Brookfield Canada Office Properties Renews Normal Course Issuer Bid
November 05 2012 - 1:30PM
Marketwired
Brookfield Canada Office Properties ("
BOX")
(TSX: BOX.UN) (NYSE: BOXC) announced today that the Toronto Stock
Exchange ("TSX") accepted a notice filed by BOX of its intention to
renew its prior normal course issuer bid for a further one-year
period. At times its trust units trade in price ranges that do not
fully reflect their value. As a result, from time to time,
acquiring trust units represents an attractive and a desirable use
of available funds.
The notice provides that BOX may, during the twelve month period
commencing November 7, 2012 and ending November 6, 2013, purchase
on the TSX and/or the New York Stock Exchange ("NYSE") up to
1,306,448 trust units, representing approximately 5% of its issued
and outstanding trust units. At October 25, 2012 there were
26,128,963 trust units and 67,088,022 Class B LP units
(exchangeable on a one-for-one basis for trust units) issued and
outstanding. Under the normal course issuer bid, BOX may purchase
up to 7,428 trust units on the TSX during any trading day, which
represents 25% of the average daily trading volume of 29,713 on the
TSX for the most recently completed six calendar months prior to
the TSX's acceptance of the notice of the normal course issuer bid.
This limitation does not apply to purchases made pursuant to block
purchase exemptions and purchases made on another exchange.
The price to be paid for the trust units under the normal course
issuer bid will be the market price at the time of purchase. The
actual number of trust units to be purchased and the timing of such
purchases will be determined by BOX, and all purchases of trust
units will be effected through the facilities of the TSX and/or the
NYSE. All trust units purchased by BOX under this bid will be
promptly cancelled.
BOX did not acquire any trust units under its prior normal
course issuer bid which commenced on November 5, 2011 and ends on
November 4, 2012.
About Brookfield Canada Office Properties
Brookfield Canada Office Properties is Canada's preeminent Real
Estate Investment Trust (REIT). Its portfolio is comprised of
interests in 28 premier office properties totaling 20.7 million
square feet in the downtown cores of Toronto, Calgary, Ottawa and
Vancouver. Landmark assets include Brookfield Place in Toronto and
Bankers Hall in Calgary. For more information, visit
www.brookfieldcanadareit.com.
Contact: Matthew Cherry Director, Investor Relations and
Communications 416.359.8593 Email Contact
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