TORONTO–(BUSINESS WIRE)–Real Matters Inc. (“Real Matters” or the “Company”) (TSX: REAL)
announced today that, subject to the approval of the Toronto Stock
Exchange (“TSX”), the Company intends to renew its Normal Course Issuer
Bid for a 12-month period commencing June 11, 2019, and ending June 10,
2020 (the “NCIB”). The Company’s Board of Directors has approved the
Company to purchase up to 5,000,000 common shares in its capital (being
approximately 8.3% of the 60,233,385 common shares in the public float
as at May 24, 2019) for an aggregate purchase price not to exceed US$20
million (being approximately C$27 million). If the NCIB is approved by
the TSX, purchases will continue to be made through the facilities of
the TSX and alternative Canadian trading systems at the prevailing
market price at the time of acquisition. The actual number of common
shares purchased by the Company under the NCIB and the timing of such
purchases will be determined by the Company.
Real Matters’ intention to renew the NCIB reflects the Company’s belief
that its common shares continue to be undervalued in relation to the
Company’s business and its future business prospects. All common shares
purchased under the NCIB will be cancelled.
Real Matters’ previously approved NCIB (the “Current NCIB”) commenced on
June 11, 2018 and will expire on June 10, 2019, or such earlier date as
the Company has acquired 5,000,000 common shares. Since commencement of
the Current NCIB, Real Matters has purchased for cancellation 3,970,906
common shares at a weighted average price of C$4.85.
FORWARD-LOOKING INFORMATION
This Press Release contains “forward-looking information” within the
meaning of applicable Canadian securities laws, including statements
relating to the Company’s intention to renew the NCIB and the Company’s
belief regarding the intrinsic value of its common shares. Words such as
“could”, “forecast”, “target”, “may”, “will”, “would”, “expect”,
“anticipate”, “estimate”, “intend”, “plan”, “seek”, “believe”, “likely”
and “predict” and variations of such words and similar expressions are
intended to identify such forward-looking information, although not all
forward-looking information contains these identifying words.
The forward-looking information in this Press Release includes
statements which reflect the current expectations of management based on
information currently available to management. Although the Company
believes that these expectations are reasonable, these statements by
their nature involve risks and uncertainties and should not be read as a
guarantee of the occurrence or timing of any future events, performance
or results. A comprehensive discussion of the factors which could cause
results or events to differ from current expectations can be found in
the “Risk Factors” section of our Annual Information Form for the year
ended September 30, 2018 and under the heading “Important Factors
Affecting Results from Operations” in our MD&A for the three and six
months ended March 31, 2019, each of which is available on SEDAR at www.sedar.com.
About Real Matters
Real Matters is a leading network
management services provider for the mortgage lending and insurance
industries. Real Matters’ platform combines its proprietary technology
and network management capabilities with tens of thousands of
independent qualified field professionals to create an efficient
marketplace for the provision of mortgage lending and insurance industry
services. Our clients include approximately 60 of the top 100 mortgage
lenders in the U.S. and some of the largest insurance companies in North
America. We are a leading independent provider of residential real
estate appraisals to the mortgage market and a leading independent
provider of title and mortgage closing services in the U.S. Established
in 2004, Real Matters has offices in Buffalo (NY), Denver (CO),
Middletown (RI), and Markham (ON). Real Matters is listed on the Toronto
Stock Exchange under the symbol REAL. For more information, visit www.realmatters.com.
Contacts
Lyne Fisher
Vice President, Investor Relations and Marketing
Real
Matters
[email protected]
289.843.3383
