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Morguard North American Residential REIT Announces Normal Course Issuer Bid
By: PR Newswire
Dec. 19, 2012 11:28 AM
MISSISSAUGA, ON, Dec. 19, 2012 /CNW/ - Morguard North American Residential Real Estate Investment Trust (TSX: MRG.UN) ("Morguard") announced today that the Toronto Stock Exchange has accepted its notice of intention to make a normal course issuer bid through the facilities of the TSX.
The notice provides that Morguard may, during the twelve month period commencing December 21, 2012 and ending December 20, 2013, purchase for cancellation on the Toronto Stock Exchange up to 1,600,000 units ("Units) in total, being approximately 10% of the public float of outstanding Units. The daily repurchase restriction for the Units is 7,777.
The price which Morguard will pay for any such Units will be the market price at the time of acquisition. The actual number of Units which may be purchased and the timing of any such purchases will be subject to compliance with the TSX guidelines.
Morguard has not previously had a normal course issuer bid. As of December 13, 2012 there were 20,982,451 Units of Morguard outstanding with an average daily trading volume for the prior six months of 31,108.
Morguard believes that its Units have been trading in a price range which does not adequately reflect the value of such Units 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 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 purchased by Morguard under the normal course issuer bid will be cancelled.
The REIT is an unincorporated, open-ended real estate investment trust which owns, through a limited partnership, interests in a portfolio of 14 Canadian residential apartment buildings and six U.S. residential walk-up garden communities consisting of 6,376 residential suites that are located in Ontario, Alberta, Louisiana and Florida.
SOURCE Morguard North American Residential Real Estate Investment Trust
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