TORONTO, Sept. 14, 2017 (GLOBE NEWSWIRE) -- Crosswinds Holdings Inc. (“Crosswinds” or the “Company”) (TSX:CWI) announced today that the Toronto Stock Exchange (“TSX”) has approved its notice of intention to make a normal course issuer bid for up to 460,404 of its common shares (“Common Shares”), being 5% of its 9,208,099 issued and outstanding Common Shares as of September 13, 2017. Purchases may commence on September 18, 2017 and will terminate on September 17, 2018, subject to TSX approval.
The average daily trading volume of the Common Shares was 8,081 on the TSX over the last six completed calendar months. Accordingly, under the policies of the TSX, the Company is entitled to purchase, during any one trading day, up to 2,020 Common Shares. The Company is entitled to purchase a larger number of Common Shares per calendar week, subject to the maximum number that may be acquired under the normal course issuer bid, if the transaction meets the block purchase exemption under the TSX rules. Purchases will be made at prevailing market prices. All Common Shares purchased by Crosswinds under the normal course issuer bid will be purchased through the TSX for cancellation.
The Directors and management of the Company are of the opinion that from time to time the purchase of its Common Shares at the prevailing market price would be a worthwhile investment and in the best interests of the Company and its shareholders. Crosswinds intends to fund the purchases out of available cash.
Crosswinds Holdings Inc.
Crosswinds is a publicly traded private equity firm and asset manager targeting strategic and opportunistic investments in the financial services sector with a particular focus on the insurance industry.
More information
Colin King
Tel: 1-800-439-5136
info@crosswindsinc.com
www.crosswindsinc.com
Caution Regarding Forward-Looking Information
This release includes certain forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “should”, “plans” or “continue” or the negative thereof or variations thereon or similar terminology. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. These forward-looking statements are subject to a number of risks and uncertainties. Actual results could differ materially from those anticipated in these forward-looking statements. Reference should be made to the risk factors in the Company’s 2016 Annual Information Form, in the Management’s Discussion and Analysis for the year ended December 31, 2016 and in our other filings with Canadian securities regulators. Additional important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors.