TORONTO, Jan. 19 /CNW/ - First Capital Realty Inc. ("First Capital
Realty" or the "Company") (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 it has entered into an automatic securities
purchase plan with a broker in order to facilitate repurchases of its
5.50% Convertible Unsecured Subordinated Debentures due September 30,
2017 (TSX: FCR.DB.A) (the "Debentures") under its previously announced
normal course issuer bid. On August 6, 2010, First Capital Realty
announced its normal course issuer bid pursuant to which the Company
may purchase for cancellation, in addition to other classes of
convertible debentures, up to $10,251,300 principal amount of
As at December 31, 2010, First Capital Realty had purchased under the
normal course issuer bid $942,500 principal amount of Debentures.
Purchases under the automatic securities purchase plan will be made by
First Capital Realty's broker based upon the parameters prescribed by
the Toronto Stock Exchange ("TSX"), applicable Canadian securities laws
and the terms of the parties' written agreement. This automatic
securities purchase plan has been approved by the TSX and will be
implemented effective as of January 20, 2011.
Under First Capital Realty's automatic securities purchase plan, the
Company's broker may purchase Debentures under the normal course issuer
bid at times when First Capital Realty would ordinarily not be
permitted to, due to its self-imposed regular quarterly blackout
period. This automatic securities purchase plan will terminate no later
than 12:01 a.m. (Toronto time) on the third trading day after the
Company publicly disseminates its results for the year ended December
31, 2010. The Company anticipates, subject to regulatory approval,
entering into one or more automatic securities purchase plans from time
to time during the course of its normal course issuer bid to enable
purchases of convertible debentures (series and classes of convertible
debentures subject to an automatic plan may vary) under its normal
course issuer bid to be made during regular quarterly blackout periods.
ABOUT First Capital Realty (TSX:FCR)
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 178 properties, including three
under development, totalling approximately 21.6 million square feet of
gross leasable area and nine sites in the planning stage for future
* * * *
This press release contains forward-looking statements and information
within the meaning of applicable securities legislation.
Forward-looking statements can generally be identified by the
expressions "anticipate", "believe", "plan", "estimate", "project",
"expect", "intend", "outlook", "objective", "may", "will", "should",
"continue" 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 forward-looking
statements. All forward-looking statements in this press release are
qualified by these cautionary statements.
Management believes that the expectations reflected in forward-looking
statements are based upon reasonable assumptions; however, Management
can give no assurance that actual results 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.
Factors that could cause actual results or events to differ materially
from those expressed, implied or projected by forward-looking
statements include, but are not limited to, trading prices of First
Capital Realty's convertible debentures, general economic conditions,
legal matters, reliance on key personnel, changes in interest rates and
credit spreads, changes in liquidity and the availability of financing.
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 securities laws.
These forward-looking statements are made as of the date of this press
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