Holloway Lodging Reit announces automatic securities purchase plan under its normal course issuer bid
/NOT FOR DISTRIBUTION ON U.S. WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
HALIFAX, Sept. 26, 2012 /CNW/ - Holloway Lodging Real Estate Investment Trust (TSX: HLR.UN) ("Holloway") announced today that it has entered into an automatic securities purchase plan (the "Plan") with a broker in order to facilitate repurchases of its trust units (the "Units") under its previously announced normal course issuer bid ("NCIB").
Purchases under the Plan will be made by Holloway's broker based on the parameters prescribed by the TSX, applicable Canadian securities laws and the terms of the parties' written agreement. The Plan is intended for the purchase of Units only under the NCIB.
Under the Plan, Holloway's broker may purchase Units under the NCIB when Holloway would ordinarily not be permitted to, due to its self-imposed regular quarterly blackout periods. The Plan commences on October 1, 2012 and expires with the NCIB on August 14, 2013.
ABOUT HOLLOWAY LODGING REAL ESTATE INVESTMENT TRUST
Holloway is a real estate investment trust focused on acquiring, owning and operating select and limited service lodging properties and a small complement of full service hotels primarily in secondary, tertiary and suburban markets. Holloway owns 17 hotels with 1,665 rooms. Holloway's trust units trade on the TSX under the symbol HLR.UN.
This press release contains forward-looking information within the meaning of applicable securities laws. Forward-looking information may relate to Holloway's future outlook and anticipated events or results and may include statements regarding Holloway's future financial position, business strategy, financial results, plans and objectives. In some cases, forward-looking information can be identified by terms such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "predict", "potential", "continue" or other similar expressions concerning matters that are not historical facts. Forward-looking information is subject to certain factors, including risks and uncertainties, that could cause actual results to differ materially from what the REIT currently expects and there can be no assurance that such statements will prove to be accurate. Some of these risks and uncertainties are described under "Risk Factors" in Holloway's annual information form for the year ended December 31, 2011 which is available on the REIT's profile on the SEDAR website at www.sedar.com. The REIT does not intend to update or revise any such forward-looking information should its assumptions and estimates change.
SOURCE: HOLLOWAY LODGING REAL ESTATE INVESTMENT TRUSTFor further information:
Michael Rapps, Chairman, at (416) 855-1925 or Jane Rafuse, Chief Financial Officer, at (902) 443-5101