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Xceed Mortgage Corporation Announces Normal Course Issuer Bid

^{Published on 2011-03-17 15:05:45 - Market Wire}
 

TORONTO, March 17 /CNW/ - Xceed Mortgage Corporation (TSX: XMC), a Canadian provider of insured mortgages today announced that the Toronto Stock Exchange (TSX) has accepted a notice filed by Xceed of its intention to make a normal course issuer bid. As of March 17, 2011, Xceed has 27,498,957 common shares outstanding. The notice provides that under the normal course issuer bid, Xceed may purchase up to 226,000 common shares, being less than 1% of the issued and outstanding shares. In addition, the notice provides that the aggregate number of shares that Xceed may purchase during any trading day will not exceed 2,178 shares, being 25% of the average daily trading volume of the shares based on their trading volume on the TSX for the most recently completed six calendar months preceding the date of the notice of intention. The company also is able to make block purchases through the facilities of the TSX in accordance with the exchange's rules. Xceed has not purchased any of its shares during the past 12-month period. The normal course issuer bid will commence on March 21, 2011 and will terminate on March 20, 2012, or on such earlier date as the company may complete its purchases under the bid.

The common shares will be acquired through the facilities of the TSX and the purchase and payment for the shares will be made in accordance with the requirements of the exchange and all other applicable laws. The price paid for any common shares acquired will be the market price of the shares at the time of acquisition. All shares acquired under this bid will be cancelled. Xceed believes that the current trading price of its common shares is well below the book value of Xceed's assets and that the common shares are undervalued. As a result, depending upon future price movements and other factors, Xceed believes that its outstanding common shares represent an attractive investment.

About Xceed
Xceed Mortgage Corporation, based in Toronto, is a Canadian provider of insured residential mortgages that it originates in Canada. The Company has approximately $1.5 billion of mortgages and other assets under administration. Xceed's shares are traded on the Toronto Stock Exchange (TSX: XMC).

To find out more about Xceed Mortgage Corporation, visit our website at [ www.xceedmortgage.com ].