Altus Group Announces Commencement of Substantial Issuer Bid

Core Viewpoint - Altus Group Limited has initiated a substantial issuer bid (SIB) to repurchase up to C$350,000,000 of its common shares, believing the current market price does not reflect the company's fundamental value [1][3]. Summary by Sections Issuer Bid Details - The SIB will run from November 26, 2025, to January 8, 2026, unless modified [1]. - Shareholders can participate through a "modified Dutch auction" with three tender options: auction tender, purchase price tender, and proportionate tender [2]. - The price range for the shares is set between C$50.00 and C$57.00, representing a premium of 0.40% to 14.46% over the closing price on November 19, 2025 [4]. Shareholder Participation - Participation in the SIB is optional, allowing shareholders to choose how many shares to tender and at what price [5]. - Jarislowsky Fraser Global Investment Management, owning approximately 13.19% of shares, plans to make a proportionate tender to maintain its ownership [6]. Financial and Market Context - As of November 25, 2025, Altus Group had 3,222,129 shares issued and outstanding [7]. - The SIB will be funded using the company's cash on hand, reflecting its liquidity position [3][13]. Auction Process - The final purchase price will be determined based on valid tenders and will be the lowest price that allows Altus Group to purchase all shares tendered at or below that price [8][10]. - If the total purchase price exceeds the auction tender limit, shares will be purchased on a pro rata basis, with odd lot holders exempt from proration [10]. Documentation and Conditions - The formal offer documents detailing the SIB terms will be filed with Canadian securities authorities and made available on SEDAR+ [11]. - The SIB is not conditional on a minimum number of shares being tendered but is subject to customary conditions for such transactions [12]. Advisory and Management - RBC Capital Markets has been engaged as the financial advisor and dealer manager for the SIB [14]. - The Board has approved the SIB and its parameters, but does not recommend whether shareholders should tender their shares [15].