FREDERICTON, Sept. 26, 2018 /CNW/ - Plaza Retail REIT ("Plaza") (TSX: PLZ.UN) today announced the acceptance by the Toronto Stock Exchange (the "TSX") of its notice of intention to make a normal course issuer bid ("NCIB"). Pursuant to the NCIB, Plaza proposes to purchase through the facilities of the TSX and any alternative trading system in Canada, from time to time over the next twelve months, if considered advisable, up to an aggregate of 8,025,793 of Plaza's issued and outstanding trust units (the "Units"), being approximately 10% of Plaza's public float of Units as of September 14, 2018. As of September 14, 2018, Plaza had 102,525,319 Units issued and outstanding and a public float of 80,257,936 Units.
The NCIB will commence on September 28, 2018 and will conclude on the earlier of the date on which purchases under the bid have been completed and September 27, 2019. Daily purchases made by Plaza through the TSX may not exceed 14,623 Units, being 25% of the average daily trading volume of the Units on the TSX for the six-month period ended August 31, 2018, subject to certain prescribed exemptions and any block purchase made in accordance with the rules of the TSX.
Plaza believes that Units may become available during the period of the NCIB at prices that would make the purchase of such Units in the best interests of Plaza and its unitholders and is a desirable use of Plaza's funds. All Units that are purchased under the NCIB will be cancelled.
Plaza is an open-ended real estate investment trust and is a leading retail property owner and developer, focused on Ontario, Quebec and Atlantic Canada. Plaza's portfolio at June 30, 2018 includes interests in 286 properties totaling approximately 8.1 million square feet across Canada and additional lands held for development. Plaza's properties include a mix of strip plazas, stand-alone small box retail outlets and enclosed shopping centres, anchored by approximately 90% national tenants.
FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements with respect to Plaza, which can generally be identified by the use of forward-looking words such as "intends", "proposes", "will", ''may'', ''believe'' and other similar variations, expressions or phrases that do not relate to historical facts. Forward looking statements in this press release include, but are not limited to, those which relate to Plaza's intention to acquire Units under the NCIB. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Plaza to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements contained in this press release, including but not limited to general economic and market factors and those described in Plaza's Annual Information Form for the year ended December 31, 2017 and Management's Discussion and Analysis for the period ended June 30, 2018, which can both be obtained on SEDAR at www.sedar.com. Forward-looking statements are based on a number of expectations and assumptions made in light of management's experience and perceptions of historical trends and current conditions. Although the forward-looking statements contained in this press release are based upon information currently available to management and what management believes are reasonable expectations and assumptions, there can be no assurances that forward-looking statements will prove to be accurate. Therefore, readers should not place undue reliance on forward-looking statements. All forward-looking statements speak only as of the date of this press release and Plaza undertakes no obligation to update such statements, except as required by law. These cautionary statements qualify all forward-looking statements contained in this press release.
For more information, please visit www.plaza.ca.
SOURCE Plaza Retail REIT
For further information: Michael Zakuta, Chief Executive Officer, Plaza Retail REIT, Tel: 514.457.7007; Kim Sharpe, Director of Business Development, Plaza Retail REIT, Tel: 506.476.4855