NOT FOR DISTRIBUTION IN THE U.S. OR OVER U.S.
NEWSWIRES
TORONTO, Dec. 2, 2015 /CNW/ - True North Commercial
Real Estate Investment Trust (TSX: TNT.UN) (the "REIT")
today announced that it has received approval from the Toronto
Stock Exchange ("TSX") to renew its existing normal course
issuer bid (the "NCIB") for a further twelve months. The
period of the NCIB will extend from December
8, 2015 to December 7, 2016,
or an earlier date, should the REIT acquire the maximum amount of
trust units of the REIT ("Units") eligible to be purchased
under the NCIB.
Under the terms of the NCIB, the REIT may purchase up to
1,377,146 Units (representing approximately 10% of the REIT's float
of 13,771,465 Units (which excludes Units held by insiders)) for
cancellation. The REIT had 17,181,028 Units issued and outstanding
as of November 27, 2015. For the past
six months, the average daily trading volume of REIT Units was
14,511 Units. A maximum of 3,627 Units (being 25% of the average
daily volume) may be purchased by the REIT on any one day under the
NCIB, except where purchases are made in accordance with the "block
purchase" exemption under applicable TSX policies. Purchases
pursuant to the NCIB will be made through the facilities of the
TSX. The REIT will pay the market price at the time of acquisition
of any Unit purchased through the facilities of the TSX and all
Units acquired by the REIT under this NCIB will be cancelled.
During the past twelve months, the REIT acquired 90,600 Units, with
a weighted average price of $5.98
paid per Unit, under the NCIB.
The REIT is renewing the NCIB because it believes the current
market price of the Units do not reflect their underlying value,
and that Units may become available during the period of the NCIB
at prices that would make the purchase of such Units for
cancellation in the best interests of the REIT and its
unitholders.
From time to time, when the REIT does not possess material
non-public information about itself or its securities, it may, in
accordance with the requirements of applicable securities laws and
the TSX, enter into a pre-defined plan with its broker to allow for
the purchase of Units at times when it ordinarily would not be
active in the market due to internal trading blackout periods. Any
such plan would be subject to the approval of the TSX.
Forward-looking Information
Certain statements contained in this press release constitute
forward-looking information within the meaning of Canadian
securities laws. Forward-looking information is provided for the
purposes of presenting information about management's current
expectations and plans relating to the future and readers are
cautioned that such information may not be appropriate for other
purposes. Forward-looking information may relate to the REIT's
future outlook and anticipated events, including the number of
Units that may be purchased under the NCIB, and may include
statements regarding the financial position, business strategy,
budgets, litigation, projected costs, capital expenditures,
financial results, taxes and plans and objectives of or involving
the REIT. Particularly, statements regarding future results,
performance, achievements, prospects or opportunities for the REIT
or the real estate industry are forward-looking information. In
some cases, forward-looking information can be identified by terms
such as "may", "might", "will", "could", "should", "would",
"occur", "expect", "plan", "anticipate", "believe", "intend",
"seek", "aim", "estimate", "target", "project", "predict",
"forecast", "potential", "continue", "likely", "schedule", or the
negative thereof or other similar expressions concerning matters
that are not historical facts.
Forward-looking information necessarily involves known and
unknown risks and uncertainties, which may be general or specific,
and which give rise to the possibility that expectations,
forecasts, predictions, projections or conclusions will not prove
to be accurate, that assumptions may not be correct and that
objectives, strategic goals and priorities will not be achieved. A
variety of factors, many of which are beyond the REIT's control,
affect the operations, performance and results of the REIT and its
business, and could cause actual results to differ materially from
current expectations of estimated or anticipated events or results.
These factors include, but are not limited to, the market price of
the Units being too high to ensure that purchases benefit the REIT
and its unitholders, and the risks discussed in the REIT's
materials filed with Canadian securities regulatory authorities
from time to time on www.sedar.com. The reader is cautioned to
consider these and other factors, uncertainties and potential
events carefully and not to put undue reliance on forward-looking
information as there can be no assurance that actual results will
be consistent with such forward-looking information.
Forward-looking information is based upon certain material
assumptions that were applied in drawing a conclusion or making a
forecast or projection, including management's perceptions of
historical trends, current conditions and expected future
developments, as well as other considerations that are believed to
be appropriate in the circumstances, including the following: that
the Units will from time to time trade below their intrinsic value;
that the Canadian economy will remain stable over the next 12
months; that inflation will remain relatively low; that interest
rates will remain stable; that conditions within the real estate
market, including competition for acquisitions, will be consistent
with the current climate; that the Canadian capital markets will
continue to provide the REIT with access to equity and/or debt at
reasonable rates when required; and that Starlight Investments Ltd.
will continue its involvement as asset manager of the REIT in
accordance with its current asset management agreement. While
management considers these assumptions to be reasonable based on
currently available information, they may prove to be
incorrect.
The forward-looking information in this press release is dated,
and relates only to events or information, as of the date of this
press release. Except as specifically required by law, the REIT
undertakes no obligation to update or revise publicly any
forward-looking information, whether as a result of new
information, future events or otherwise, after the date on which
the statements are made or to reflect the occurrence of
unanticipated events.
About the REIT
The REIT is an unincorporated, open-ended real estate investment
trust established under the laws of the Province of Ontario. The REIT currently owns and operates
a portfolio of 25 commercial properties consisting of approximately
1.4 million square feet in secondary markets across Canada.
The REIT is focused on growing its portfolio principally through
acquisitions across Canada and
such other jurisdictions where opportunities exist. Additional
information concerning the REIT is available at www.sedar.com or
the REIT's website at www.truenorthreit.com.
SOURCE True North Commercial Real Estate Investment Trust