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Granite Announces Renewal of Normal Course Issuer Bid
Granite Announces Renewal of Normal Course Issuer Bid Canada NewsWire TORONTO, M...
About this update from Granite Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\nGranite Announces Renewal 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\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, May 14, 2019\n\n\n\nTORONTO, May 14, 2019 /CNW/ - Granite Real Estate Investment Trust and Granite REIT Inc. (TSX: GRT.UN / NYSE: GRP.U) (\"Granite REIT\" and \"Granite GP\", and, collectively \"Granite\") today announced the acceptance by the Toronto Stock Exchange (the \"TSX\") of Granite GP's Notice of Intention to Make a Normal Course Issuer Bid (\"NCIB\"). Pursuant to the NCIB, Granite GP proposes to purchase through the facilities of the TSX and any alternative trading system in Canada, from time to time over the next 12 months, if considered advisable, up to an aggregate of 4,853,666 of Granite's issued and outstanding stapled units (the \"Stapled Units\") (each Stapled Unit consisting of one trust unit of Granite REIT and one common share of Granite GP), being approximately 10% of Granite's public float of Stapled Units as of May 10, 2019. Pursuant to a previous notice of intention to conduct a NCIB, under which Granite sought and received approval from the TSX to purchase up to 3,939,255 Stapled Units for the period of May 18, 2018 to May 17, 2019, Granite has purchased, as of April 30, 2019, 49,412 Stapled Units on the open market at a weighted average purchase price of $52.97 per Stapled Unit. As of May 10, 2019, Granite had 49,443,103 Stapled Units issued and outstanding and a public float of 48,536,662 Stapled Units.\nThe NCIB will commence on May 21, 2019 and will conclude on the earlier of the date on which purchases under the bid have been completed and May 20, 2020. Pursuant to the policies of the TSX, daily purchases made by Granite GP through the TSX may not exceed 41,484 Stapled Units, being 25% of the average daily trading volume of the Stapled Units on the TSX for the six-month period ended April 30, 2019, subject to certain exceptions prescribed by the TSX, including the \"block purchase exemption\".\nGranite GP intends to enter into an automatic securities purchase plan with a broker in ...