RICHMOND, BC, March 12, 2013 /CNW/ - Huntingdon Capital Corp. (the
"Huntingdon" or "Corporation") (TSX: HNT) announced today the results
of its substantial issuer bid by way of modified "Dutch Auction" (the
"Offer"), pursuant to which the Corporation offered to purchase for
cancellation up to $6.0 million in value of its outstanding common
shares from shareholders at a price of not less than $12.00 per common
share and not more than $13.00 per common share. The Offer expired at
5:00 p.m. (Toronto time) on March 8, 2013.
Based on the final report provided by the depositary for the Offer, a
total of 714,858 common shares were validly deposited and not withdrawn
under the Offer. Pursuant to the terms of the Offer, the Corporation
has determined the purchase price to be $12.95 per common share. The
Corporation will take up 463,320 common shares for aggregate
consideration of approximately $6.0 million. These common shares represent approximately 4% of the total
common shares issued and outstanding as of March 8, 2013 and, following
the purchase and cancellation of these common shares, approximately
10,929,689 common shares will remain outstanding. The issuer bid was an
accretive transaction for remaining shareholders as the pro forma net
book value per common share as at September 30, 2012 increased by $0.10
per common share to $15.26 per common share.
Take-up and payment for all common shares validly deposited and accepted
for purchase under the Offer will be made as soon as practicable in
accordance with the Offer.
The full details of the Offer are described in the Corporation's offer
to purchase and issuer bid circular dated January 31, 2013, as well as
the related letter of transmittal and notice of guaranteed delivery,
copies of which are available on SEDAR at www.sedar.com.
The Corporation's normal course issuer bid, which was suspended with the
announcement of the Offer, is expected to resume on or about March 13,
2013 in accordance with applicable securities laws.
About Huntingdon Capital Corp.:
Huntingdon is a real estate operating company listed on the TSX (Common
Shares: HNT; Debentures: HNT.DB; Warrants: HNT.WT). Huntingdon owns and
manages a portfolio of 36 industrial, office, retail and
aviation-related properties throughout Canada that have a total gross
leasable area of 2.7 million square feet. In addition, Huntingdon owns
an approximate 30% interest in FAM Real Estate Investment Trust (the
"REIT") (TSX: F.UN, F.WT) and manages, on behalf of the REIT, a
portfolio of 27 industrial, office, and retail properties throughout
Canada that have a gross leasable area of 1.7 million square feet.
The Toronto Stock Exchange has not reviewed nor approved the contents of
this press release and does not accept responsibility for the adequacy
or accuracy of this press release.
SOURCE: Huntingdon Capital Corp.
For further information:
Zachary R. George, Director, President and Chief Executive Officer
Tel: (604) 249-5119
Fax: (604) 249-5101