Dundee Corporation

Dundee Corporation

March 30, 2011 11:28 ET

Dundee Corporation Renews its Normal Course Issuer Bid

TORONTO, ONTARIO--(Marketwire - March 30, 2011) - Dundee Corporation ("Dundee" or the "Company") (TSX:DC.A) today announced receipt of regulatory approval respecting its intention to continue its normal course issuer bid (the "Bid") through the facilities of the Toronto Stock Exchange ("TSX") from April 1, 2011 to March 31, 2012. Dundee may purchase up to a maximum of 4,207,351 of its class A subordinate voting shares ("Subordinate Voting Shares"), representing approximately 10% of its public float. As of March 25, 2011, Dundee had 65,931,276 Subordinate Voting Shares issued and outstanding. Dundee may purchase up to 55,500 Subordinate Voting Shares during any trading day which represents 25% of its average daily trading volume being 221,998 Subordinate Voting Shares for the most recently completed six calendar months prior to TSX acceptance of the notice of normal course issuer bid, other than pursuant to a block purchase exception. The purchases will be made in accordance with the Policies and rules of the TSX. The price paid for any Subordinate Voting Shares acquired will be the market price at the time of purchase and all Subordinate Voting Shares purchased under the Bid will be cancelled.

Dundee believes that the purchase of its Subordinate Voting Shares at current market values represents a good long-term investment for the Company. To date, Dundee has purchased an aggregate of 5,411,197 Subordinate Voting Shares at a weighted average price of $16.14 through the facilities of the TSX under the previous normal course issuer bid which came into effect on April 1, 2010 and will expire on March 31, 2011.

Contact Information

  • Dundee Corporation
    Ned Goodman
    President and Chief Executive Officer
    (416) 365-5665
    Dundee Corporation
    Lucie Presot
    Vice President & Chief Financial Officer
    (416) 365-5157