Purpose Investments Inc. Announces Final Results of its Normal Course Issuer Bid
Purpose Investments Inc. (“Purpose”) is pleased to announce the final results of its normal course issuer bid (the “NCIB”) which commenced on August 28, 2020 and expired on August 27, 2020.
Background of the NCIB
Purpose is an independent Canadian asset management company that offers a range of exchange-traded funds, mutual funds, and other managed asset products. The NCIB was established to provide Purpose with the ability to purchase for cancellation, from time to time, up to 1,818,919 of its common shares (the “Shares”) through the facilities of the Toronto Stock Exchange (the “TSX”).
Final Results of the NCIB
During the period from August 28, 2020 to August 27, 2020, Purpose purchased for cancellation a total of 1,818,919 Shares at a weighted average price of $9.19 per Share. The total number of Shares purchased and cancelled pursuant to the NCIB represents approximately 5.2% of the issued and outstanding Shares as of August 28, 2020.
Purpose’s Commitment to Shareholders
Purpose is committed to creating long-term value for its shareholders. The NCIB is one of the ways in which Purpose can return value to its shareholders. The NCIB is also an important part of Purpose’s capital management strategy, which is designed to ensure that the company’s capital is deployed in a manner that maximizes long-term shareholder value.
About Purpose Investments Inc.
Purpose Investments Inc. is an independent Canadian asset management company with a focus on providing innovative investment solutions. Purpose offers a range of exchange-traded funds, mutual funds, and other managed asset products. Purpose is dedicated to providing investors with access to a wide range of investment solutions that are designed to meet their individual needs.
Risk Factors
Investing in securities involves risk of loss. The value of the Shares may fluctuate, and investors may not get back the amount originally invested. The purchase of Shares pursuant to the NCIB may have a dilutive effect on the value of the Shares.
Forward-Looking Statements
This press release contains forward-looking statements. These statements are based on Purpose’s current expectations and beliefs and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to, changes in market conditions, regulatory requirements, and other factors.
About Normal Course Issuer Bids
A normal course issuer bid (NCIB) is a program that allows a publicly traded company to purchase its own shares in the open market. The purpose of a NCIB is to provide the company with the ability to purchase its own shares in order to reduce the number of outstanding shares and increase the value of the remaining shares. NCIBs are subject to regulatory approval and must be conducted in accordance with applicable securities laws.
Benefits of NCIBs
NCIBs can provide a number of benefits to a company and its shareholders. By reducing the number of outstanding shares, a NCIB can increase the value of the remaining shares. This can lead to an increase in the company’s stock price, which can benefit shareholders. Additionally, a NCIB can provide the company with the ability to purchase its own shares at a discount to the current market price, which can be beneficial to the company’s financial position.
Conclusion
Purpose Investments Inc. is pleased to announce the final results of its normal course issuer bid. The NCIB was established to provide Purpose with the ability to purchase for cancellation, from time to time, up to 1,818,919 of its common shares. During the period from August 28, 2020 to August 27, 2020, Purpose purchased for cancellation a total of 1,818,919 Shares at a weighted average price of $9.19 per Share. The NCIB is one of the ways in which Purpose can return value to its shareholders and is an important part of Purpose’s capital management strategy. Investing in securities involves risk of loss and the purchase of Shares pursuant to the NCIB may have a dilutive effect on the value of the Shares.