TORONTO, Jan. 2, 2025
/PRNewswire/ - EQB Inc. ("EQB" or the "Company") (TSX: EQB) today
announced that it has filed, and the Toronto Stock Exchange ("TSX")
has approved, notice of EQB's intention to renew its normal course
issuer bid (the "NCIB") for Common Shares.
Pursuant to the terms of the NCIB, EQB may repurchase for
cancellation up to 2,300,000 of its Common Shares, representing
approximately 8.4% of the public float of such shares.
As at December 23, 2024, there
were 38,448,950 Common Shares issued and outstanding and the public
float was 27,330,184 Common Shares issued and outstanding,
calculated in accordance with the rules of the TSX.
Purchases under the renewed NCIB may
commence on January 6, 2025, and continue
until January 5, 2026, when the NCIB expires, or on
such earlier date as the NCIB is complete. The actual number of
Common Shares purchased under the NCIB and the timing of any such
purchases will be at the Company's discretion. Subject to the
TSX's block purchase exception, on any trading day purchases
under the NCIB will not exceed 13,701 Common Shares, based on an
average daily trading volume of the Common Shares June 1,
2024, to November 30, 2024, of 54,807 (rounding down and
determined in accordance with TSX polices).
The purchases made by EQB will be implemented through the
facilities of the TSX, and through alternative
Canadian trading systems, in accordance with TSX rules. Any
Common Shares purchased by the Company will be cancelled.
The Company's Board of Directors has authorized the NCIB because
it believes that, from time to time, the market price of Common
Shares may be such that their purchase may be an attractive and
appropriate use of corporate funds. The NCIB will provide the
Company with additional flexibility to manage capital and generate
value for shareholders. Decisions regarding the timing of future
purchases of Common Shares will be based on market conditions,
share price and other factors. Although EQB has a present intention
to acquire its Common Shares pursuant to the NCIB, EQB will not be
obligated to make any purchases and purchases may be suspended at
any time.
Under its existing NCIB, the Company repurchased 14,000 Common
Shares through the facilities of the TSX and alternative Canadian
trading systems at a weighted-average price of approximately
$97.98 per Common Share for total
cash consideration of approximately $1,371,767 (including commission). No Preferred
Shares were repurchased under the Company's previous NCIB. Under
the previous NCIB, a total of up to 1,150,000 Common Shares and
290,512 Preferred Shares were available for repurchase.
About EQB Inc.
EQB Inc. (TSX: EQB) is a leading digital financial services company
with $127 billion in combined assets
under management and administration (as at October 31, 2024). It offers banking services
through Equitable Bank, a wholly owned subsidiary and Canada's seventh largest bank by assets, and
wealth management through ACM Advisors, a majority owned subsidiary
specializing in alternative assets. As Canada's Challenger Bank™, Equitable Bank
has a clear mission to drive change in Canadian banking to enrich
people's lives. It leverages technology to deliver exceptional
personal and commercial banking experiences and services to nearly
700,000 customers and more than six million credit union members
through its businesses. Through its digital EQ Bank platform
(eqbank.ca), its customers have named it one of Canada's top banks on the Forbes World's Best
Banks list since 2021.
Please visit eqb.investorroom.com for more details.
Investor contact:
Mike Rizvanovic
Managing Director, Investor Relations
investor_enquiry@eqb.com
Media contact:
Maggie Hall
Director, PR & Communications
maggie.hall@eqb.com
Cautionary Note Regarding Forward-Looking Statements
Statements made in the sections of this news release, in
other filings with Canadian securities regulators and in other
communications include forward-looking statements within the
meaning of applicable securities laws (forward-looking statements).
These statements include, but are not limited to, statements about
the Company's objectives, strategies and initiatives, financial
performance expectations and other statements made herein, whether
with respect to the Company's businesses or the Canadian economy.
Generally, forward-looking statements can be identified by the use
of forward- looking terminology such as "plans", "expects" or "does
not expect", "is expected", "budget", "scheduled", "planned",
"estimates", "forecasts", "intends", "anticipates" or "does not
anticipate", or "believes", or variations of such words and phrases
which state that certain actions, events or results "may", "could",
"would", "might" or "will be taken", "occur" or "be achieved", or
other similar expressions of future or conditional verbs.
Forward-looking statements are subject to known and unknown risks,
uncertainties and other factors that may cause the actual results,
level of activity, closing of transactions, performance or
achievements of the Company to be materially different from those
expressed or implied by such forward-looking statements, including
but not limited to risks related to capital markets and additional
funding requirements, business integration risks, fluctuating
interest rates and general economic conditions, legislative and
regulatory developments, changes in accounting standards,
competition, the nature of our customers and rates of default, the
number of common shares ultimately available to be purchased
pursuant to the NCIB as well as those factors discussed under
the heading "Risk Management" in the MD&A and in the Company's
documents filed on SEDAR at www.sedarplus.ca.
Forward-looking statements in this news release include, but
are not limited to: the commencement of the NCIB by the Company;
the number of shares ultimately available to be purchased by the
Company pursuant to the NCIB and the purchase price of such shares;
and the Company's entrance into the NCIB. Such forward-looking
statements are based on a number of material factors and
assumptions, including, but not limited to: that the Company will
purchase shares pursuant to the NCIB; assumptions in respect of the
price of the Company's common shares; and general economic
conditions.
All material assumptions used in making forward-looking
statements are based on management's knowledge of current business
conditions and expectations of future business conditions and
trends, including their knowledge of the current credit, interest
rate and liquidity conditions affecting the Company and the
Canadian economy. Although the Company believes the assumptions
used to make such statements are reasonable at this time and has
attempted to identify in its continuous disclosure documents
important factors that could cause actual results to differ
materially from those contained in forward-looking statements,
there may be other factors that cause results not to be as
anticipated, estimated or intended. Certain material assumptions
are applied by the Company in making forward-looking statements,
including without limitation, assumptions regarding its continued
ability to fund its mortgage business, a continuation of the
current level of economic uncertainty that affects real estate
market conditions, continued acceptance of its products in the
marketplace, as well as no material changes in its operating cost
structure and the current tax regime. There can be no assurance
that such statements will prove to be accurate, as actual results
and future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue
reliance on forward-looking statements. The Company does not
undertake to update any forward-looking statements that are
contained herein, except in accordance with applicable securities
laws.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/eqb-announces-renewed-and-increased-normal-course-issuer-bid-302341024.html
SOURCE EQB Inc.