Partners Value Investments LP Announces Normal Course Issuer Bids

TORONTO, Sept. 24, 2020 (GLOBE NEWSWIRE) -- Partners Value Investments LP (the “Partnership”) (TSX VENTURE: PVF) announced today that it received approval from the TSX Venture Exchange (the “Exchange”) for the renewal of its normal course issuer bid (the “Equity Bid”) to purchase up to 3,669,481 of its non‐voting equity limited partnership units (the “Equity LP Units”), representing approximately 5% of its currently outstanding Equity LP Units. The Partnership also received approval of a new normal course issuer bid (the “Preferred Bid”) (collectively, the “Bids”) to purchase up to 999,828 of its non‐voting Class A Preferred limited partnership units, Series 1 (the “Preferred LP Units”), representing approximately 5% of its currently outstanding Preferred LP Units. The period of the Bids will be effective from October 1, 2020 to September 30, 2021, or such earlier date that the Partnership completes its purchases.

Purchases by the Partnership pursuant to the Bids will be made by its broker, RBC Capital Markets, through the facilities of the Exchange, other designated exchanges and alternative trading systems in Canada. The price which the Partnership will pay for any Equity LP Units and Preferred LP Units purchased will be the market price of the Equity LP Units and Preferred LP Units at the time of acquisition. Any Equity LP Units and/or Preferred LP Units acquired through the Bids will be cancelled. As of September 18, 2020, there were 73,389,631 Equity LP Units outstanding and 19,996,565 Preferred LP Units outstanding.

Of the 3,673,741 Equity LP units approved for purchase under the Partnership’s prior normal course issuer bid that commenced on October 1, 2019 and expiring on September 30, 2020, the Partnership purchased 96,900 Equity LP Units through the facilities of the TSX Venture Exchange.

The Partnership believes that, from time to time, the market price of the securities may not adequately reflect their value. In such circumstances, the Partnership believes that its outstanding securities may represent an appropriate and desirable use of its available funds.

In connection with the Bids, the Partnership will enter into an automatic purchase plan with its designated broker on or about September 30, 2020. The automatic purchase plan will allow for the purchase of Equity LP Units and Preferred LP Units when the Partnership would not ordinarily be active in the market due to its own internal trading blackout periods, insider trading rules or otherwise. Outside of these periods, Equity LP Units and Preferred LP Units will be repurchased in accordance with management’s discretion and in compliance with applicable law.