Dream Renews Normal Course Bid for Class A Shares, Expects Profitable Opportunities
Toronto-based real estate development company Dream has announced the renewal of its normal course issuer bid for Class A Subordinate Voting Shares. The bid is in line with Dream’s strategy to purchase shares at prices that would benefit the company and its shareholders. Dream has also established an automatic securities purchase plan to facilitate the buyback process.
Under the bid, which expires on September 20, 2023, Dream has already purchased and canceled 97,500 Class A Subordinate Voting Shares, resulting in a total cost of approximately $2.0 million. The purchases were made in accordance with the Toronto Stock Exchange’s rules and the company’s own discretion.
The decision to renew the bid reflects Dream’s belief that more opportunities to acquire Class A Subordinate Voting Shares may arise during the bid period. By purchasing and canceling these shares, Dream aims to maximize value for its shareholders.
Dream, a leading developer of office and residential assets in Toronto, as well as an owner of income-generating assets in Canada and the U.S., is known for its successful asset management business. With $24 billion of assets under management across various trusts, private asset management businesses, and partnerships, Dream has established a strong track record in sourcing, structuring, and executing compelling investment opportunities.
The company expects to generate more recurring income in the future as its urban development properties reach completion and are held for the long term. Dream’s focus on innovation and its ability to identify profitable investment opportunities have contributed to its success in the industry.
The normal course issuer bid allows Dream to repurchase shares from the market within the limits set by the TSX. However, daily repurchases are subject to trading restrictions. Despite this, Dream has strategically repurchased shares in alignment with its management and board strategy.
Dream’s automatic securities purchase plan, pre-cleared by the TSX, aims to facilitate the buyback of Class A Subordinate Voting Shares at times when regulatory restrictions or self-imposed blackout periods would typically prevent such purchases.
The plan, in collaboration with Dream’s designated broker, is set to run until September 20, 2024. It will provide flexibility and ensure the smooth implementation of the normal course issuer bid.
Dream’s commitment to its shareholders and its focus on maximizing value through share repurchases reaffirm its dedication to creating long-term sustainable growth. As the company continues to develop exceptional properties, both in Canada and the U.S., and expand its asset management business, it is poised to seize profitable opportunities and deliver favorable returns for its stakeholders.
