This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Morguard REIT Announces Normal Course Issuer Bid

MISSISSAUGA, ON, Jan. 23, 2013 /CNW/ - Morguard Real Estate Investment Trust (TSX: MRT.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 January 28, 2013 and ending January 27, 2014, purchase for cancellation on the Toronto Stock Exchange up to 3,591,277 units ("Units) in total, being approximately 10% of the public float of outstanding Units.  The daily repurchase restriction for the Units is 13,840.  Additionally, Morguard may purchase for cancellation up to $10,000,000 principal amount of the 4.85% Convertible Unsecured Debentures due October 31, 2017 (TSX:MRT.DB.A) ("Debentures"), being 10% of the public float of outstanding Debentures.  The daily repurchase restriction for the Debentures is $107,575.

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, 2013, no Units or Debentures were purchased for cancellation during the last twelve months.  As of January 18, 2013 there were 64,089,459 Units of Morguard outstanding with an average daily trading volume for the prior six months of 55,360.  Additionally, as of January 18, 2013 there were $150,000,000 principal amount Debentures of Morguard outstanding with an average daily trading volume for the prior six months of $430,300.

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.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs