TWC Enterprises Pursues Strategic Share Repurchase Initiative
TWC Enterprises Initiates Normal Course Issuer Bid
TWC Enterprises Limited is pleased to share its recent decision regarding the renewal of its normal course issuer bid. According to information shared, the Toronto Stock Exchange has formally accepted TWC's application to proceed with this initiative, which is set to commence shortly.
Share Repurchase Details
The normal course issuer bid will enable TWC to repurchase up to 1,218,842 common shares over a twelve-month period. This figure represents around 5% of the company's total issued and outstanding common shares. Pricing for the shares will be based on market conditions at the time of purchase; thus ensuring the best value for shareholders.
TWC has previously undertaken a similar initiative, which is currently nearing its conclusion. The company had aimed to buy back up to 1,228,055 shares, during which it successfully acquired 205,200 common shares, all of which are set for cancellation. TWC's determined approach is evident in its historical average daily trading volume of 927 shares, with restrictions on daily purchases capped at 1,000 shares, unless exceptions apply for block purchases.
Strategic Purpose Behind the Bid
TWC’s management believes that the current trading price of its common shares does not accurately reflect their true value. This discrepancy presents a unique opportunity for shareholders. The company envisages that these strategic purchases may not only enhance its stock value but also increase the proportional interest of existing shareholders in TWC.
Every share acquired through this bid will be cancelled, ultimately contributing to improving shareholder equity and value.
About TWC Enterprises Limited
TWC operates under the recognized trademark “ClubLink One Membership More Golf.” As Canada’s largest golf club owner and operator, TWC boasts an impressive portfolio of 45.5 championship golf courses along with two academy courses across various locations. These amenities are distributed throughout Ontario, Quebec, and Florida, solidifying TWC's prominent status in the golfing community.
Contact Information
For additional inquiries or further information, reach out to:
Andrew Tamlin
Chief Financial Officer
15675 Dufferin Street
King City, Ontario L7B 1K5
Tel: 905-841-5372
Fax: 905-841-8488
Email: atamlin@clublink.ca
Frequently Asked Questions
What is a normal course issuer bid?
A normal course issuer bid is a program through which a company can repurchase its own shares from the market to reduce share supply and potentially increase shareholder value.
Why is TWC Enterprises pursuing this initiative?
TWC believes its shares are undervalued in the current market and aims to correct this perception while benefiting existing shareholders.
How many shares will TWC purchase?
During the next twelve months, TWC plans to acquire up to 1,218,842 common shares through its normal course issuer bid.
What happens to the shares TWC buys back?
All repurchased shares will be cancelled, which helps in consolidating ownership among remaining shareholders and enhancing value.
How does this affect existing shareholders?
This action is expected to increase the proportional interest of current shareholders, potentially leading to an appreciation in share value.
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