New Stock Arbitrage — Exchange Income Corporation
Exchange Income Corporation is a diversified acquisition-oriented company, focused in two sectors: aerospace & aviation services and equipment, and manufacturing. The Corporation uses a disciplined acquisition strategy to identify already profitable, well-established companies that have strong management teams, generate steady cash flow, operate in niche markets and have opportunities for organic growth.
Exchange Income Corporation announced last week that it has entered into an agreement to sell, on a bought deal basis, 1,860,000 common shares from treasury to a syndicate of underwriters co-led by CIBC Capital Markets, National Bank Financial Inc. and Laurentian Bank Securities Inc. The Shares will be offered at a price of $37.65 per Share, for gross proceeds to the Corporation of approximately $70 million. The net proceeds of the sale of the Shares will be used to fund two acquisitions, and for general corporate purposes. Closing of the Offering is expected to occur on or about October 29, 2019.