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Slate Retail REIT Announces Normal Course Issuer Bid and Acquisition of Shopping Centre in Ohio
/NOT FOR DISSEMINATION IN THE UNITED STATES / TORONTO , May 21, 2015 /CNW/ – S...
About this update from Slate Grocery Reit Class U
[{"type":"text","content":"\n\n/NOT FOR DISSEMINATION IN THE UNITED STATES/ \n\n\n\nTORONTO, May 21, 2015 /CNW/ – Slate Retail REIT (TSX:SRT.UN/SRT.U) (\"Slate Retail\" or the \"REIT\") today announced that the Toronto Stock Exchange (the \"TSX\") has accepted the REIT's notice of intention to make a normal course issuer bid for a portion of its class U units (the \"Class U Units\").   \n\nAs of the date hereof, 21,877,918 Class U Units are outstanding. Pursuant to the notice, the REIT may purchase for cancellation up to 1,093,895 Class U Units, or approximately 5% of the currently issued and outstanding Class U Units, over the 12-month period commencing May 26, 2015 and ending on May 25, 2016. Any purchases under the normal course issuer bid will be made through the facilities of the TSX or alternative Canadian trading platforms, and in accordance with applicable regulatory requirements at market prices at the time of acquisition. Subject to certain prescribed exemptions and any block purchase made in accordance with the rules of the TSX, the number of Class U Units that can be purchased pursuant to the bid is subject to a daily maximum of 10,663 Class U Units, or approximately 25% of the average daily trading volume during the preceding six calendar months. The actual number of Class U Units to be purchased, and the timing of any such purchases, will be determined by the REIT. Any Class U Units purchased under the normal course issuer bid will be cancelled following purchase. The REIT intends to fund the purchases of Class U Units under the bid out of its available cash and/or undrawn credit facilities. No Class U Units were purchased by the REIT in connection with its previous normal course issuer bid, which expires on May 25, 2015. The REIT decided not to purchase any Class U Units under its previous normal course issuer bid as the board of trustees and management of the REIT determined that buying back units was not, at such time, in the best interests of the REIT. The board has authorized the REIT to purchase up to the maximum allowable Class U Units that may be acquired under the normal course issuer bid that is the subject of this press release. Looking ahead, the board anticipates that such buyback of units may be an appropriate use of the REIT's available resources.\n\nThe board of trustees of the REIT believes that the purchase...