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Inovalis REIT Announces Approval of Normal Course Issuer Bid
Inovalis REIT Announces Approval of Normal Course Issuer Bid Canada NewsWire TOR...
About this update from Inovalis Reit
[{"type":"text","content":"\n\n\n\nInovalis 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\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, April 20, 2020\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/ \n TORONTO, April 20, 2020 /CNW/ - Inovalis Real Estate Investment Trust (\"Inovalis REIT\" or the \"REIT\") (TSX: INO.UN) 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 the purchase by the REIT of a portion of its outstanding Units may from time to time be an appropriate use of available resources and in the best interests of the REIT and its unitholders.\n\n \n \n \n \n \n \n\n \nPursuant to the NCIB notice filed with the TSX, the REIT intends to acquire up to a maximum of 2,622,412 of its Units, or approximately 10% of its public float as of April 15, 2020 for cancellation over the next 12 months. As of April 15, 2020, the REIT had 28,887,922 issued and outstanding Units.\nPurchases under the NCIB will be made through the facilities of the TSX or through a Canadian alternative systems and in accordance with applicable regulatory requirements at a price per Unit equal to 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 20,890 Units (which is equal to 25% of 83,562, being the average daily trading volume during the last six months), subject to the REIT's ability to make one block purchase of Units per calendar week that exceeds such limits. Until June 30, 2020, pursuant to temporary blanket relief granted by the TSX in connection with the COVID-19 pandemic, daily purchases of up to 41,781 Units, other than block purchases, will be permitted.\nAll Units purchased under the NCIB will be cancelled upon their purchase. The REIT intends to fund the purchases out of its available ...