KING CITY, Ontario, Sept. 16, 2020 (GLOBE NEWSWIRE) — TWC Enterprises Limited (“TWC”) today announced that the Toronto Stock Exchange (the “TSX”) has accepted a notice filed by TWC of its intention to make a normal course issuer bid through the facilities of the TSX or alternative Canadian trading systems.
The notice provides that TWC may, during the twelve-month period commencing September 20, 2020 and ending September 19, 2021 purchase up to 1,271,392 common shares (“Common Shares”) in total, being approximately 5% of the issued and outstanding Common Shares. The price that TWC will pay for any such Common Shares will be the market price at the time of acquisition. Management of TWC will determine the actual number of Common Shares that may be purchased and the timing of any such purchases.
Under the current normal course issuer bid due to expire September 19, 2020, TWC sought to purchase up to 1,337,786 common shares through the facilities of the TSX or alternative Canadian trading systems. TWC purchased 1,327,878 Common Shares for cancellation under this bid at an average cost per share of $11.56. As of September 14, 2020, there were 25,427,842 Common Shares outstanding. TWC average daily trading volume for the prior six months is 4,345. Daily purchases will be limited to 1,086 common shares, other than block purchase exceptions.
TWC believes that its Common Shares have been trading in price ranges which do not adequately reflect their value in relation to the business of TWC and its future business prospects. As a result, depending upon future price movements and other factors, TWC believes that its outstanding Common Shares may represent an attractive investment. Furthermore, the purchases are expected to benefit all persons who continue to hold Common Shares by increasing their proportionate interest in TWC. All Common Shares purchased by TWC under the normal course issuer bid will be cancelled.
TWC is engaged in golf club operations under the trademark, “ClubLink One Membership More Golf.” TWC is Canada’s largest owner, operator and manager of golf clubs with 48.5 18-hole equivalent championship and 3.5 18-hole equivalent academy courses (including one managed property) at 40 locations in Ontario, Quebec and Florida.
For further information please contact:
Chief Financial Officer
15675 Dufferin Street
King City, Ontario L7B 1K5