WINNIPEG, March 10, 2016 /CNW/ – Temple Hotels Inc. (“Temple“) today announced that it has received approval from the Toronto Stock Exchange (“TSX“) with respect to a normal course issuer bid (the “NCIB“) to purchase up to 4,509,273 common shares (“Shares“), representing 10% of the public float of the Shares on February 29, 2016.
Purchases of Shares pursuant the NCIB may be made through the facilities of the TSX commencing on March 15, 2016 and ending on March 14, 2017, or an earlier date in respect of the NCIB in the event that Temple purchases the maximum number of Shares available under the NCIB. Temple will pay the market price at the time of acquisition for any Shares purchased through the facilities of the TSX. All Shares purchased by Temple under the NCIB will be cancelled.
As at February 29, 2016, there were 77,739,664 Shares outstanding, 45,092,736 Shares of which comprised the public float. The average daily trading volume for the six month period ended February 29, 2016 in respect of the Shares was 94,466. Under the NCIB, the maximum number of securities that Temple may purchase on a daily basis, other than block purchase exemptions, is 23,616 Shares.
Temple has not previously purchased any of its Shares.
Temple sought approval of the NCIB because it believes that, from time to time, the market price of the Shares may not fully reflect their value. Temple believes that, in such circumstances, the purchase of Shares may represent an attractive use of funds for Temple.
Temple is a growth oriented hotel investment company with hotel properties located across Canada. Temple is listed on the Toronto Stock Exchange under the symbols TPH (common shares), TPH.DB.C, TPH.DB.D, TPH.DB.E and TPH.DB.F (convertible debentures). The objective of Temple is to provide shareholders with stable dividends from investment in a diversified portfolio of hotel properties and related assets. For further information on Temple, please visit our website at www.templehotels.ca.
The Toronto Stock Exchange has not reviewed or approved the contents of this press release and does not accept responsibility for the adequacy or accuracy of this press release.
SOURCE Temple Hotels Inc.