MISSISSAUGA, ON, Feb. 7, 2024
/CNW/ - Morguard Real Estate Investment Trust (TSX: MRT.UN)
("Trust") 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 and/or alternative Canadian
trading systems.
The notice provides that the Trust may, during the twelve month
period commencing February 9, 2024
and ending February 8, 2025, purchase
for cancellation up to 3,213,395 units ("Units) in total, being
approximately 5% of the outstanding Units. The daily repurchase
restriction for the Units is 4,222. Additionally, the Trust may,
during the twelve month period commencing February 9, 2024 and ending February 8, 2025, purchase for cancellation up to
$9,308,000 principal amount of the
5.25% Convertible Unsecured Subordinated Debentures due
December 31, 2026 (TSX:MRT.DB.A)
("Debentures"), being 10% of the public float of outstanding
Debentures. The daily repurchase restriction for the Debentures is
$12,392.
The price which the Trust 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 its current normal course issuer bid due to expire
February 8, 2024, the Trust was
approved to purchase up to 3,211,342 Units and $9,800,000 principal amount of Debentures. No
Units were purchased for cancellation and no Debentures were
purchased for cancellation during the last twelve months. As of
January 31, 2024, there were
64,267,901 Units of the Trust outstanding with an average daily
trading volume for the prior six months of 16,890. Additionally, as
of January 31, 2024 there were
$159,000,000 principal amount
Debentures of the Trust outstanding with an average daily trading
volume for the prior six months of $49,571.
The Trust believes that its Units and Debentures, at times,
trade in a price range which does not adequately reflect the value
of such Units and Debentures in relation to the business of the
Trust and its future business prospects. As a result, depending
upon future price movements and other factors, the Trust 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 the Trust. All Units and Debentures purchased by
the Trust under the normal course issuer bid will be cancelled.
About Morguard Real Estate
Investment Trust
The Trust is a closed-end real estate investment trust, which
owns a diversified portfolio of 46 high quality retail, office and
industrial income producing properties in Canada consisting of approximately 8.2 million
square feet of leasable space.
For more information, please visit Morguard.com.
SOURCE Morguard Real Estate Investment Trust