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09:20:17 EDT Sun 20 Apr 2014
Enter Symbol
or Name
USA
Canada
Morguard North American Residential REIT
Symbol C : MRG.UN
Shares Issued 20,982,451
Close 2012-12-18 C$ 11.25
Recent Sedar Documents

Morguard N.A. to buy back up to 1.6 million units

2012-12-19 11:32 ET - News Release

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 7,777.

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 31,108.

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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