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True North Commercial REIT announces renewal of normal course issuer bid
True North Commercial REIT announces renewal of normal course issuer bid Canada Ne...
About this update from True North Commercial Reit
[{"type":"text","content":"\n\n\n\nTrue North Commercial REIT 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, Dec. 5, 2017\n\n\n\n/NOT FOR DISTRIBUTION IN THE U.S. OR OVER U.S. NEWSWIRES/\n\n\n\nTORONTO, Dec. 5, 2017 /CNW/ - True North Commercial Real Estate Investment Trust (TSX: TNT.UN) (the \"REIT\") today announced it has received approval from the Toronto Stock Exchange (\"TSX\") to renew its existing normal course issuer bid (the \"NCIB\") for a further twelve month period. The renewal of the NCIB will commence on December 8, 2017 and end on December 7, 2018, or an earlier date, should the REIT acquire the maximum amount of trust units of the REIT (\"Units\") eligible to be purchased under the NCIB.\n\nUnder the terms of the NCIB, the REIT may purchase up to 100,000 Units (representing approximately 0.27% of the REIT's float of 36,761,708 Units (excluding Units held by insiders)) for cancellation. As at November 30, 2016, the REIT had 41,205,958 Units issued and outstanding. A daily maximum of 20,117 Units (being 25% of the average daily volume of 80,471 Units for the previous six month period) may be purchased by the REIT under the NCIB, except where purchases are made in accordance with the \"block purchase\" exemption under applicable TSX policies. Purchases pursuant to the NCIB will be made through the facilities of the TSX. The REIT will pay the market price at the time of acquisition of any Unit purchased and all Units acquired by the REIT under this NCIB will be cancelled.\n\nThe REIT did not purchase any units under the normal course issuer bid that was in effect from December 8, 2016 and set to expire on December 7, 2017. The REIT is renewing the NCIB because it believes the market price of the Units from time to time may not reflect their underlying value, and Units may become available during the period of the NCIB at prices that would make the purchase of such Units for cancellation in the best interests of the REIT and its unitholders.\n\nFrom time to time, when the REIT does not possess material non-publi...