Altus Group Announces Closing of C$173 Million Bought Deal Financing Including Full Exercise of Over-Allotment Option
04 October 2021 - 11:30PM
Altus Group Limited (“Altus Group” or the “Company”) (TSX: AIF), a
leading provider of software, data solutions and independent
advisory services to the global commercial real estate industry, is
pleased to announce that it has closed its previously announced
bought deal financing (the “Offering”). A total of 2,783,000 common
shares (the “Common Shares”) were sold pursuant to the Offering at
a price of $62.00 per Common Share (the “Offering Price”) for
aggregate gross proceeds to Altus Group of $172,546,000, including
the full exercise of the underwriters’ over-allotment option to
purchase an additional 363,000 Common Shares at the Offering Price.
The Company intends to use the net proceeds of the Offering to fund
the Company’s growth initiatives and for working capital and other
general corporate purposes.
The Offering was led by TD Securities Inc. and
BMO Capital Markets as the joint bookrunners, together with a
syndicate of underwriters consisting of National Bank Financial
Inc., RBC Dominion Securities Inc., Scotia Capital Inc., Canaccord
Genuity Corp., CIBC World Markets Inc., Cormark Securities Inc.,
HSBC Securities (Canada) Inc. and Stifel Nicolaus Canada Inc.
The Common Shares were offered pursuant to a
short form prospectus dated September 27, 2021, filed in each of
the Provinces and Territories of Canada and were offered for
sale in the United States to Qualified Institutional Buyers (as
defined in Rule 144A under the United States Securities Act of
1933, as amended (the "1933 Act") by way of private placement
pursuant to an exemption from the registration requirements of the
1933 Act. A copy of the prospectus is available under the Company's
profile on SEDAR at www.sedar.com.
The securities offered have not been and will
not be registered under the 1933 Act, as amended, or applicable
state securities laws, and may not be offered or sold in the United
States absent registration or an applicable exemption from the
registration requirements. This news release shall not constitute
an offer to sell or the solicitation of an offer to buy any
securities in any jurisdiction.
About Altus Group
Altus Group Limited is a leading provider of
software, data solutions and independent advisory services to the
global commercial real estate industry. Our businesses, Altus
Analytics and Altus Commercial Real Estate Consulting, reflect
decades of experience, a range of expertise, and technology-enabled
capabilities. Our solutions empower clients to analyze, gain
insight and recognize value on their real estate investments.
Headquartered in Canada, we have approximately 2,600 employees
around the world, with operations in North America, Europe and Asia
Pacific. Our clients include many of the world’s largest commercial
real estate industry participants. Altus Group pays a quarterly
dividend of $0.15 per share and our shares are traded on the
Toronto Stock Exchange under the symbol AIF.
For more information, please visit
www.altusgroup.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
Camilla BartosiewiczVice President, Investor
Relations(416) 641 – 9773camilla.bartosiewicz@altusgroup.com
Forward-Looking Information
Certain information in this press release may
constitute “forward-looking information” within the meaning of
applicable securities legislation. All information contained in
this press release, other than statements of current and historical
fact, is forward-looking information. Generally, forward-looking
information can be identified by use of words such as “may”,
“will”, “expect”, “believe”, “plan”, “would”, “could” and other
similar terminology. All of the forward-looking information in this
press release is qualified by this cautionary statement.
Forward-looking information includes, but is not
limited to, information that relates to Altus Group’s objectives,
growth initiatives, strategies and intentions, and future financial
and operating performance and prospects, including expectations as
to the use of proceeds from the Offering. Forward-looking
information is not, and cannot be, a guarantee of future results or
events. Forward-looking information is based on, among other
things, opinions, assumptions, estimates and analyses that, while
considered reasonable by Altus Group at the date the
forward-looking information is provided, inherently are subject to
significant risks, uncertainties, contingencies and other factors
that may cause actual results, performance or achievements to be
materially different from those expressed or implied by the
forward-looking information. The material factors or assumptions
that Altus Group identified and applied in drawing conclusions or
making forecasts or projections set out in the forward-looking
information include, but are not limited to: the successful
execution of its business strategies and growth initiatives;
consistent and stable economic conditions or conditions in the
financial markets; consistent and stable legislation in the various
countries in which Altus Group operates; no disruptive changes in
the technology environment; the opportunity to acquire accretive
businesses; the successful integration of businesses; and the
continued availability of qualified professionals. The risks,
uncertainties, contingencies and other factors that could cause
actual results to differ materially from the forward-looking
information include, but are not limited to: the general state of
the economy; the continuing impacts of the COVID-19 pandemic;
competition in the industry; ability to attract and retain
professionals; integration of acquisitions; dependence on oil and
gas sector; dependence on Canadian multi-residential market;
customer concentration; currency risk; interest rate risk; reliance
on larger software transactions with longer and less predictable
sales cycles; success of new product introductions; ability to
respond to technological change and develop products on a timely
basis; ability to maintain profitability and manage growth; revenue
and cash flow volatility; credit risk; protection of intellectual
property or defending against claims of intellectual property
rights of others; weather; fixed-price and contingency engagements;
operating risks; performance of obligations/maintenance of client
satisfaction; appraisal mandates; legislative and regulatory
changes; the risk of future legal proceedings; insurance limits;
income tax matters; ability to meet solvency requirements to pay
dividends; leverage and restrictive covenants; unpredictability and
volatility of Common Share price; capital investment; and the
issuance of additional Common Shares diluting existing
shareholders’ interests, as well as those described in Altus
Group’s publicly filed documents, including the most recent annual
information form dated March 30, 2021, which are available on SEDAR
at www.sedar.com. These risks, uncertainties, contingencies or
other factors should be considered carefully and readers of this
press release should not place undue reliance on forward-looking
information. Should one or more risk, uncertainty, contingency or
other factor materialize or should any factor or assumption prove
incorrect, actual results could vary materially from those
expressed or implied in the forward-looking information. The
information in this press release, including such forward-looking
information, is made as of the date of this press release and Altus
Group does not assume any obligation to update or revise any
forward-looking information after the date of this press release or
to explain any material difference between subsequent actual events
and any forward-looking information, except as required by
applicable law. Additionally, Altus Group undertakes no obligation
to comment on analyses, expectations or statements made by third
parties in respect of Altus Group, its financial or operating
results, or its securities.
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