Dundee Corporation Successfully Completes Preferred Shares Redemption
Dundee Corporation Successfully Completes Redemption of Preference Shares
TORONTO, October 1, 2024 – Dundee Corporation (TSX: DC.A) is excited to announce the completion of its redemption process for the cumulative 5-year rate reset first preference shares, Series 2, and the cumulative floating rate first preference shares, Series 3. This marks a critical step in Dundee's commitment to streamline its capital structure.
Details of the Redemption Process
In total, 1,145,362 shares of Series 2 and 724,982 shares of Series 3 were redeemed at a price of $25.00 per share. Alongside this, accrued and unpaid dividends were settled for those beneficial shareholders. The transaction was finalized on October 1, 2024, allowing for a smooth process despite the recent bank holiday that occurred on September 30, 2024.
Leadership's Thoughts on the Development
Jonathan Goodman, the President and Chief Executive Officer of Dundee Corporation, expressed satisfaction regarding this achievement. He stated, “We are pleased to retire all outstanding preferred shares, which is a strategic move to simplify our capital structure, boost shareholder value, and better position ourselves for sustainable growth in the long run.” Goodman emphasized the company's focus on maintaining consistent returns while being a dedicated investor in the development-stage mining sector.
Strategic Focus Moving Forward
This redemption aligns with Dundee's broader strategy to enhance operational efficiency and financial flexibility. The company recognizes that reducing its burn rate and cost of capital plays a pivotal role in generating future cash flow, particularly in the resource sector.
About Dundee Corporation
Dundee Corporation operates as a public Canadian independent holding company, proudly listed on the Toronto Stock Exchange under the ticker symbol “DC.A”. With over three decades of experience, Dundee is a committed player in the mining industry, focusing on producing sustainable value. Through a network of operating subsidiaries, the company is actively engaged in making impactful mining investments.
Commitment to Transparent Communication
It is essential for Dundee Corporation to maintain transparent communication with its investors and stakeholders. With the recent redemptions, the company aims to keep its shareholders informed and engaged in its long-term vision.
As Dundee Corporation progresses in its business strategy, investors can expect updates on new opportunities and ongoing projects to further solidify its standing in the mining sector.
Frequently Asked Questions
What preference shares has Dundee Corporation redeemed?
Dundee Corporation has redeemed the Series 2 and Series 3 preference shares, totaling over 1.8 million shares.
What was the redemption price for the shares?
The redemption price was set at $25.00 per share, along with the payment of accrued and unpaid dividends.
Why is Dundee Corporation simplifying its capital structure?
The simplification of the capital structure is aimed at enhancing shareholder value and positioning the company for sustainable growth.
Who is the CEO of Dundee Corporation?
The President and Chief Executive Officer of Dundee Corporation is Jonathan Goodman.
How does Dundee Corporation plan to generate cash flow moving forward?
Dundee plans to generate cash flow by reducing its burn rate and cost of capital while focusing on development-stage mining investments.
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