Xceed Mortgage Corporation Announces Normal Course Issuer Bid

    




 TORONTO, March 30, 2012 /CNW/ - Xceed Mortgage Corporation ("Xceed" or "the Company") , 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 29, 2012,  Xceed had 27,292,057 common shares outstanding. The notice provides  that under the normal course issuer bid, Xceed may purchase up to  1,364,602 common shares, representing 5% of the current common shares  issued and outstanding. 

 In addition, the notice provides that the aggregate number of shares  that Xceed may purchase during any trading day will not exceed 2,285  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. 

 The normal course issuer bid will commence on April 4, 2012 and will  terminate on April 3, 2013, or on such earlier date as the company may  complete its purchases under the bid. 

 Under its most recent normal course issuer bid that ended March 20,  2012, the Company had purchased 206,900 shares at an average weighted  purchase price of $0.84. 

 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 $1.0 billion of mortgages and other assets under  administration. Xceed's shares are traded on the Toronto Stock Exchange  . 

Xceed Mortgage Corporation


    

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