CALGARY, ALBERTA–(Marketwired – May 23, 2017) –
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
The Western Investment Company of Canada Limited (“Western” or the “Corporation“) (TSX VENTURE:WI) announces that it has obtained regulatory approval to proceed with a normal course issuer bid (the “Bid“) whereby Western may purchase up to a total of 1,500,000 common shares in the capital of the Corporation (“Common Shares“) representing approximately 4.9% of the Common Shares currently issued and outstanding (30,550,256 common shares were outstanding as of today’s date).
It is expected that the Bid will commence on May 23, 2017 and terminate on May 23, 2018. All acquisitions of Common Shares by the Corporation pursuant to the Bid will be made through the facilities of TSX Venture Exchange Inc. at the market price of the Common Shares at the time of the acquisition. There are no persons acting jointly or in concert with the Corporation in respect of the Bid.
Western believes that there is a potential that the market price may not reflect the underlying value of the Corporation given the lack of liquidity in the Common Shares. The Bid will allow the Corporation to stabilize the trading price of the Common Shares and at such times, represents an appropriate use of the Corporation’s financial resources and would be in the best interests of shareholders.
Western’s CEO Scott Tannas commented “We believe it is important that smaller public companies such as ours protect and enhance shareholders’ interests through a vigilant buy-back program that is ready to respond. Our stated goal is to expand and grow through the deployment of our capital into investments in great Western Canadian companies. In executing our strategy, we must also keep an eye on our “currency”.
The Corporation has appointed Acumen Capital Finance Partners Limited to conduct the Bid on its behalf.
About Western (www.winv.ca)
Western’s strategy is to create a diversified portfolio of established Western Canadian businesses and create value through the identification and long-term ownership of companies with sustained cash flows and strong potential for organic growth.
Advisory
This news release may contain certain forward-looking information and statements, including without limitation, statements pertaining to the commencement of the Bid, including regulatory approvals and the number of Common Shares which may be purchased pursuant to the Bid. Statements containing the words: ‘believes’, ‘intends’, ‘expects’, ‘plans’, ‘seeks’ and ‘anticipates’ and any other words of similar meaning are forward-looking. All statements included herein involve various risks and uncertainties because they relate to future events and circumstances beyond Western’s control. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in Western’s disclosure documents on the SEDAR website at www.sedar.com. Any forward-looking statements are made as of the date of this news release and Western does not undertake to update any forward-looking information except in accordance with applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Scott Tannas
President and Chief Executive Officer
(403) 652-2663
stannas@winv.ca