Dundee Corporation Announces Third Quarter 2020 Financial Results
TORONTO, Nov. 13, 2020 (GLOBE NEWSWIRE) — Dundee Corporation (TSX: DC.A) (the “Corporation” or “Dundee”) today announced its financial results for the three months ended September 30, 2020.During the third quarter of 2020, the Corporation recognized net earnings attributable to owners of Dundee Corporation of $15.9 million, or earnings of $0.14 per share, before the effect of any dilutive securities. This compares with a loss of $28.6 million or $0.30 per share incurred during the same quarter of the prior year.Operating results during the third quarter of 2020 reflect a $23.5 million market appreciation (2019 – loss of $16.1 million) on certain of the Corporation’s investments that are carried in the consolidated financial statements at Fair Value Through Profit or Loss (“FVTPL”).SUBSTANTIAL ISSUER BID FOR SERIES 2 PREFERRED SHARES
On September 9, 2020, the Corporation announced the completion of its substantial issuer bid (the “Offer”) to purchase for cancellation the Corporation’s Cumulative 5-Year Rate Reset First Preference Shares, Series 2 (the “Series 2 Shares”). The Corporation paid an aggregate $38.4 million for the purchase and cancellation of approximately 2 million Series 2 Shares that were validly tendered to the Offer. In addition to the payment of purchase price, the Corporation also paid $0.5 million of accrued dividends on the Series 2 Shares validly tendered. Transaction costs in respect of the Offer were approximately $1.5 million.