Business
InterRent's Normal Course Issuer Bid Accepted by the TSX
TORONTO, July 7 /CNW/ - InterRent Real Estate Investment Trust (TSX:IIP.UN) ("InterRent") announc...
About this update from Interrent Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\nTORONTO, July 7 /CNW/ - InterRent Real Estate Investment Trust\n(TSX:IIP.UN) ("InterRent") announced today that the Toronto Stock Exchange\n(the "TSX") has accepted its normal course issuer bid (the "Bid") to purchase,\nsubject to regulatory approval, up to 874,552 units (the "Units") of\nInterRent, representing approximately 5.0% of the Units issued and\noutstanding.\n\n\nAs of June 30, 2008, there were 17,491,040 Units issued and outstanding.\nPurchases under the Bid may begin on July 9, 2008 and will end no later than\nJuly 8, 2009. The Units will be purchased for cancellation through the\nfacilities of the TSX in accordance with its policies and at market price. The\naverage daily trading volume for the Units for the six months ended June 30,\n2008 was 31,351.\n\n\nIn the opinion of management of InterRent, the Units have been trading at\ncurrent market prices that do not reflect the underlying value of InterRent.\nAs a result, management of InterRent believes that the Bid will contribute to\nenhancing unitholder value.\n\n\nAbout InterRent\n\n\n---------------\n\n\nInterRent is a rapidly expanding, growth oriented real estate investment\ntrust engaged in building unitholder value through the accretive acquisition,\nownership and operation of strategically located income producing\nmulti-residential real estate, with 4,012 apartment suites under ownership and\n191 suites under contract, for a total of 4,203 apartment suites in Ontario.\n\n\nForward-Looking Statements\n\n\n--------------------------\n\n\nThis news release contains "forward-looking statements" within the\nmeaning of the United States Private Securities Litigation Reform Act of 1995\nand applicable Canadian securities legislation. Generally, these\nforward-looking statements can be identified by the use of forward-looking\nterminology such as "plans", "anticipated", "expects" or "does not expect",\n"is expected", "budget", "scheduled", "estimates", "forecasts", "intends",\n"anticipates" or "does not anticipate", or "believes", or variations of such\nwords and phrases or state that certain actions, events or results "may",\n"could", "would", "...