TORONTO, Aug. 22, 2019 (GLOBE NEWSWIRE) -- Dundee Corporation (TSX: DC.A, DC.PR.B, DC.PR.D) (“Dundee” or the “Company”) today announced receipt of regulatory approval respecting its intention to implement a normal course issuer bid (the “Bid”) in respect of its cumulative 5-year rate reset first preference shares, series 2 (the “Series 2 Shares”) and its cumulative floating rate first preference shares, series 3 (the “Series 3 Shares”) through the facilities of the Toronto Stock Exchange (“TSX”) or alternative Canadian trading systems from August 26, 2019 to August 25, 2020.  Dundee is working to optimize its capital structure, lower interest and dividend payments and reduce overall expenses.  The Company believes that the purchase and cancellation of its Series 2 Shares and Series 3 Shares at current market prices represents a good long term investment for the Company and its shareholders.

Dundee may purchase up to a maximum of 347,938 of its Series 2 Shares and up to a maximum of 172,061 of its Series 3 Shares, representing approximately 10% of the Company’s public float of each of the Series 2 Shares and Series 3 Shares.  As of August 19, 2019, Dundee had 3,479,385 Series 2 Shares and 1,720,615 Series 3 Shares issued and outstanding.  The average daily trading volume for the most recently completed six calendar months prior to TSX acceptance of the Bid is 3,724 Series 2 Shares and 1,787 Series 3 Shares.  Dundee may purchase up to 1,000 Series 2 Shares and up to 1,000 Series 3 Shares during any trading day, other than pursuant to a block purchase exception. The purchases will be made in accordance with the Policies and Rules of the TSX.  The price paid for any Series 2 Shares and Series 3 Shares acquired will be the market price at the time of purchase and all Series 2 Shares and Series 3 Shares purchased under the Bid will be cancelled. 

ABOUT DUNDEE CORPORATION

Dundee Corporation is a public Canadian independent holding company, listed on the Toronto Stock Exchange under the symbol “DC.A”.  Through its operating subsidiaries, Dundee Corporation is engaged in diverse business activities in the areas of investment advisory, corporate finance, energy, resources, agriculture, real estate and infrastructure.  Dundee Corporation also holds, directly and indirectly, a portfolio of investments mostly in these key areas, as well as other select investments in both publicly listed and private enterprises.

FOR FURTHER INFORMATION PLEASE CONTACT:

John Vincic
Investor and Media Relations
Dundee Corporation
(647) 402-6375