence on September 10,
2015 and will terminate on the earlier of: (i) September 9, 2016; and (ii) the date on which the
maximum number of Common Shares are purchased pursuant to the
Bid. Purchases of Common Shares under the Bid will be
effected through the facilities of the TSX or alternative Canadian
trading systems at the market price at the time of
purchase.
Genesis may periodically establish an automatic purchase program
under which a designated broker would purchase Common Shares
pursuant to the Bid based on parameters established by Genesis. Any
such program will be subject to approval by the TSX.
About Genesis
Genesis is an integrated, award-winning land developer and
residential homebuilder, creating innovative and successful
communities in the Calgary
Metropolitan Area. Genesis is committed to supporting its
communities through partnerships like the Genesis Centre of
Community Wellness and Genesis Place Recreational Centre. Genesis
owns a large portfolio of entitled residential and mixed use land,
which is exceptionally well positioned to benefit from the
Alberta economy. The Company's
common shares are listed on the Toronto Stock Exchange (TSX:
GDC)
Cautionary Statement Regarding Forward Looking
Information
This press release contains certain statements which
constitute forward looking statements or information
("forward-looking statements") within the meaning of applicable
securities legislation. This information includes, but is not
limited to Genesis' intentions with respect to the normal course
issuer bid and purchases thereunder and the effects of purchases
under the bid. Although Genesis believes that the anticipated
future results, performance or achievements expressed or implied by
the forward-looking statements are based upon reasonable
assumptions and expectations, the reader should not place undue
reliance on forward-looking statements because they involve
assumptions, known and unknown risks, uncertainties and other
factors many of which are beyond the Company's control, which may
cause the actual results, performance or achievements of Genesis to
differ materially from anticipated future results, performance or
achievement expressed or implied by such forward-looking
statements. Accordingly, Genesis cannot give any assurance that it
will complete any purchases under the normal course issuer
bid.
Factors that could cause actual results to differ materially
from those set forth in the forward-looking statements include, but
are not limited to: a change in Genesis' intention to purchase
shares; the impact or unanticipated impact of general economic
conditions in Canada, the United States and globally; the impact of
contractual arrangements and incurred obligations on future
operations and liquidity; local real estate conditions, including
the development of properties in close proximity to
Genesis‟ properties; timely leasing of
newly-developed properties and re-leasing of occupied square
footage upon expiration; dependence on tenants' financial
condition; the uncertainties of real estate development and
acquisition activity; the ability to effectively integrate
acquisitions; fluctuations in interest rates; ability to access and
raise capital on favourable terms; the impact of newly-adopted
accounting principles on Genesis' accounting policies and on
period-to-period comparisons of financial results; not realizing on
the anticipated benefits from transactions or not realizing on such
anticipated benefits within the expected time frame; labour
matters, governmental regulations, stock market volatility and
other risks and factors described from time to time in the
documents filed by Genesis with securities regulators in
Canada available at www.sedar.com,
including the Genesis' Annual Information Form under the heading
"Risk Factors" and in Genesis' most recent interim report under the
heading "Management's Discussion and Analysis." Furthermore, the
forward-looking statements contained in this press release are made
as of the date of this press release and, except as required by
applicable law, Genesis does not undertake any obligation to
publicly update or to revise any of the forward-looking statements,
whether as a result of new information, future events or
otherwise.
SOURCE Genesis Land Development Corp.