Stock Symbol: (MRC:TSX)
MISSISSAUGA, ON, Sept. 18, 2013 /CNW/ - Morguard Corporation ("Morguard") announced today that the Toronto Stock Exchange (the "TSX") has accepted a notice filed by Morguard of its 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 September 22 nd, 2013 and ending September 21 st, 2014 purchase up to 632,808 common shares ("Common Shares") in total, being approximately 5% of the issued and outstanding Common Shares. The daily repurchase restriction for the Common Shares is 1,127. Common Shares purchased under the normal course issuer bid will be cancelled. The price that Morguard will pay for any such Common Shares will be the market price at the time of acquisition. Management of Morguard will determine the actual number of Common Shares that may be purchased and the timing of any such purchases, subject to compliance with TSX guidelines.
Morguard purchased 131,900 Common Shares for cancellation during the last twelve months at an average cost per share of $110.16. As of September 12, 2013 there were 12,656,152 Common Shares outstanding. Morguard's average daily trading volume for the prior six months is 4,508.Morguard believes that its Common Shares have been trading in price ranges which do not adequately reflect their value 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 Common Shares may represent an attractive investment. Furthermore, the purchases are expected to benefit all persons who continue to hold Common Shares by increasing their proportionate interest in Morguard. Morguard Corporation is a major Canadian real estate and property management company. It has extensive retail, office, industrial and residential holdings owned directly and through its investment in Morguard REIT and Morguard North American Residential REIT. Morguard also provides management services to institutional and other investors.