Queen's Road Capital Announces Continuation of the NCIB

Executive Summary

• The Board approved a 12‑month extension of Queen's Road Capital Investment Ltd.’s normal course issuer bid (“2025 NCIB”), authorizing the purchase of up to 1,760,000 common shares (≈3.45% of outstanding shares).
• The NCIB period runs from November 24 2025 through November 23 2026, with daily and weekly purchasing limits set by TSX rules.
• No guarantee that any purchases will be made; execution depends on market conditions and regulatory compliance.

Key Details

• Authorized Shares: Up to 1,760,000 common shares (≈3.45% of the 51,045,547 issued & outstanding shares as of Nov 13 2025).
• Purchase Window: Commences Nov 24 2025; ends Nov 23 2026 (or earlier if the share limit is reached or the program is terminated).
• Pricing & Execution: Purchases will be made via TSX and alternative trading systems in Canada, subject to market‑acceptable pricing and TSX regulatory limits.
• Daily Purchase Cap: Maximum of 3,089 shares per day (25% of the average daily volume of 12,356 shares for May 1 – Oct 31 2025). One block purchase exceeding this cap is permitted per calendar week.
• Historical Context: The prior 2024 NCIB resulted in the purchase of 257,756 shares for approximately C$1.8 million at a VWAP of C$7.05 per share; that program also authorized up to 1,760,000 shares.
• Share Consolidation Note: All share counts and prices reflect a post‑consolidation ratio of one share for every ten pre‑consolidated shares effective Jan 15 2025.

Notable Quotes

(No direct quotes were provided in the release.)