/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE
TORONTO, Sept. 14, 2011 /CNW/ - First Capital Realty Inc. ("First
Capital Realty") (TSX: FCR), Canada's leading owner, developer and
operator of supermarket and drugstore anchored neighbourhood and
community shopping centres, located predominantly in growing
metropolitan areas, announced today that, subject to final acceptance
by the Toronto Stock Exchange, it intends to expand its current normal
course issuer bid program for convertible debentures by making a normal
course issuer bid (the "NCIB") for its 5.25% convertible unsecured
subordinated debentures due January 31, 2019 (the "Debentures") (TSX:
FCR.DB.F). This NCIB is in addition to First Capital Realty's
previously announced normal course issuer bid for all of its other
outstanding series of convertible unsecured debentures. All Debentures
purchased under the NCIB will be cancelled.
First Capital Realty will enter into one or more pre-defined automatic
securities purchase plans with its broker from time to time during the
course of its normal course issuer bid program to enable purchases of
convertible debentures thereunder, including the Debentures, to be made
at times when First Capital Realty would ordinarily not be permitted
to, due to its self-imposed internal blackout periods, insider trading
rules or otherwise. The series and classes of convertible debentures
subject to an automatic plan may vary.
As of September 12, 2011, First Capital Realty had $57,500,000 principal
amount of Debentures outstanding. Under the NCIB, First Capital Realty
may purchase up to $5,750,000 principal amount of Debentures, subject
to a daily limit of $79,100 (being 25% of the average daily trading
volume of the Debentures for the period August 9, 2011 to September 12,
2011), excluding permitted "block" purchases.
First Capital Realty believes that the Debentures may trade in a range
that may not fully reflect the value of the Debentures. As a result,
First Capital Realty believes that the purchase of Debentures from time
to time can be undertaken at prices that make the acquisition of such
securities an appropriate use of the Company's available funds. In
addition, purchases under the NCIB may increase the liquidity of the
First Capital Realty intends to commence the NCIB on September 19,
2011. The NCIB will expire on September 18, 2012 or such earlier date
as First Capital Realty completes its purchases pursuant to the NCIB.
All purchases made under the NCIB will be made through the facilities
of the TSX or alternative trading platforms and in accordance with the
rules of the TSX at market prices prevailing at the time of purchase.
The actual amount of Debentures that may be purchased under the NCIB is
subject to, and cannot exceed, limits referred to above and the timing
of such purchases will be determined by First Capital Realty.
About First Capital Realty
First Capital Realty is Canada's leading owner, developer and operator
of supermarket and drugstore anchored neighbourhood and community
shopping centres, located predominantly in growing metropolitan areas.
The Company currently owns interests in 165 properties, including four
under development, totalling approximately 22.9 million square feet of
gross leasable area and six sites in the planning stage for future
This press release contains forward-looking statements and information
within the meaning of applicable securities law. Forward-looking
statements can be identified by the expressions "expects", "believes",
"estimates", "will", "anticipates" and similar expressions. The
forward-looking statements are not historical facts but reflect the
Company's current expectations regarding future results or events and
are based on information currently available to Management. Certain
material factors and assumptions were applied in providing these
Management believes that the expectations reflected in forward-looking
statements are based upon reasonable assumptions; however, Management
can give no assurance that the actual results or developments will be
consistent with these forward-looking statements. These forward-looking
statements are subject to a number of risks and uncertainties that
could cause actual results or events to differ materially from current
expectations, including the matters discussed under "Risks and
Uncertainties" in First Capital Realty's Management's Discussion and
Analysis and under "Risk Factors" in its current Annual Information
Form. Readers, therefore, should not place undue reliance on any such
forward-looking statements. Further, a forward-looking statement speaks
only as of the date on which such statement is made. First Capital
Realty undertakes no obligation to publicly update any such statement
or to reflect new information or the occurrence of future events or
circumstances except as required by applicable securities law.
All forward-looking statements in this press release are made as of the
date hereof and are qualified by these cautionary statements.
* * * *
SOURCE First Capital Realty Inc.
For further information:
Dori J. Segal, President & C.E.O., or
Karen H. Weaver, Executive Vice President & C.F.O.
First Capital Realty Inc.
85 Hanna Avenue, Suite 400
Toronto, Ontario, Canada M6K 3S3
Tel: (416) 504-4114
Fax: (416) 941-1655