TORONTO, Sept. 30, 2015 /CNW/ - Slate Retail REIT (the "REIT") (TSX: SRT.UN/SRT.U) is pleased to announce that the REIT has received approval from the Toronto Stock Exchange (the "TSX") to amend its existing normal course issuer bid effective as at the close of markets on October 5, 2015 to increase the maximum number of class U units (the "Class U Units") that may be repurchased from 1,093,895 Class U Units to 2,591,136 Class U Units, or approximately 10% of the public float. No other terms of the normal course issuer bid have been amended.
As of the date hereof, 28,653,046 Class U Units are outstanding. The REIT may purchase the Class U Units for cancellation over the 12-month period commencing May 26, 2015 and ending on May 25, 2016. Any purchases under the normal course issuer bid will be made through the facilities of the TSX and/or through other permitted means, including through one or more alternative Canadian trading platforms, and in accordance with applicable regulatory requirements at the prevailing market price on the TSX or the alternative market at the time of purchase or such other price as may be permitted by the TSX at the time of acquisition. Subject to certain prescribed exemptions and any block purchase made in accordance with the rules of the TSX, the number of Class U Units that can be purchased pursuant to the bid is subject to a daily maximum of 12,805 Class U Units, or approximately 25% of the average daily trading volume during the period from March 1, 2015 to August 31, 2015 (being 51,222 Class U Units per day). The actual number of Class U Units which may be purchased (if any), and the timing of any such purchases, will be determined by the REIT. Any Class U Units purchased under the normal course issuer bid will be cancelled following purchase. The REIT intends to fund the purchases of Class U Units under its normal course issuer bid out of the general funds of the REIT. The REIT has purchased 1,093,895 Class U Units under its existing normal course issuer bid.
The Board of Trustees of Slate Retail REIT believe that the purchase by the REIT of a portion of its outstanding Class U Units will increase unitholder value and that such purchases constitute a desirable use of the REIT's available resources.
Slate Asset Management L.P. ("Slate") is the REIT's manager.
About Slate Retail REIT
Slate Retail REIT is an open-ended real estate investment trust focused on U.S. grocery-anchored real estate. The REIT's portfolio includes 64 properties located primarily across the top 50 U.S. metro markets. The REIT is focused on maximizing value through internal organic rental growth and strategic acquisitions. Visit slateam.com/SRT to learn more.
Slate Asset Management L.P. is a leading real estate investment platform with $3 billion in assets under management. Slate is a value-oriented company and a significant sponsor of all its private and publicly-traded investment vehicles, which are tailored to the unique goals and objectives of its investors. The firm's careful and selective investment approach creates long term value with an emphasis on capital preservation and outsized returns. Slate is supported by exceptional people, flexible capital and a proven ability to originate and execute on a wide range of compelling investment opportunities. Visit slateam.com to learn more.
This press release may contain forward-looking statements. In some cases, forward-looking statements can be identified by the use of words such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential", "continue" and by discussions of strategies that involve risks and uncertainties. The forward-looking statements are based on certain key expectations and assumptions made by the REIT regarding, among other things, the expected performance of the acquired properties. By their nature, forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and various future events will not occur. Although management believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that future results, levels of activity, performance or achievements will occur as anticipated. Neither the REIT nor any other person assumes responsibility for the accuracy and completeness of any forward-looking statements, and no one has any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or such other factors which affect this information, except as required by law.
SOURCE Slate Retail REIT
For further information: Greg Stevenson, Chief Executive Officer, Slate Retail REIT, +1 (416) 619 4285, [email protected]; Conor McBroom, Vice President, Investor Relations, Slate Asset Management L.P., +1 416 619 4284, [email protected]