TORONTO, ONTARIO--(Marketwired - Jan. 11, 2017) - Dream Hard Asset Alternatives Trust (TSX:DRA.UN) announced today that the Toronto Stock Exchange accepted a notice filed by Dream Hard Asset Alternatives Trust to renew its prior normal course issuer bid for a one year period. Under the bid, Dream Hard Asset Alternatives Trust will have the ability to purchase for cancellation up to a maximum of 6,595,470 of its Units (the "Units") (representing 10% of Dream Hard Asset Alternatives Trust public float of 65,954,706 Units) through the facilities of the Toronto Stock Exchange. The bid will commence on January 13, 2017 and will remain in effect until the earlier of January 12, 2018 or the date on which Dream Hard Asset Alternatives Trust has purchased the maximum number of Units permitted under the bid. Daily purchases will be limited to 13,490 Units which equals 25% of the average daily trading volume during the last six calendar months (being 53,961 Units per day), other than purchases pursuant to applicable block purchase exceptions. As of December 31, 2016, the number of issued and outstanding Units is 72,351,722.
Dream Hard Asset Alternatives Trust has renewed its normal course issuer bid because it believes that Units may become available during the period of the bid at prices that would make the purchase of such Units for cancellation in the best interests of Dream Hard Asset Alternatives Trust and its unitholders.
During the period from January 8, 2016 to January 7, 2017, under its prior normal course issuer bid, Dream Hard Asset Alternatives Trust purchased for cancellation 534,392 Units at an average price of $5.45 for a total cost of $2.9 million.
About Dream Hard Asset Alternatives Trust
Dream Hard Asset Alternatives Trust provides an opportunity for Unitholders to invest in diversified hard asset alternative investments, including real estate, real estate loans and infrastructure, including renewable power, managed by an experienced team with a successful track record in these areas. The objectives of the Trust are to provide predictable and sustainable cash distributions to Unitholders on a tax efficient basis, and re-position and grow its assets to increase the value of its business and its distributions to Unitholders over time. For more information, please visit www.dreamalternatives.ca.
This press release may contain forward-looking information within the meaning of applicable securities legislation, including with respect to future purchases of Units by the Trust. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Trust's control, which could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to general and local economic and business conditions, employment levels, mortgage and interest rates and regulations, regulatory risks, environmental risks, consumer confidence, the financial condition of tenants and borrowers, local real estate conditions, adverse weather conditions and variability in wind conditions and solar irradiation, reliance on key clients, partners and personnel, the uncertainties of acquisitions and new projects, inflation and competition. All forward looking information in this press release speaks as of January 11, 2017. The Trust does not undertake to update any such forward looking information whether as a result of new information, future events or otherwise. Additional information about these assumptions and risks and uncertainties is disclosed in filings with securities regulators filed on SEDAR (www.sedar.com). These filings are also available at the Trust's website at www.dreamalternatives.ca.