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HALIFAX, NS, May 28, 2024 /CNW/ - (TSXV: NXLV) – NexLiving Communities Inc. ("NexLiving" or the "Company") announced today that the TSX Venture Exchange (the "Exchange") has provided conditional acceptance of the Company's Normal Course Issuer Bid (the "NCIB"), subject to the Company meeting all of the requirements of the Exchange.
Under the terms of the NCIB, the Company may purchase up to 1,300,000 common shares ("Shares") in total, being approximately 9.8% of the Company's public float (as that term is defined in the policies of the Exchange) as at May 28, 2024, during the 12-month period commencing May 31, 2024 and ending May 30, 2025.
The price which the Company will pay for any such Shares will be the prevailing market price at the time of acquisition. The actual number of Shares which may be purchased pursuant to the NCIB and the timing of any such purchases will be determined by management of the Company and will be facilitated by Independent Trading Group (ITG), Inc. All Share purchases under the NCIB will be made on the open market through the facilities of the Exchange and will be purchased for cancellation. The funding for any purchase pursuant to the NCIB will be financed out of the working capital of the Company.
The Board of Directors believes that, from time to time, the trading price of the common shares does not reflect the value of its business and its future prospects. Accordingly, depending upon future price movements and other factors, the Board believes that its common shares are an attractive investment (and an appropriate use of available corporate funds), and that the NCIB is in the best interests of the Company and represents an opportunity to enhance value for its shareholders.
NexLiving purchased and cancelled a total of 74,650 Shares under the previous normal course issuer bid that expires on May 30, 2024.
A copy of the Company's notice filed with the Exchange may be obtained by any shareholder, without charge, by contacting info@nexliving.ca.
About the Company
The Company continues to execute on its plan to acquire recently built or refurbished, highly leased multi-residential properties in bedroom communities across Canada. The Company aims to deliver exceptional living experiences to our residents and provide comfortable, affordable housing solutions that cater to a wide range of demographics. The properties offer a range of modern and updated suites, with a variety of amenities and features that allow residents to experience a hassle-free and maintenance-free lifestyle. The Company is committed to investing in its properties to ensure that they are modern and up-to-date. For its recently acquired properties in Ontario, the Company has undertaken a targeted value-add capital program to modernize and reposition the large existing suites. The Company currently owns 1,166 units in New Brunswick and Ontario. NexLiving has also developed a robust pipeline of qualified properties for potential acquisition. By screening the properties identified to match the criteria set out by the Company (proximity to healthcare, amenities, services, and recreation), management has assembled a significant pipeline of potential acquisitions for consideration by the Company's Board of Directors.