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BSR REIT announces approval of normal course issuer bid
BSR REIT announces approval of normal course issuer bid Canada NewsWire LITTLE R...
About this update from Bsr Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\nBSR REIT announces approval of normal course issuer bid\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nLITTLE ROCK, AR and TORONTO, March 25, 2019\n\n\n\n− NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISTRIBUTION IN THE UNITED STATES −\n LITTLE ROCK, AR and TORONTO, March 25, 2019 /CNW/ - BSR Real Estate Investment Trust (\"BSR\" or the \"REIT\") (TSX: HOM.U) announced today that the Toronto Stock Exchange (the \"TSX\") has approved the REIT's intention to make a normal course issuer bid (\"NCIB\") for a portion of its trust units (\"Units\") as appropriate opportunities arise from time to time. The Board of Trustees of the REIT believes that purchases of Units at prices below the REIT's view of its intrinsic value are in the best interests of the REIT and a desirable use of the REIT's capital.\nPursuant to the NCIB notice filed with the TSX, the REIT intends to acquire up to a maximum of 1,312,686 of its Units, or approximately 10% of its public float as of March 25, 2019 for cancellation over the next 12 months. As of March 25, 2019, the REIT had 16,550,000 issued and outstanding Units.\nPurchases under the NCIB will be made through the facilities of the TSX or through a Canadian alternative trading system and in accordance with applicable regulatory requirements at a price per Unit representative of the market price at the time of acquisition. The number of Units that can be purchased pursuant to the NCIB is subject to a current daily maximum of 9,311 Units (which is equal to 25% of 37,245, being the average daily trading volume from September 4, 2018 through to February 28, 2019), subject to the REIT's ability to make one block purchase of Units per calendar week that exceeds such limits. All Units purchased under the NCIB will be cancelled upon their purchase. The REIT intends to fund the purchases out of its available resources.\nThe REIT may begin to purchase Units on March 28, 2019 and the NCIB will terminate on March 27, 2020 or such earlier time as the REIT completes ...