MISSISSAUGA, ON, Sept. 19, 2018 /CNW/ - Morguard Corporation (MRC:TSX) ("Morguard") announced today that the Toronto Stock Exchange (the "TSX") has accepted a notice filed by Morguard of its intention to make a normal course issuer bid through the facilities of the TSX and/or alternative Canadian trading systems.
The notice provides that Morguard may, during the twelve-month period commencing September 22, 2018 and ending September 21, 2019 purchase up to 569,854 common shares ("Common Shares") in total, being approximately 5% of the issued and outstanding Common Shares. The daily repurchase restriction for the Common Shares is 1,000. Common Shares purchased under the normal course issuer bid will be cancelled. The price that Morguard will pay for any such Common Shares will be the market price at the time of acquisition. Management of Morguard will determine the actual number of Common Shares that may be purchased and the timing of any such purchases, subject to compliance with TSX guidelines.
Under its previous normal course issuer bid, Morguard was approved to purchase up to 592,415 Common Shares. Morguard purchased 452,098 Common Shares for cancellation during the last twelve months at an average cost per share of $178.57 through the facilities of the TSX and/or alternative Canadian trading systems. As of September 12, 2018, there were 11,397,096 Common Shares outstanding. Morguard's average daily trading volume for the prior six months is 2,120.
Morguard believes that its Common Shares have been trading in price ranges which do not adequately reflect their value in relation to the business of Morguard and its future business prospects. As a result, depending upon future price movements and other factors, Morguard believes that its outstanding Common Shares may represent an attractive investment. Furthermore, the purchases are expected to benefit all persons who continue to hold Common Shares by increasing their proportionate interest in Morguard.
About Morguard Corporation
Morguard Corporation is a major North American real estate and property management company. It has extensive retail, office, industrial, hotel and residential holdings owned directly and through its investment in Morguard Real Estate Investment Trust, Morguard North American Residential REIT and Temple Hotels Inc. Morguard also provides real estate management services to institutional and other investors. Morguard's owned and managed portfolio of assets is valued at $21.7 billion.
For more information, visit Morguard.com.
SOURCE Morguard Corporation
For further information: Morguard Corporation, Paul Miatello, Chief Financial Officer, T 905-281-3800; Beverley G. Flynn, Secretary, T 905-281-3800