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Altus Group Announces Renewal of Normal Course Issuer Bid

TORONTO, Jan. 26, 2024 (GLOBE NEWSWIRE) -- Altus Group Limited (“Altus” or the “Company”) (TSX: AIF), a leading provider of asset and fund intelligence for commercial real estate, announced today that the Toronto Stock Exchange (“TSX”) has approved its notice of intention to renew its normal course issuer bid (“NCIB”) for its common shares as appropriate opportunities arise from time to time. Altus’ NCIB will be made in accordance with the policies of the TSX. Altus may purchase its common shares during the period from February 8, 2024 to February 7, 2025.

Under the NCIB and subject to the market price of its common shares and other considerations, over the next 12 months Altus may purchase for cancellation up to 1,376,034 common shares, representing approximately 3% of its issued and outstanding common shares as at January 24, 2024. There were 45,907,657 common shares outstanding as at January 24, 2024. The average daily trading volume through the facilities of the TSX during the 26-week period ending December 31, 2023 was 83,879 common shares. Daily purchases will be limited to 20,969 common shares, representing 25% of the average daily trading volume, other than block purchase exemptions. Purchases may be made on the open market through the facilities of the TSX and/or alternative Canadian trading systems at the market price at the time of acquisition, as well as by other means as may be permitted by TSX rules and applicable securities laws. Any tendered shares taken up and paid for by Altus will be cancelled. The Company plans to fund the NCIB purchases from its existing cash balance.

Under its previous NCIB which commenced on February 8, 2023 and expires on February 7, 2024, Altus obtained approval from the TSX to purchase up to 1,364,718 common shares. As of January 24, 2024, Altus had purchased an aggregate of 105,400 common shares for cancellation under an NCIB in the past 12 months at a weighted average price of approximately $43.58 per common share. All repurchases under an NCIB within the past 12 months were conducted through the facilities of the TSX and/or alternative Canadian trading systems.

The Company intends to enter into an automatic share purchase plan with a designated broker in relation to the NCIB that would allow for the purchase of its common shares, subject to certain trading parameters, at times when Altus ordinarily would not be active in the market due to its own internal trading black-out period, insider trading rules or otherwise. Any such plan entered into with a broker will be adopted in accordance with applicable Canadian securities law. Outside of these periods, common shares will be repurchased in accordance with management’s discretion and in compliance with applicable law.

The Company is renewing the NCIB because it believes that it provides flexibility around its capital allocation investments, particularly during periods when its common shares may trade in a price range that does not adequately reflect their underlying value based on the Company’s business and strong financial position. As a result, to maximize shareholder value, Altus believes that an investment in its outstanding common shares may represent an attractive use of available funds while continuing to balance other growth investments, including investing in operations and in potential M&A. Decisions regarding the amount and timing of future purchases of common shares will be based on market conditions, share price and other factors and will be at management’s discretion. The Company's Board of Directors will regularly review the NCIB in connection with a balanced capital allocation strategy focused primarily on funding growth.

About Altus Group

Altus Group is a leading provider of asset and fund intelligence for commercial real estate. We deliver intelligence as a service to our global client base through a connected platform of industry-leading technology, advanced analytics, and advisory services. Trusted by the largest CRE leaders, our capabilities help commercial real estate investors, developers, proprietors, lenders, and advisors manage risks and improve performance returns throughout the asset and fund lifecycle. Altus Group is a global company headquartered in Toronto with approximately 3,000 employees across North America, EMEA and Asia Pacific. For more information about Altus (TSX: AIF) please visit

Forward-Looking Information

Certain information in this press release may constitute “forward-looking information” within the meaning of applicable securities legislation, including statements related to the NCIB and intention to enter into an automatic share purchase plan. 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 “believe”, “expect”, “anticipate”, “estimate”, “intend”, “may”, “will”, “would”, “could”, “should”, “continue”, “plan”, “goal”, “objective”, “remain” and other similar expressions and the negative of such expressions, although not all forward-looking information contain these identifying words. All of the forward-looking information in this press release is qualified by this cautionary statement.

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 us 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, industry results or events to be materially different from those expressed or implied by the forward-looking information. Those risks, uncertainties and other factors that could cause actual results to differ materially from the forward-looking information include those described in our annual publicly filed documents, including the Annual Information Form for the year ended December 31, 2022 (which are available on SEDAR at We believe that the expectations reflected in forward-looking information are based upon reasonable assumptions; however, we can give no assurance that actual results will be consistent with the forward-looking information. Not all factors which affect the forward-looking information are known, and actual results may vary from the projected results in a material respect, and may be above or below the forward-looking information presented in a material respect.

Given these risks, uncertainties and other factors, investors should not place undue reliance on forward-looking information as a prediction of actual results. The forward-looking information contained herein is current as of the date of this press release and, except as required under applicable law, we do not undertake to update or revise it to reflect new events or circumstances.


Camilla Bartosiewicz
Chief Communications Officer, Altus Group
(416) 641-9773

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