Mining & Metals
Altus Group Announced Preliminary Results of Substantial Issuer Bid
Altus Group (AIF.TO), a provider of commercial real estate intelligence, on Wednesday announced the preliminary results of its substantial issuer bid (SIB).Pursuant to the SIB, the company offered to purchase for cancellation a number of its common shares for an aggregate purchase price not to exceed C$200 million at a purchase price of not less than $42.00 and not more than $52.00 per share. The SIB expired on April 21, 2026.The company said that, in accordance with the terms and conditions of the SIB and based on the preliminary calculation of TSX Trust Company as depositary for the SIB, Altus Group expects to take up and pay for approximately 3.8 million shares at a price of $52.00 per share under the SIB, representing an aggregate purchase price of approximately $200 million and approximately 9.69% of the total number of Altus Group's issued and outstanding shares (net of escrowed shares) before giving effect to the SIB and on a non-diluted basis. Approximately 82,000 shares were tendered through notices of guaranteed delivery, said the company.It added that, based on the Depositary's preliminary calculation, approximately 4.4 million shares were validly tendered and not withdrawn, including pursuant to proportionate tenders. None of Altus Group's directors or executive officers participated in the SIB, said the company."Since the SIB was oversubscribed, shareholders who made auction tenders at or below the Purchase Price and shareholders who made, or were deemed to have made, purchase price tenders will have the number of Shares purchased prorated following the determination of the final results of the SIB (other than "odd lot" tenders, which are not subject to proration)."Altus Group said it currently expects that shareholders who made auction tenders at or below the purchase price and purchase price tenders will have approximately 87.13% of their "successfully tendered shares" purchased by Altus Group.In a statement the company noted that, shareholders who made valid proportionate tenders will have such number of shares purchased by Altus Group as would permit such shareholders to maintain their same share ownership percentage as existed prior to completion of the SIB, subject to rounding to avoid the purchase of fractional shares.Approximately 2,518 shares are expected to be taken up and purchased pursuant to proportionate tenders, added the company.After giving effect to the SIB, the company expects to have approximately 35.8 million shares issued and outstanding (net of 187,809 escrowed shares).The company's shares were last seen down $0.97 at $48.71 on the Toronto Stock Exchange.Price: $48.54, Change: $-1.14, Percent Change: -2.29%
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