Dundee Corporation

Dundee Corporation

March 29, 2012 16:37 ET

Dundee Corporation Renews Its Normal Course Issuer Bid

TORONTO, ONTARIO--(Marketwire - March 29, 2012) - 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, 2012 to March 31, 2013. Dundee may purchase up to a maximum of 2,789,554 of its Class A Subordinate Voting Shares ("Shares"), representing approximately 10% of its public float. As of March 26, 2012, Dundee had 51,849,240 Shares issued and outstanding. Dundee may purchase up to 40,522 Shares during any trading day which represents 25% of its average daily trading volume being 162,091 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 Shares acquired will be the market price at the time of purchase and all Shares purchased under the Bid will be cancelled.

Dundee believes that the purchase of its Shares at current market values represents a good long-term investment for the Company. Under the previous normal course issuer bid which came into effect on April 1, 2011 and will expire on March 31, 2012, Dundee purchased an aggregate of 4,207,351 Shares, representing the maximum number of Shares available for purchase, at a weighted average price of $24.90 through the facilities of the TSX. In 2011, Dundee also purchased for cancellation 10,000,000 Shares at $23.75 per Share pursuant to a substantial issuer bid.

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