TORONTO--(BUSINESS WIRE)--
Real Matters Inc. (“Real Matters” or the “Company”) (TSX: REAL), today announced that the Toronto Stock Exchange (the “TSX”) has accepted a notice filed by Real Matters of its intention to make a Normal Course Issuer Bid (the “NCIB”) to be transacted through the facilities of the TSX and/or through alternative Canadian trading systems.
The notice provides that Real Matters may, during the 12-month period commencing June 11, 2018, and ending June 10, 2019, purchase up to 4,000,000 common shares in the capital of Real Matters (“Shares”) in total, being approximately 5.8% of 68,752,025 which is the total number of Shares in the public float as at May 31, 2018. The Company has allocated up to US$30,000,000 towards the repurchase of Shares pursuant to the NCIB. The price which Real Matters will pay for any such Shares will be the prevailing market price at the time of acquisition. The actual number of Shares which may be purchased pursuant to the NCIB will be determined by Real Matters.
As of May 31, 2018, the Company has 88,847,208 Shares issued and outstanding. The average daily trading volume of the Shares on the TSX (the “ADTV”) for the most recently completed six calendar months ended May 31, 2018, is 165,742. Pursuant to TSX policies, the maximum number of Shares that may be purchased in one day pursuant to the NCIB is 25% of ADTV, subject to certain prescribed exceptions, representing approximately 41,436 Shares.
Purchasing its Shares pursuant to the NCIB reflects Real Matters’ belief that the Shares are undervalued in relation to the business of the Company. All Shares purchased under the NCIB will be cancelled.
Cormark Securities Inc. will conduct the NCIB on behalf of Real Matters and may repurchase Shares pursuant to the NCIB under automatic share purchase plans established periodically. Each such plan will define a prearranged set of criteria for repurchase determined by the Company.
About Real Matters
Real Matters is a leading network
management services provider for the $16 billion mortgage lending and
insurance industries. Real Matters’ platform combines its proprietary
technology and network management capabilities with tens of thousands of
independent qualified field agents to create an efficient marketplace
for the provision of mortgage lending and insurance industry services.
Our clients include more than 60 of the top 100 mortgage lenders in the
U.S. and some of the largest insurance companies in North America. We
are a leading independent provider of residential real estate appraisals
to the mortgage market and a leading independent provider of title and
mortgage closing services in the U.S. Established in 2004, Real Matters
has offices in Buffalo (NY), Denver (CO), Middletown (RI), and Markham
(ON). Real Matters is listed on the Toronto Stock Exchange under the
symbol REAL. For more information, visit www.realmatters.com.
FORWARD-LOOKING INFORMATION
This press release contains
forward-looking statements within the meaning of applicable Canadian
securities laws. The words “continue”, “expect”, “anticipate”,
“estimate”, “may”, “will”, “should”, “views”, “intend”, “believe”,
“plan”, “outlook” and similar expressions are intended to identify
forward-looking statements. Forward-looking statements are based on
estimates and assumptions made by Real Matters in light of its
experience and its perception of historical trends, current conditions
and expected future developments, as well as other factors that Real
Matters believes are appropriate in the circumstances. Many factors
could cause Real Matters’ performance or achievements to differ from
those expressed or implied by the forward-looking statements, some of
which are discussed in detail in Real Matters’ Annual Information Form
and other public filings which can found at www.sedar.com.
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