RICHMOND, BC, April 11, 2012 /CNW/ - Huntingdon Capital Corp. ("Huntingdon") (TSX: HNT, HNT.DB and HNT.WT) announced today that it has approval from the Toronto Stock Exchange to commence a normal course issuer bid ("NCIB") for Huntingdon's shares, debentures and warrants.
The NCIB is from April 12, 2012 to April 12, 2013. The maximum number of securities that may be acquired under the NCIB is as follows:
- Shares: 1,110,421, representing 10% of the common shares in the public float at April 2, 2012.
- Debentures: $4,532,000, representing 10% of the debentures in the public float at April 2, 2012.
- Warrants: 123,718, representing 10% of the warrants in the public float at April 2, 2012.
Management believes that the NCIB is an appropriate use of Huntingdon's available cash to maximize shareholder value.
As at April 2, 2012, Huntingdon had 12,854,068 common shares outstanding, $46,000,000 principal amount of debentures outstanding, and 1,255,772 warrants outstanding. Daily repurchases will be restricted to 2,707 common shares, representing 25% of the average daily trading volume ("ADTV") of 10,830 shares, $13,000 principal amount of debentures, representing 25% of the ADTV of $54,600 principal amount of debentures, and 1,000 warrants, all subject to certain prescribed exceptions. All securities purchased under the NCIB will be cancelled. Over the last twelve months, Huntingdon has repurchased and cancelled a total of 679,097 common shares at a weighted average price of $7.70 per share.
Huntingdon owns, directly or indirectly, 73 income producing office, industrial and retail properties with a total gross leasable area of 5.4 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.
For further information:
Zachary R. George, Director, President and Chief Executive Officer
Tel: (604) 249-5119
Fax: (604) 249-5101
Email: [email protected]