C.A. Bancorp Canadian Realty Finance Corporation

October 05, 2010 13:10 ET

C.A. Bancorp Canadian Realty Finance Corporation Announces Normal Course Issuer Bid

TORONTO, ONTARIO--(Marketwire - Oct. 5, 2010) - C.A. Bancorp Canadian Realty Finance Corporation ("CRFC" or the "Corporation") (TSX:RF.PR.A)(TSX:RF.A) announced today that the Toronto Stock Exchange ("TSX") has approved its notice of intention to make a normal course issuer bid for up to 100,000 of its preferred shares and up to 218,050 of its class A shares (collectively, "Shares"), or approximately 6.77% of its 1,477,200 issued and outstanding preferred shares and approximately 6.93% of its 3,146,660 issued and outstanding class A shares as at September 30, 2010.

The Corporation may purchase Shares at prevailing market prices during the period from October 7, 2010 to October 6, 2011. Purchases will be made at market prices in accordance with the rules and policies of the TSX. Purchases during any 30 day period will be limited to 29,544 preferred shares and 62,933 class A shares, which represents 2% of the issued and outstanding preferred shares and class A shares, respectively. All Shares purchased by CRFC under the normal course issuer bid will be cancelled.

The Corporation previously had a normal course issuer bid in place for the class A shares and repurchased 1,000 class A shares during the period from January 1, 2009 to December 29, 2009 at an average price of $6.50 per class A share. The Corporation had a normal course issuer bid in place for the preferred shares from March 26, 2008 to March 25, 2009. During the currency of the preferred share bid, 4,200 shares were repurchased during 2009 at an average price of $16.71 per preferred share and 58,600 preferred shares were repurchased in 2008 at an average price of $17.18 per preferred share.

CRFC believes that, from time to time, the market price of its Shares may not reflect their underlying value and that the purchase of its Shares may represent an appropriate and desirable use of Corporation's funds. CRFC intends to fund the purchases out of available cash.

C.A. Bancorp Canadian Realty Finance Corporation

The Corporation is a mutual fund corporation incorporated under the laws of the Province of Ontario. The Corporation was created to obtain exposure to the investment performance of an actively managed portfolio of secured loans and investments in the Canadian commercial real estate sector on a tax-efficient basis.

C.A. Bancorp Inc.

C.A. Bancorp is a publicly traded Canadian merchant bank and alternative asset manager that provides investors with access to a range of private equity and other alternative asset class investment opportunities. C.A. Bancorp is focused on investments in small- and middle- capitalization public and private companies, with emphasis on the industrials, real estate, infrastructure and financial services sectors.

Forward Looking Statements

This release includes certain forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "should", "plans" or "continue" or the negative thereof or variations thereon or similar terminology. Although the Corporation believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will provide to be correct. These forward-looking statements are subject to a number of risks and uncertainties. Actual results could differ materially from those anticipated in these forward-looking statements. Reference should be made to the risk factors published in the Corporation's most recent management report of fund performance which is available at www.sedar.com.

The Exchange Tower
130 King Street West, Suite 2810
Toronto, Ontario M5X 1A4
Telephone: (416) 214-5985
Fax: (416) 861-8166

Contact Information

  • C.A. Bancorp Canadian Realty Finance Corporation
    Paul Haggis
    Interim Chief Executive Officer
    1-866-388-5985 or 416.214.5985 ext. 610
    416-861-8166 (FAX)