DIRTT Environmental Solutions Plans New Debenture Bids
DIRTT's Strategic Move with Debentures
DIRTT Environmental Solutions Ltd. has made a significant announcement regarding its normal course issuer bid for its debentures, aimed at enhancing the company’s financial position. This move, a renewal of the previous bid, involves acquiring its convertible unsecured subordinated debentures. With the Toronto Stock Exchange's acceptance, DIRTT is set to commence this initiative soon after concluding its current scheme.
Details of the Normal Course Issuer Bid
DIRTT's issuer bid will focus on two main series of debentures: the 6.00% convertible unsecured subordinated debentures due January 31, 2026, referred to as the January Debentures, and the 6.25% convertible unsecured subordinated debentures due December 31, 2026, known as the December Debentures. This strategic acquisition is intended to commence immediately following the expiration of the current bid.
Acquisition Limits and Strategies
Under the renewed NCIB, DIRTT is allowed to buy back significant amounts of its debentures, amounting to C$1,656,900 for January Debentures and C$1,493,500 for December Debentures. These amounts represent a substantial portion, approximately 10%, of the total public float for each debenture series. The daily acquisition limits will ensure that only a fraction of these amounts can be purchased each trading day, providing DIRTT’s management team with a structured yet flexible approach to enhancing its capital.
Previous Purchases and Achievements
Looking back, during its previous NCIB, DIRTT strategically acquired over C$73,000 of the January Debentures and C$652,000 of the December Debentures. These efforts reflect the company's commitment to optimizing its financial structure while maximizing shareholder value.
Innovations in Repurchase Plans
In conjunction with its normal course issuer bid, DIRTT plans to establish an issuer repurchase plan agreement and an automatic repurchase plan agreement. These plans are designed to facilitate acquisitions during times when DIRTT would typically be prevented from making purchases due to market regulations. This forward-thinking strategy enables DIRTT to continue its repurchases efficiently, even during blackout periods.
About DIRTT Environmental Solutions
DIRTT Environmental Solutions is a frontrunner in the industrialized construction domain, offering a robust lineup of products and digital tools. This unique combination empowers businesses to create adaptable and high-performing interior spaces. Catering to various sectors, including healthcare and education, DIRTT’s solutions are recognized for their flexibility and the ability to align with evolving organizational needs.
Company’s Commitment to Innovation
Headquartered in Calgary, DIRTT emphasizes design freedom combined with predictable costs and timelines. The firm's approach not only promotes creativity in construction but also embraces a sustainable future, reflecting deep-rooted values of adaptability and innovation.
Contact Information
For additional details, interested parties can reach out to DIRTT Investor Relations at ir@dirtt.com. The company encourages engagement from stakeholders as it progresses with its strategic initiatives.
Frequently Asked Questions
What is the purpose of DIRTT's normal course issuer bid?
The issuer bid allows DIRTT to repurchase its debentures, providing greater flexibility in capital management while potentially enhancing shareholder value.
Which debentures is DIRTT targeting in its buyback?
DIRTT is focusing on two series: the 6.00% convertible unsecured subordinated debentures maturing in January 2026 and the 6.25% series maturing in December 2026.
How much does DIRTT plan to acquire through the new NCIB?
DIRTT plans the acquisition of C$1,656,900 for January Debentures and C$1,493,500 for December Debentures.
What strategies are in place for the investor repurchase plans?
DIRTT intends to implement an issuer repurchase plan agreement and an automatic repurchase plan to facilitate purchases even during periods where restrictions apply.
How can investors get in touch for more information?
Investors can contact DIRTT's Investor Relations via email at ir@dirtt.com for any inquiries or additional information.
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