Canadian Net REIT Announces Renewal of Normal Course Issuer Bid
July 09 2024 - 9:00AM
Canadian Net Real Estate Investment Trust (“Canadian Net” or the
“REIT”) (TSX-V: NET.UN) is pleased to announce that it has received
approval from the TSX Venture Exchange (“TSX”) for the annual
renewal of its normal course issuer bid (“NCIB”).
For its current NCIB that expires on July 31,
2024, the Trust previously sought and received approval from the
TSX to repurchase up to 1,026,425 units of Canadian Net (the
“Units”). The Trust did not purchase any Units over the course of
this NCIB.
Under the renewed NCIB, Canadian Net may
purchase for cancellation, through the facilities of TSX Venture
Exchange, other designated exchanges and/or alternative Canadian
trading systems, if in the best interest of the Trust, a maximum of
1,028,053 Units, which represents approximately 5% of the units in
circulation. As of today, the Trust has 20,561,060 Units issued and
outstanding. Over the course of any 30-day period, the Trust will
not purchase more than 411,221 Units in total, which represents 2%
of the Units issued and outstanding at this present date.
All purchases and settlements of said securities
are to be made through the facilities of TSX Venture Exchange,
other designated exchanges and/or alternative Canadian trading
systems in accordance with their rules and regulations. All units
redeemed by the Trust pursuant to the NCIB will be cancelled.
National Bank Financial will be handling the offer on behalf of the
Trust. The price paid by the Trust for the redemption of these
units will be the price of the units at the time of acquisition.
The renewed normal course issuer bid will begin on August 1, 2024
and will expire on July 31, 2025.
The Board of Trustees of Canadian Net believes
that the purchase of units through the NCIB represents a valuable
use of the financial resources of the Trust as these interventions
can protect as well as enhance value for our unitholders when
opportunities arise or in the event of volatility in the unit
price.
About Canadian Net – Canadian
Net Real Estate Investment Trust is an open-ended trust that
acquires and owns high-quality triple net and management-free
commercial real estate properties.
Forward-Looking Statements -
This press release contains forward-looking statements and
information as defined by applicable securities laws. Canadian Net
warns the reader that actual events may differ materially from
current expectations due to known and unknown risks, uncertainties
and other factors that could cause actual results to differ
materially from the results anticipated in such statements. Among
these include the risks related to economic conditions, the risks
associated with the local real estate market, the dependence to the
financial condition of tenants, the uncertainties related to real
estate activities, the changes in interest rates, the availability
of financing in the form of debt or equity, the effects related to
the adoption of new standards, as well as other risks and factors
described from time to time in the documents filed by Canadian Net
with securities regulators, including the management report.
Canadian Net does not intend or undertake to update or modify its
forward-looking statements even if future events occur or for any
other reason, unless required by law or any regulatory
authority.
Neither the TSX Venture Exchange Inc. nor its
Regulation Services Provider (as that term is defined in the Policy
of the TSX Venture Exchange) accepts any responsibility for the
adequacy or accuracy of this release.
For further information please contact Kevin
Henley at (450) 536-5328.