Stock Symbol: (MRC:TSX)
MISSISSAUGA, ON, Sept. 19, 2012 /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
22nd, 2012 and ending September 21st, 2013 purchase up to
640,225 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
1,000. 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 163,718 Common Shares for
cancellation during the last twelve months at an average cost per
share of $86.58. As of
September 14, 2012 there were
12,804,497 Common Shares outstanding. Morguard's average
daily trading volume for the prior six months is 2,137.
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 provides management
services to institutional and other investors for commercial and
residential real estate through Morguard Investments Limited and
Morguard Residential.
SOURCE Morguard Corporation