/NOT FOR DISSEMINATION IN THE UNITED STATES OR TO ANY NON-CANADIAN
TORONTO, March 21 /CNW/ - (TSX: "RMM.UN") - Retrocom Mid-Market Real
Estate Investment Trust (the "REIT") announced today that the Toronto Stock
Exchange (TSX) has approved its application to make a Normal Course Issuer Bid
for the repurchase of its units.
Pursuant to the bid, the REIT will be entitled to repurchase up to
1,797,914 of its units (representing approximately 10% of the REIT's public
float of outstanding units as at March 20, 2007) over the twelve-month period
commencing on March 23, 2007.
The Trustees of the REIT have concluded that the ongoing purchase by the
REIT of certain of its units, in accordance with the Bid, is a sound
investment opportunity for the REIT based on the current market price for its
units and would be in the best interests of the REIT and its unitholders. All
purchases will be made through the facilities of the TSX, and the units
purchased under the bid will be cancelled.
The REIT also announced today that in conjunction with its repurchase of
units, the REIT is suspending until further notice its Unitholder Distribution
Reinvestment Plan ("DRIP") effective immediately. For unitholders that have
been participating in the DRIP, all future distributions made by the REIT will
now automatically be paid in cash and will no longer be used to purchase
additional units of the REIT.
Retrocom Mid-Market REIT is an Ontario unincorporated open-end real
estate investment trust that focuses on owning and acquiring mid-market
commercial properties in primary and secondary cities across Canada with the
objective of producing a geographically diversified portfolio of properties
with stable and growing cash flows.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy Units of the REIT, which may be made only by
means of a prospectus, nor shall there be any sale of the Units in any state,
province or other jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under securities laws of
any such state, province or other jurisdiction. The Units of the REIT have not
been, and will not be registered under the U.S. Securities Act of 1933, as
amended, and may not be offered, sold or delivered in the United States absent
registration or an application for exemption from the registration
requirements of U.S. securities laws.
Certain statements contained in this news release may include
forward-looking information with respect to Retrocom Mid-Market Real Estate
Investment Trust's operations and future financial results. Such statements
are based on current expectations, are subject to a number of uncertainties
and risks, and actual results may differ materially from those contained in
such statements. These uncertainties and risks include, but are not limited
to, availability of resources, competitive pressures, changes in market
activity and regulatory requirements. Further information can be found in the
disclosure documents filed by Retrocom Mid-Market Real Estate Investment Trust
with the securities regulatory authorities, available at www.sedar.com.
For further information:
For further information: David Fiume, Chief Executive Officer, Retrocom
Mid-Market REIT, Tel: (416) 741-7999, Fax: (416) 741-7993