CALGARY, Feb. 23 /CNW/ - Mainstreet Equity Corp. ("Mainstreet" or the "Corporation") (TSX:MEQ) announces that subject to acceptance by the Toronto Stock Exchange (the "TSX"), the Corporation proposes to amend its current normal course issuer bid ("Bid") to increase the maximum number of common shares of the Corporation ("Common Shares") that may be acquired by way of the Bid from 700,000 to 1,042,437 representing approximately 10% of the outstanding Common Shares in the public float on the date of acceptance of the initial notice of the Bid. All other terms of the Bid, as previously described in the press release dated July 30, 2008 remain the same.
Mainstreet's Board of Directors believes that the purchase of Common Shares pursuant to the normal course issuer bid is in the best interests of Mainstreet and its shareholders as the Common Shares may become available for purchase at prices which make them an appropriate use of Mainstreet's funds. All shares purchased under the issuer bid will be cancelled and returned to treasury. Mainstreet intends to acquire Common Shares from time to time in amounts and prices which its management believes are favourable and consistent with prudent economic and financial considerations.
Any purchases made by Mainstreet under the bid will be made through the facilities of and in accordance with the rules of the TSX.
About Mainstreet
Established in 1997, Mainstreet is a Calgary-based, growth-oriented real estate corporation focused on the acquisition, redevelopment, repositioning, and asset and property management of mid-market apartment buildings. The Corporation currently owns and operates residential rental units, including apartments and townhouses, in Vancouver/Lower Mainland (Surrey), Calgary, Edmonton, Saskatoon and Greater Toronto Area.
Mainstreet's common shares are listed on the Toronto Stock Exchange under the symbol "MEQ".
Members of Mainstreet's Board of Directors have reviewed this news release prior to distribution.