RICHMOND, BC, April 8 /CNW/ - Huntingdon Real Estate Investment Trust (the "Trust" or "HREIT") (TSX: HUNT.UN) today announced that the Toronto Stock Exchange (the "Exchange") has accepted a notice (the "Notice") filed by the Trust of its intention to commence a normal course issuer bid of its outstanding trust units (the "Units") on the terms set forth in the Notice. At the time of filing of the Notice, the Board of Trustees of the Trust was of the belief, and continues to be of the belief, that the purchase of Units from time to time at appropriate prices may maximize unitholder value and represents an accretive acquisition opportunity.
On April 7, 2010, 15,686,882 Units were outstanding. Under the rules of the Exchange, in the period commencing on April 12, 2010 and ending on April 11, 2011, the Trust may acquire up to 1,431,387 Units, being 10% of the public float of Units as at April 7, 2010. If market conditions permit, the Trustees of the Trust presently anticipate that the Trust will acquire up to 1,431,387 Units, which represents 10% of the public float of Units as at April 7, 2010 that may be purchased pursuant to the Notice. The average daily trading volume ("ADTV") for the six months prior to the date of the Notice has been 39,302 Units. The Trust may purchase up to 9,825 Units per day, being 25% of the ADTV, subject to certain prescribed exemptions.
Any Units purchased pursuant to the normal course issuer bid will be cancelled. Units will be purchased at the market price of the Units at the time of purchase and will be purchased on behalf of the Trust by a registered investment dealer through the facilities of the Exchange. The funding for any purchase of Units pursuant to the normal course issuer bid will be financed out of working capital of the Trust.
On January 21, 2009, the Trust renewed the normal course issuer bid for its Units for a 12 month period ending January 20, 2010. The Trust did not purchase any of its issued and outstanding Units during the preceding 12 months.
HREIT is a real estate investment trust which is listed on the Toronto Stock Exchange under the symbols HNT.UN (Trust Units) and HNT.DB.C (Series C Convertible Debentures). HREIT owns, directly or indirectly, 82 income producing office, industrial, retail and standalone parking lot properties, including the aviation-related facilities at five of Canada's leading international airports that have a total gross leasable area of 5.5 million square feet; and two land parcels held for development, with other development and expansion opportunities within the portfolio.
Certain statements contained in this news release may constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "plan", "expect", "may", "will", "intend", "should", and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Forward looking statements in this news release include that the Trust may acquire up to 1,431,387 of its Units in a normal course issuer bid. The Trust's actual results could differ materially from those anticipated in these forward-looking statements as a result of regulatory decisions, competitive factors in the industries in which the Trust operates, prevailing economic conditions, and other factors, many of which are beyond the control of the Trust. Further, the Trust's Board of Trustees may consider that market prices or unexpected requirements for the Trust's cash make it unfeasible for it to acquire any of its Units.
The forward-looking statements contained in this news release represent the Trust's expectations as of the date hereof, and are subject to change after such date. The Trust disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.
The Toronto Stock Exchange has not reviewed or approved the contents of this press release and does not accept responsibility for the adequacy or accuracy of this press release.
SOURCE HUNTINGDON REAL ESTATE INVESTMENT TRUST
For further information: For further information: Zachary R. George, Trustee, President and Chief Executive Officer, Tel: (604) 249-5119, Fax: (604) 249-5101, Email: firstname.lastname@example.org