WINNIPEG, Jan. 21 /CNW/ - Lanesborough Real Estate Investment Trust
("LREIT") (TSX: LRT.UN) today announced that is has received approval from the
Toronto Stock Exchange ("TSX") for the renewal of its normal course issuer bid
to purchase up to an aggregate of 877,404 trust units ("Units"), representing
5% of the number of issued and outstanding Units as at January 19, 2009.
Purchases pursuant to the bid will be made through the facilities of the
Toronto Stock Exchange. The period of the normal course issuer bid will extend
from January 23, 2009, to January 22, 2010 or an earlier date, should LREIT
purchase the maximum number of Units. LREIT will pay the market price at the
time of acquisition for any Units purchased through the facilities of the
Toronto Stock Exchange. All Units acquired by LREIT under this bid will be
cancelled. As at January 19, 2009, there were 17,548,081 Units issued and
outstanding. The average daily trading volume of the Units for the six month
period ended December 31, 2008 was 35,079 Units. 25% of the average daily
trading volume of the Units for the six month period ended December 31, 2008
was approximately 8,769 Units.
LREIT is pursuing the normal course issuer bid of Units because it
believes that, from time to time, the market price of the Units may not fully
reflect the underlying value of the Units. LREIT believes that, in such
circumstances, the outstanding Units represent an attractive investment for
Under its previous normal course issuer bid for Units which expired on
January 20, 2009, LREIT acquired 521,400 Units at a weighted average price of
$3.74 per Unit.
LREIT is a real estate investment trust, which is listed on the Toronto
Stock Exchange under the symbols LRT.UN (trust units), LRT.DB.F and LRT.DB.G
(convertible debentures). The objective of LREIT is to provide Unitholders
with stable cash distributions from investment in a geographically diversified
Canadian portfolio of quality real estate properties. For further information
on LREIT, please visit our website at www.lreit.com.
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.
For further information:
For further information: Arni Thorsteinson, Chief Executive Officer, or
Gino Romagnoli, Investor Relations, Tel: (204) 475-9090, Fax: (204) 452-5505,