TORONTO, ONTARIO--(Marketwired - May 13, 2016) - Integrated Asset Management Corp. ("IAM") (TSX:IAM) today announced that the Toronto Stock Exchange (the "TSX") has approved IAM's notice of intention to renew its normal course issuer bid for the purchase for cancellation of certain of its common shares.
As at May 12, 2016, there were 26,756,600 issued and outstanding common shares of IAM. Under this renewal of the normal course issuer bid, IAM is permitted to purchase up to 1,377,830 common shares (representing 5.0% of the issued and outstanding common shares) at prevailing market prices during the 12 month period commencing May 24, 2016 and ending May 23, 2017.
Except where reliance is placed on the TSX's block purchase exemption, IAM may purchase up to 1,000 common shares on the TSX on any trading day, which represent 25% of the average daily trading volume on the TSX of 2,804 shares for the most recently completed six calendar months prior to the date of the notice. Purchases will be executed through the facilities of the TSX and other market places in Canada at prevailing market prices under the rules and policies of the TSX. All securities purchased by IAM under the normal course issuer bid will be cancelled.
Under the previous normal course issuer bid which came into effect on May 21, 2015 and will expire on May 20, 2016 IAM purchased 126,100 common shares, representing 0.5% of the outstanding common shares at the commencement of the normal course issuer bid. These purchases were made at a weighted average price of $0.97. On May 12, 2016, the common shares closed at $1.09.
IAM considers that these purchases from time to time at prevailing market prices may provide liquidity for shareholders and be a worthwhile investment for both IAM and its shareholders.
IAM is one of Canada's leading alternative asset management companies with approximately $2.4 billion in assets and committed capital under management in real estate, private debt and managed futures.
Contact Information:
416 933-8263
tfelkai@iamgroup.ca