TORONTO, ONTARIO–(Marketwired – Aug. 14, 2015) – OneREIT (the “REIT”) (TSX:ONR.UN) announces its intention to commence a normal course issuer bid (“NCIB”), subject to the approval of the Toronto Stock Exchange (the “TSX”). The REIT intends to consider purchasing, from time to time over a period of 12 months, up to an aggregate maximum of 3,790,900 units, representing 5% of its issued and outstanding units as of August 14, 2015.
Purchases pursuant to the NCIB may commence through the TSX three trading days after the TSX accepts the Notice of Intention to Commence the NCIB. The NCIB will terminate twelve months thereafter or such earlier time as the NCIB is completed or terminated at the option of the REIT. All purchases will be made through the facilities of the TSX at market prices and otherwise in accordance with the rules of the TSX. All units acquired under the NCIB will be subsequently cancelled. The REIT currently has 75,818,004 units issued and outstanding as of August 14, 2015.
The Board of Trustees of the REIT believes that, from time to time, the market price of the REIT’s units does not adequately reflect the REIT’s underlying value and future prospects and that, at such times, the purchase of the units represents an appropriate use of the REIT’s financial resources and would be in the best interests of the REIT’s unitholders.
About the REIT
The REIT is an unincorporated, open-end real estate investment REIT which focuses on owning and acquiring retail properties across Canada with the goal of enhancing long-term unitholder value.
Legal Notice Regarding Forward Looking Statements
This press release contains forward-looking statements that involve risks and uncertainties. These forward-looking statements relate to, among other things, the commencement of a normal course issuer bid, and other expectations, intentions and plans contained in this press release that are not historical fact. When used in this press release, the words “plan,” “expect,” “believe,” and similar expressions generally identify forward-looking statements. These statements reflect our current expectations. They are subject to a number of risks and uncertainties, including, but not limited to, changes in market and general economic conditions. In light of the many risks and uncertainties you should understand that we cannot assure you that the forward-looking statements contained in this press release will be realized. Furthermore, the forward-looking statements contained in this press release are made as at the date hereof and the REIT does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws. Further information on the REIT is available at www.sedar.com or at the REIT’s website, www.onereit.ca.
Chief Executive Officer
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