TORONTO, ONTARIO–(Marketwired – Aug. 24, 2015) –
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
OneREIT (the “REIT”) (TSX:ONR.UN) announced today that the Toronto Stock Exchange (“TSX”) has accepted the REIT’s notice of intention to make a normal course issuer bid. The board of trustees of the REIT believes that the purchase by the REIT of a portion of its outstanding units may, from time to time, be an appropriate use of available resources and in the best interest of the REIT and its unitholders.
As of August 17, 2015, the REIT had 75,894,301 units outstanding. The REIT may, during the 12 month period commencing September 1, 2015 and ending August 31, 2016, purchase on the TSX up to 3,794,715 units, being 5% of the issued and outstanding units. The average daily trading volume of the REIT’s units over the last six completed calendar months was 172,663. Accordingly, under TSX rules and policies, the REIT is entitled on any trading day to purchase up to 43,165 units. Once a week, in excess of the daily 43,165 unit repurchase limit, the REIT may also make one block purchase under the block purchase exemption in accordance with the rules of TSX. All units purchased by the REIT will be cancelled.
The prices that the REIT will pay for any of the units purchased will be the market price of the units at the time of acquisition, determined in accordance with the rules of the TSX.
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.
This press release contains forward-looking statements that involve a number of risks and uncertainties. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are market and general economic conditions and the risk factors detailed from time to time in the REIT’s periodic reports filed with the Canadian securities regulatory authorities and on SEDAR at www.sedar.com. Readers are cautioned not to rely on forward-looking statements. Except as required under continuous disclosure obligations, the REIT undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Chief Executive Officer
(416) 741-7993 (FAX)