CALGARY, Sept. 19, 2016
CALGARY, Sept. 19, 2016 /CNW/ - MBN Corporation announced that it has filed a notice with the Toronto Stock Exchange (the "TSX") and received its approval to make a normal course issuer bid ("NCIB") for its equity shares through the facilities of the TSX. This NCIB will commence on September 23, 2016 and will terminate on September 22, 2017.
The Fund had 4,022,551 equity shares issued and outstanding as at September 9, 2016. The Fund may, during the 12 month period commencing September 23, 2016 purchase on the TSX up to 306,023 equity shares, being 10% of the public float and may not, in any 30 day period, purchase more than 80,451 equity shares, being 2% of the equity shares issued and outstanding. The Fund will cancel all equity shares purchased pursuant to the bid. As at September 9, 2016 the Fund had purchased 196,300 equity shares at an average price of $5.35 per equity share under its previously approved normal course issuer bid. The manager of the Fund believes that such purchases are in the best interest of the Fund and are a desirable use of its available funds.
MBN Corporation trades on the Toronto Stock Exchange under the symbol "MBN".
This press release may contain forward-looking information, including with respect to future purchases of Equity Shares by the Corporation. The forward-looking information contained in this press release constitutes current expectations, as of the date of this press release, with respect to the matters covered hereby. Investors and others should not assume that any forward-looking statement contained in this press release represents an estimate as of any date other than the date of this press release.
SOURCE MBN Corporation