Business
TSX Accepts Renewal of Normal Course Issuer Bid
CALGARY , June 30, 2014 /CNW/ - Boardwalk Real Estate Investment Trust ("Boardwalk") i...
About this update from Boardwalk Real Estate Investment Trust
[{"type":"text","content":"\n\n\nCALGARY, June 30, 2014 /CNW/ - Boardwalk Real Estate Investment Trust (\"Boardwalk\") is pleased to announce that The Toronto Stock Exchange\n has accepted its notice of intention to renew its normal course issuer\n bid (the \"Bid\").\n\n\nBoardwalk has 47,960,707 issued and outstanding trust units as of June\n 19, 2014.  The public float of trust units of Boardwalk is 39,010,319. \n The Bid allows Boardwalk to purchase up to 3,901,031 trust units,\n representing 10% of its \"public float\" of trust units, through the\n facilities of The Toronto Stock Exchange and any alternative trading\n systems in Canada.  The average daily trading volume for the six\n calendar months prior to the date hereof was 61,797 trust units (25%\n being 15,449 trust units, which shall be the daily purchase limit under\n the Bid).  The Bid will commence on July 3, 2014 and will terminate on\n July 2, 2015 or such earlier time as the Bid is complete.  Purchases of\n trust units pursuant to this Bid will be effected through the\n facilities of the TSX and any alternative trading systems in Canada.\n\n\nBoardwalk has also entered into an automatic purchase plan agreement\n (\"APP\") with a broker to allow for the purchase of its trust units\n under the Bid at times when Boardwalk ordinarily would not be active in\n the market due to self-imposed trading blackout periods. Before\n entering into a blackout period, Boardwalk may, but is not required to,\n instruct the designated broker to make purchases under the Bid in\n accordance with the terms of the APP. Such purchases will be determined\n by the broker in its sole discretion based on parameters established by\n Boardwalk prior to the blackout period in accordance with TSX rules,\n applicable securities laws and the terms of the APP. The terms of the\n APP have been pre-cleared by the TSX. Outside of these pre-determined\n blackout periods, trust units will be purchased based on management's\n discretion, in compliance with TSX rules and applicable securities\n laws.\n\n\nBoardwalk has purchased 151,200 trust units within the past 12 months.\n\n\nBoardwalk believes that the current and recent market prices of its\n trust units do not reflect their underlying value.  Boardwalk's\n management is initiating this program as it feels that, at current\n market prices, an in...