Quest Capital Corp. (TSX: QC)(NYSE Amex: QCC) recently announced that, subject to final acceptance by the Toronto Stock Exchange, the Corporation intends to make a normal course issuer bid ("NCIB"), under which the Corporation may make open market purchases of its common shares over the TSX. The Corporation intends to commence the NCIB on or around December 16, 2009 but in any case not sooner than two clear trading days after filing with the TSX of the final form of the notice.
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Under the NCIB, the Corporation may purchase up to 12,132,650 common shares, which represents approximately 10% of the total of the Corporation's public float; Quest has 151,464,334 common shares issued and outstanding as at December 10, 2009 and its public float is approximately 121,326,500. The actual number of shares purchased the timing of the purchases and the prices at which the shares will be purchased will depend upon future market conditions. The Corporation will not purchase in any 30 day period more than 3,029,287 common shares, being 2% of the issued and outstanding common shares at the time of acceptance of the notice by the TSX. The Corporation will cancel shares purchased under the bid. In the previous 12 months, the Corporation has not purchased any of its outstanding common shares.
The Corporation's directors believe that the purchase from time to time of common shares of the Corporation may be a worthwhile investment for the Corporation that should benefit continuing shareholders. The Corporation's directors believe that normal course issuer bid purchases of shares for cancellation may, by reducing the number of outstanding shares, reduce the discount that may exist between the market price of its shares and the Corporation's net asset value per share. Quest also announced today that Stewart Robertson has been appointed to the board of directors. "Mr. Robertson is a real estate entrepreneur with a tremendous amount of experience in real estate management and distressed properties. His insight and experience will be of great value to Quest, particularly as the Company continues monetizing its loan portfolio" said A. Murray Sinclair, Quest Chairman. Quest Capital Corp. is a publicly traded mortgage investment corporation. For more information about Quest, please visit our website.
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