By
The notice provides that Morguard may, during the twelve
month period commencing January
28, 2012 and ending January 27, 2013, purchase for
cancellation on the Toronto Stock Exchange up to 3,116,879
units ("Units) in total, being approximately 10% of the
public float of outstanding Units. The daily repurchase
restriction for the Units is 8,702. Additionally, Morguard
may purchase for cancellation up to $9,178,600 principal
amount of the 6.50% Convertible Unsecured Debentures due
September 30, 2014 (TSX:MRT.DB) ("Debentures"), being 10% of
the public float of outstanding Debentures. The daily
repurchase restriction for the Debentures is $38,230.
The price which Morguard will pay for any such Units or
Debentures will be the market price at the time of
acquisition. The actual number of Units and Debentures which
may be purchased and the timing of any such purchases will be
subject to compliance with the TSX guidelines.
Under the current normal course issuer bid due to expire
January 27, 2012, no Units or
Debentures were purchased for cancellation during the last
twelve months. As of January 19,
2012 there were 57,725,912 Units of Morguard outstanding with
an average daily trading volume for the prior six months of
34,811. Additionally, as of January 19, 2012 there were
$91,786,000 principal amount Debentures of Morguard
outstanding with an average daily trading volume for the
prior six months of $152,920.
Morguard believes that its Units and Debentures have been
trading in a price range which does not adequately reflect
the value of such Units and Debentures in relation to the
business of Morguard and its future business prospects. As a
result, depending upon future price movements and other
factors, Morguard believes that its outstanding Units and
Debentures may represent an attractive investment for itself.
Furthermore, the purchases may benefit all persons who
continue to hold Units by increasing their equity interest in
Morguard. All Units and Debentures purchased by Morguard
under the normal course issuer bid will be cancelled.
Morguard is a closed-end real estate investment trust, which
owns a diversified portfolio of 53 high quality retail,
office and industrial properties in Canada comprising
approximately 8.5 million square feet of leaseable space.
For further information please contact: Tim Walker
Chief Financial Officer
Morguard Real Estate Investment Trust
55 City Centre Drive, Suite 1000
Mississauga, ON L5B 1M3 (905) 281-4800
Web site: www.morguardreit.com
| distribué par | Ce noodl a été diffusé par Morguard Real Estate Investment Trust et initialement mise en ligne sur le site http://www.morguardreit.com/reit.cfm. La version originale est disponible ici. Ce noodl a été distribué par noodls dans son format d'origine et sans modification sur 2012-01-25 20:57:24 PM et restera accessible depuis ce lien permanent. Cette annonce est protégée par les règles du droit d'auteur et toute autre loi applicable, et son propriétaire est seul responsable de sa véracité et de son originalité. |
| Documents associés | |
| Morguard REIT Announces Normal Course Issuer Bid |
