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VANCOUVER, Jan. 11, 2016 /CNW/ - Pure Industrial Real Estate Trust ("PIRET") (TSX: AAR.UN) announced today that the Toronto Stock Exchange ("TSX") has accepted its entry into an automatic securities purchase plan ("ASPP") with a broker in order to facilitate repurchases of its Class A units ("Units") under its previously announced normal course issuer bid (the "Bid") pursuant to the policies of the TSX and applicable securities laws. Applicable securities laws allow issuers to adopt ASPPs with an independent broker which provide for the purchase of securities in a systematic matter based upon predetermined criteria on an automatic basis regardless of whether the issuer may, subsequent to adopting the ASPP, receive material non-public information, provided that the issuer was not in possession of material, non-public information at the time the ASPP was adopted.
Purchases under the ASPP will be made by PIRET's broker based on the parameters prescribed by the TSX, applicable securities laws and the terms of the ASPP. The ASPP is intended for the purchase of Units only under the Bid. Under the ASPP, PIRET's broker may purchase Units under the Bid when PIRET would ordinarily not be permitted to do so. The ASPP commences on January 11, 2016 and will terminate on the earliest of: the date on which the purchase limits in the Bid have been attained, the date on which the Bid terminates or the date on which the ASPP is terminated. The daily repurchase restriction for the Units under the Bid is 78,739 Units, which represents 25% of the average daily trading volume of 314,958 Units on the TSX for the six months ended November 30, 2015.
PIRET continues to believe that its Units have been trading in a price range which does not adequately reflect the value of such Units in relation to PIRET's business and its future business prospects. Accordingly, depending upon future price movements and other factors, PIRET believes that the purchase of outstanding Units may from time to time be an appropriate use of available resources and benefit remaining unitholders by increasing their proportionate equity interest in PIRET.
About Pure Industrial Real Estate Trust
PIRET is an unincorporated, open-ended investment trust that owns and operates a diversified portfolio of income-producing industrial properties in leading markets. PIRET is an internally managed REIT that focuses exclusively on investing in industrial properties.
Toronto Stock Exchange – AAR.UN
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.
SOURCE Pure Industrial Real Estate Trust (PIRET)
For further information: Andrew Greig, Director of Investor Relations, Pure Industrial Real Estate Trust, Suite 910, 925 West Georgia Street, Vancouver, BC V6C 3L2, Phone: (604) 398-2836 or (888) 681-5959, E-mail: [email protected], www.piret.ca