CALGARY,
AB, Dec. 13, 2024 /CNW/ - Genesis Land
Development Corp. (the "Company" or "Genesis") (TSX:GDC) is pleased
to announce that the Toronto Stock Exchange (TSX) has accepted a
notice filed by Genesis to renew its Normal Course Issuer Bid
("Bid") for a one year period. The Bid will commence on
December 18, 2024 and will terminate
on the earlier of: (i) December 17,
2025; and (ii) the date on which the maximum number of
Genesis common shares ("Common Shares") that may be purchased
pursuant to the Bid have been purchased. 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. All Common Shares purchased pursuant to the
Bid will be cancelled.
The Company's board of directors and management believe 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 Common Shares pursuant
to the Bid constitutes an appropriate investment of corporate funds
which will benefit both the Company and its shareholders.
Pursuant to the Bid, Genesis may purchase for cancellation up to
2,839,275 Common Shares, which is 5% of Genesis' issued and
outstanding Common Shares as at December 4,
2024. The purchase price of the Common Shares is restricted
to a maximum of $3.75 per Common
Share and an overall maximum of $10,600,000. The Company intends to monitor these
restrictions and, subject to TSX approval, make any appropriate
alterations in accordance with the Bid from time to time. Pursuant
to the rules of the TSX, the maximum number of Common Shares that
the Company may purchase in any one day is 1,941 Common Shares,
which represents 25% of the average daily trading volume on the TSX
of 7,764 for the six months ended November
30, 2024. Genesis may also make one block purchase per
calendar week which exceeds the daily purchase restriction in
accordance with TSX rules.
Effective December 18, 2024, the
Company has arranged to initiate the automatic share purchase plan
with Stifel Nicolaus Canada Inc., the designated broker under the
Bid, to facilitate the purchase of Common Shares pursuant to the
Bid based on parameters established by the Company.
Pursuant to the Company's previous normal course issuer bid
which permitted Genesis to purchase up to 2,840,528 Common Shares
during the period from December 18,
2023 to December 17, 2024, the
Company purchased 19,800 Common Shares at an average purchase price
of $2.35 per share.
As of December 4, 2024, 56,785,508
Common Shares were issued and outstanding.
About Genesis
Genesis Land Development Corp. is a land developer and
residential home builder in the Calgary Metropolitan Area. The Corporation'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 favorable 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; labor 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 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.
