MISSISSAUGA, ON, Dec. 14, 2018 /CNW/ - Morguard North
American Residential Real Estate Investment Trust (TSX: MRG.UN)
(the "REIT") 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 REIT may, during the twelve month
period commencing December 21, 2018
and ending December 20, 2019,
purchase for cancellation up to 2,556,288 units ("Units") in total,
being approximately 10% of the public float of outstanding Units.
The daily repurchase restriction for the Units is
6,157. Additionally, the REIT may purchase for cancellation up
to $8,050,000 principal amount of the
4.50% Convertible Unsecured Subordinated Debentures due
March 31, 2023 (TSX:MRG.DB.A)
("Debentures") being 10% of the public float of outstanding
Debentures. The daily repurchase restriction for the
Debentures is $11,525.
The price which the REIT will pay for any such Units and
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
December 20, 2018, the REIT was
approved to purchase up to 2,552,924 Units through the facilities
of the TSX and/or alternative Canadian trading systems. No Units
were purchased for cancellation during the last twelve
months. As of December 7, 2018,
there were 33,720,110 Units of the REIT outstanding with an average
daily trading volume for the prior six months of
24,630. Additionally, as of December 7,
2018 there were $85,500,000
principal amount Debentures of the REIT outstanding with an average
daily trading volume for the prior six months of $46,100.
The REIT believes that, from time to time, its Units and
Debentures trade in a price range which does not adequately reflect
the value of such Units and Debentures in relation to the business
of the REIT and its future business prospects. As a result,
depending upon future price movements and other factors, the REIT
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 REIT. All Units and Debentures
purchased by the REIT under the normal course issuer bid will be
cancelled.
About Morguard North American Residential REIT
Morguard North American Residential REIT is an unincorporated,
open-ended real estate investment REIT which owns, through a
limited partnership, interests in a portfolio of 16 Canadian
residential apartment communities, located in Alberta and Ontario, and 30 U.S. residential apartment
communities located in Colorado,
Texas, Louisiana, Illinois, Georgia, Florida, North
Carolina, Virginia and
Maryland consisting of
approximately 13,000 residential suites.
For more information, please visit Morguard.com.
SOURCE Morguard North American Residential Real Estate
Investment Trust