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Boardwalk REIT announces automatic trust unit purchase plan in connection with normal course issuer bid
Boardwalk REIT announces automatic trust unit purchase plan in connection with normal course issu...
About this update from Boardwalk Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\nJan. 7, 2010 (Canada NewsWire Group) -- CALGARY, Jan. 7 /CNW/ -- Boardwalk Real Estate Investment Trust (\"BEI.UN\" - TSX) - Boardwalk Real Estate Investment Trust (\"Boardwalk REIT\" or the \"Trust\") announced today that it has entered into an automatic trust unit purchase plan with a broker in order to facilitate repurchases of its trust units under its previously announced normal course issuer bid.On August 20, 2009, Boardwalk REIT announced that it had received approval from the Toronto Stock Exchange (TSX) to make a normal course issuer bid to purchase up to a maximum of 3,932,211 trust units representing approximately 10% of the publicly listed float. The normal course issuer bid commenced on August 24, 2009 and will terminate on April 23, 2010, or such earlier date as the Trust may complete repurchases under the bid.Under the Trust's automatic trust unit purchase plan, the Trust's broker may repurchase trust units under the normal course issuer bid at times when the Trust would ordinarily not be permitted to due to self-imposed blackout periods.Boardwalk REIT anticipates renewing the plan from time to time during the course of its normal course issuer bid to enable purchases of its trust units to be made during internal blackout periods. Purchases will be made by the Trust's broker based upon the parameters prescribed by the TSX and applicable Canadian securities laws and the terms of the parties' written agreement. The automatic trust unit purchase plan has been approved by the TSX and will be implemented effective as of December 31, 2009.A total of 1,436,000 trust units were repurchased for cancellation under the Trust's previous normal course issuer bid, which expired on August 19, 2009.Boardwalk believes that the current and recent market prices of its trust units do not reflect their underlying value. Boardwalk's management is initiating this program as it feels that, at current market prices, an investment in Boardwalk's own high quality portfolio will deliver strong returns for unitholders and represents an effective use of its capital and steadily increasing cash flows. At the same time, Boardwalk plans to continue its property acquisition and capital improvement programs. Boardwalk will purchase the trust units for cancellation with the intention of increasing the proportionate interest of all remaining ...