Imperial Equities Inc. announces bid to purchase shares
EDMONTON, Oct. 24, 2013 /CNW/ - Imperial Equities Inc. (TSXV:IEI) today announced that it intends to make a Normal Course Issuer Bid through the facilities of and in accordance to the by-laws and rules of the Toronto Venture Exchange.
Imperial Equities Inc. currently has 9,541,042 outstanding common shares. The bid will allow Imperial to purchase up to 477,052 common shares, representing 5% of those outstanding. The bid commenced August 29, 2013 and will terminate August 28, 2014, or earlier if the bid is complete. Purchases pursuant to the bid will be made through Macquarie Private Wealth.
Imperial's management team believes that the current share price does not reflect the real value of the company. "Imperial Equities shares have been trading thinly and at values less than breakup, despite the fact that real estate prices are at an all time high. It is cheaper to buy the stock that holds the property than it is to buy the property" said Sine Chadi, President and CEO of Imperial Equities.
Imperial Equities Inc. will purchase the common shares for cancellation which ultimately will result in increasing the proportionate interest of all remaining shareholders.
About Imperial Equities Inc.:
Imperial Equities Inc. Is based in Edmonton, Alberta. A diversified company anchored by commercial and industrial real estate properties in its targeted Edmonton and Alberta markets. Imperial also distributes pharmaceutical products to the institutional and retail customers through its wholly owned subsidiary, Imperial Distributors Canada Inc. Additional information is available at: www.imperialequities.com
Imperial's common shares are listed on the TSX Venture Exchange under symbol IEI.
Neither TSX Venture nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
SOURCE Imperial Equities Inc.For further information:
Sine Chadi, CEO
Imperial Equities Inc.
Phone: 780 424-7227