Exchange Income Corporation Announces Normal Course Issuer Bid for Common Shares

WINNIPEG, Dec. 24, 2014 /CNW/ – Exchange Income Corporation (“EIC”) (TSX: EIF) today announced that is has received approval from the Toronto Stock Exchange (“TSX”) with respect to a normal course issuer bid (the “NCIB”) to purchase up to an aggregate of 1,124,568 common shares of EIC (“Common Shares”), representing 5% of the issued and outstanding Common Shares as at December 12, 2014.

Purchases of Common Shares pursuant to the NCIB may be made through the facilities of the TSX commencing on December 30, 2014 and ending on December 29, 2015, or an earlier date in the event that EIC purchases the maximum number of the Common Shares available under the NCIB. EIC will pay the market price at the time of acquisition for any Common Shares purchased through the facilities of the TSX. All Common Shares acquired directly by EIC under the NCIB will be cancelled.

As at December 12, 2015, there were 22,491,377 Common Shares issued and outstanding, of which 20,063,685 Common Shares comprise the public float. The average daily trading volume of the Common Shares for the six month period ended November 30, 2014 was 120,858 Common Shares. 25% of the average daily trading volume of the Common Shares for the six month period ended November 30, 2014 is approximately 30,214 Common Shares.

Under the NCIB, the maximum number of Common Shares that may be purchased by EIC on a daily basis is 30,214 Common Shares, other than block purchase exemptions.

EIC sought approval of the NCIB because it believes that, from time to time, the market price of the Common Shares may not fully reflect the value of the Common Shares. EIC believes that, in such circumstances, the purchase of Common Shares represents an attractive investment for EIC.