Timbercreek Financial Corp. announces normal course issuer bid
Timbercreek Financial Corp. has secured TSX approval to buy back up to 8,187,306 common shares, or 10% of its public float, under a normal course issuer bid starting June 12, 2026. The company views the repurchase as a means to enhance shareholder value, citing that the market price may not reflect underlying value. National Bank Financial will manage the bid, which allows for daily purchases capped at 53,687 shares.
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Timbercreek Financial Corp. has received approval from the Toronto Stock Exchange (TSX) to commence a normal course issuer bid (NCIB) to repurchase its common shares. The company believes the market price of its shares may not accurately reflect their underlying value, making the repurchase an attractive use of available funds. The NCIB is expected to benefit remaining shareholders by increasing their equity interest in the company's assets.
The bid will commence on June 12, 2026, and terminate on the earlier of June 11, 2027, or the date the maximum number of shares permitted under the NCIB are purchased. Under the NCIB, the company may purchase up to 8,187,306 shares over a 12-month period, representing 10% of the public float as of May 29, 2026. Purchases will be made through the facilities of the TSX or alternative Canadian trading platforms at the prevailing market price.
Subject to exemptions for block purchases, the maximum number of shares the company may acquire on any single trading day is 53,687 shares. This limit represents 25% of the average daily trading volume (ADTV) of 214,749 shares for the six calendar months prior to the start of the NCIB. As of May 29, 2026, there were 82,753,216 shares issued and outstanding.
NCIB Details
| Parameter | Details |
|---|---|
| Commencement Date | June 12, 2026 |
| Termination Date | June 11, 2027 (or earlier) |
| Maximum Repurchase | 8,187,306 shares (10% of public float) |
| Daily Purchase Limit | 53,687 shares (25% of ADTV) |
| Issued and Outstanding Shares | 82,753,216 (as of May 29, 2026) |
During the previous NCIB, which commenced on June 12, 2025, and terminated on June 11, 2026, the company was authorized to purchase up to 8,191,740 shares but purchased zero shares on the open market. National Bank Financial will conduct the bid on behalf of Timbercreek Financial Corp. The company may discontinue purchases at any time, subject to compliance with applicable regulatory requirements.
What specific factors led to the zero share repurchases during the previous NCIB, and how has the company's strategy changed to ensure execution this time?
How will the capital allocation for this share repurchase program impact Timbercreek Financial's ability to originate new loans or maintain dividend payouts?
What metrics or valuation thresholds will management use to determine the optimal timing for executing these buybacks?
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