TORONTO, April 24, 2026 (GLOBE NEWSWIRE) — Altus Group Limited (“Altus Group”) (TSX: AIF), a leading provider of commercial real estate (“CRE”) intelligence, today announced that it has taken up and paid for 3,846,153 of its common shares (“Shares”) at a price of C$52.00 per Share (the “Purchase Price”) under Altus Group’s substantial issuer bid (the “SIB”) to repurchase for cancellation a number of its Shares for an aggregate purchase price not to exceed C$200 million.
The Shares purchased under the SIB represent an aggregate purchase price of approximately C$200 million and approximately 9.69% of the total number of Altus Group’s issued and outstanding Shares (net of escrowed Shares and on a non-diluted basis) as of April 21, 2026. After giving effect to the SIB, Altus Group will have approximately 35,836,266 Shares issued and outstanding (net of 187,809 escrowed Shares).
Based on the final calculation by TSX Trust Company, acting as depositary for the SIB (the “Depositary”), a total of 4,435,568 Shares were validly tendered and not withdrawn. A total of 3,843,635 Shares were taken up and purchased pursuant to auction tenders at the Purchase Price and purchase price tenders. Since the SIB was oversubscribed, shareholders who made auction tenders at or below the Purchase Price and shareholders who made, or were deemed to have made, purchase price tenders had approximately 87.13% of their successfully tendered Shares purchased by Altus Group (other than “odd lot” tenders, which were not subject to proration). 2,518 Shares were taken up and purchased pursuant to proportionate tenders.
Payment and settlement of the purchased Shares will be effected by the Depositary on or about April 29, 2026 in accordance with the SIB and applicable law. Any Shares not purchased, including Shares invalidly tendered, will be returned to shareholders promptly by the Depositary.
The full details of the SIB are described in the offer to purchase and issuer bid circular dated March 16, 2026, as well as the related letter of transmittal and notice of guaranteed delivery, copies of which were filed and are available under our profile on SEDAR+ at www.sedarplus.ca.
To assist shareholders in determining the tax consequences of the SIB, Altus Group estimates that for the purposes of the Income Tax Act (Canada), the paid-up capital per Share is approximately C$18.57. Given that the Purchase Price exceeds the paid-up capital per Share, shareholders who have sold Shares to Altus Group under the SIB will be deemed to have received a taxable dividend as a result of such sale for Canadian federal income tax purposes equal to the amount by which the Purchase Price exceeds the paid-up capital per Share. The dividend deemed to have been paid by Altus Group to Canadian resident persons is designated as an “eligible dividend” for purposes of the Income Tax Act (Canada) and any corresponding provincial and territorial tax legislation.
The “specified amount” for purposes of subsection 191(4) of the Income Tax Act (Canada) is C$49.68, being the closing trading price for the Shares on the TSX on April 21, 2026.
Shareholders should consult with their own tax and other advisors with respect to the income tax consequences of the disposition of their Shares under the SIB.
Following the completion of the SIB, Altus Group expects to resume purchases of Shares shortly pursuant to the normal course issuer bid for its Shares (the “2026 NCIB”), and intends to continue purchasing Shares thereunder until the expiry of the 2026 NCIB on February 24, 2027 or such earlier date on which Altus Group has purchased the maximum number of Shares permitted under the 2026 NCIB.
This press release is for informational purposes only and does not constitute an offer to buy or the solicitation of an offer to sell Shares.
Forward-Looking Information
Certain information in this press release may constitute “forward-looking information” within the meaning of applicable securities legislation. All information contained in this press release, other than statements of current and historical fact, is forward-looking information, including statements regarding the terms of the SIB (including the timing of payment and settlement for Shares purchased under the SIB), the number of Shares issued and outstanding after giving effect to the SIB, the paid-up capital per Share, Altus Group’s intentions in respect of the 2026 NCIB, and other statements that are not historical facts (collectively, “forward-looking information”). Generally, forward-looking information can be identified by use of words such as “may”, “will”, “expect”, “believe”, “anticipate”, “estimate”, “intend”, “plan”, “would”, “could”, “should”, “continue”, “goal”, “objective”, “remain” and other similar terminology.
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 not be known and 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.
Inherent in the forward-looking information are known and unknown risks, uncertainties and other factors that could cause our actual results, performance or achievements, or industry results, to differ materially from any results, performance or achievements expressed or implied by such forward-looking information. Those risks include, but are not limited to: the CRE market conditions; the general state of the economy; our financial performance; our financial targets; our international operations; acquisitions, divestitures, joint ventures and strategic investments; business interruption events; third party information and data; cybersecurity; industry competition; technological strategy; our subscription renewals; our sales pipeline; professional talent; client concentration and loss of material clients; product enhancements and new product introductions; our use of technology; intellectual property; compliance with laws and regulations; privacy and data protection; artificial intelligence; our leverage and financial covenants; interest rates; inflation; our brand, reputation and social media risk; our ARGUS Intelligence transition; share repurchase programs; fixed price engagements; currency fluctuations; credit; tax matters; financial reporting standards; our contractual obligations; legal proceedings; regulatory review; our insurance limits; our internal and disclosure controls; our dividend payments; our Share price; market liquidity and volatility; execution risks associated with any capital return programs (including any normal course issuer bid or the SIB), such as the availability of Shares for purchase, unanticipated tax consequences, the level of shareholder participation in any substantial issuer bid, the timing, pricing, suspension or termination of any program, and our ability to fund repurchases while maintaining our targeted leverage and compliance with financial covenants; our capital investments; the issuance of additional Shares and debt; shareholder activism; health and safety hazards; environmental, social and governance (ESG) matters and climate change; and communications regulation, as well as those described in our annual publicly filed documents, including the Annual Information Form for the year ended December 31, 2025 (which are available on SEDAR+ at www.sedarplus.ca).
Investors should not place undue reliance on forward-looking information as a prediction of actual results. The forward-looking information reflects management’s current expectations and beliefs regarding future events and operating performance and is based on information currently available to management. Although we have attempted to identify important factors that could cause actual results to differ materially from the forward-looking information contained herein, there are other factors that could cause results not to be as anticipated, estimated or intended. 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. Additionally, we undertake no obligation to comment on analyses, expectations or statements made by third parties in respect of Altus Group, our financial or operating results, or our securities.
About Altus Group
Altus Group is a leading provider of CRE intelligence, anchored by ARGUS – the industry’s go-to software for valuation and performance analytics. For more than two decades, Altus Group has played a vital role in empowering CRE professionals with the analytics and trusted advice they need to make high-impact decisions with confidence. The world’s CRE leaders rely on our market-leading solutions and expertise to drive performance and manage risk. Our people around the world are driving meaningful impact in an industry undergoing unprecedented change – helping shape the cities where we live, work, and build thriving communities.
For more information about Altus Group (TSX: AIF) please visit www.altusgroup.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
Camilla Bartosiewicz
Chief Communications Officer, Altus Group
(416) 641-9773
camilla.bartosiewicz@altusgroup.com
Martin Miasko
Sr. Director, Investor Relations and Strategy, Altus Group
(416) 204-5136
martin.miasko@altusgroup.com
