Mr. Rai Sahi reports
MORGUARD NORTH AMERICAN RESIDENTIAL REIT ANNOUNCES NORMAL COURSE ISSUER BID
The Toronto Stock Exchange has accepted Morguard North American
Residential REIT's notice
of intention to make a normal course issuer bid through the facilities
of the TSX.
The notice provides that Morguard may, during the 12-month period
commencing Dec. 21, 2012, and ending Dec. 20, 2013, purchase for
cancellation on the Toronto Stock Exchange up to 1.6 million units
in total, being approximately 10 per cent of the public float of
outstanding units. The daily repurchase restriction for the units is
The price which Morguard will pay for any such units will be the market
price at the time of acquisition. The actual number of units which may
be purchased and the timing of any such purchases will be subject to
compliance with the TSX guidelines.
Morguard has not previously had a normal course issuer bid. As of
Dec. 13, 2012, there were 20,982,451 units of Morguard outstanding
with an average daily trading volume for the prior six months of
Morguard believes that its units have been trading in a price range
which does not adequately reflect the value of such units in relation
to the business of Morguard and its future business prospects. As a
result, depending upon future price movements and other factors,
Morguard believes that its outstanding units 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 Morguard. All units purchased by Morguard under the
normal course issuer bid will be cancelled.
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