CALGARY, Alberta, June 27, 2018 (GLOBE NEWSWIRE) -- Founders Advantage Capital Corp. (TSX-V:FCF) (the “Corporation”) announces that it has obtained approval from the TSX Venture Exchange (the “Exchange”) for a normal course issuer bid through the facilities of the Exchange. The normal course issued bid will be for a 12 month duration, commencing on June 27, 2018 and ending on June 26, 2019.
Pursuant to the notice of intention filed with the Exchange, the Corporation intends to purchase for cancellation, through the facilities of the Exchange and at the market price of the Corporation’s common shares (“Common Shares”) at the time of purchase, up to 2,250,000 Common Shares, representing approximately 5.9% of the Corporation’s issued and outstanding Common Shares. The member who will conduct the normal course issuer bid on behalf of the Corporation is National Bank Financial Inc. (“NBF”). The actual number of Common Shares that may be purchased and the timing of any such purchases will be determined by the Corporation and will be made in accordance with the requirements of the Exchange.
Management of the Corporation believes that the present trading price of the Common Shares of the Corporation is at a significant discount to a figure which is reflective of the Corporation’s value as a whole. This being the case, management is of the view that it is in the best interests of all shareholders of the Corporation that, from time to time, Common Shares be acquired by the Corporation and returned to treasury, thus increasing the Corporation’s value per Common Share for remaining shareholders.
The Corporation will enter into a pre-defined plan with NBF to allow for the purchase of Common Shares by the Corporation at times when it ordinarily would not be active in the market due to internal trading blackout periods.
About Founders Advantage Capital Corp.
The Corporation is listed on the TSX Venture Exchange as an Investment Issuer (Tier 1) and employs a long-term investment approach. The Corporation has developed an investment approach to create long-term value for its shareholders and partner entrepreneurs (investees) by pursuing controlling interest acquisitions of cash flow positive, premium middle-market privately-held entities. The Corporation seeks to win mandates by appealing to the segment of the market which is not aligned with traditional private equity control, royalty monetizations or related structures. The Corporation's innovative platform offers incentives (contractually) for growth in favour of our partner entrepreneurs. This unique platform is designed to appeal to entrepreneurs who believe in the growth of their businesses and who want the added ability to continue to manage the business with a long-term partner.
The Corporation's common shares are listed on the TSX Venture Exchange under the symbol “FCF”.
For further information please refer to the Corporation's website at www.advantagecapital.ca.
Contact information for the Corporation is as follows:
Senior Vice-President, Capital Markets
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