WINNIPEG, Jan. 29, 2015 /CNW/ – Temple Hotels Inc. (“Temple“) (TSX: TPH) today announced that is has received approval from the Toronto Stock Exchange (“TSX“) with respect to a normal course issuer bids (the “NCIBs“) to purchase:
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(a) |
up to 3,002,833 common shares (“Common Shares“) (TPH); |
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(b) |
up to $2,296,500 aggregate principal amount of Series C convertible unsecured subordinated debentures (the “Series C Debentures“) (TPH.DB.C); |
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(c) |
up to $3,443,600 Series D convertible unsecured subordinated debentures (the “Series D Debentures“) (TPH.DB.D); |
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(d) |
up to $4,541,700 Series E convertible unsecured subordinated debentures (the “Series E Debentures“) (TPH.DB.E); and |
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(e) |
up to $3,591,100 Series F convertible unsecured subordinated debentures (the “Series F Debentures“) (TPH.DB.F), |
representing 10% of the public float of issued and outstanding of each of the Common Shares, the Series C Debentures, the Series D Debentures, the Series E Debentures, the Series F Debentures as at January 26, 2015.
Purchases of Common Shares, Series C Debentures, Series D Debentures, Series E Debentures and Series F Debentures pursuant the NCIBs may be made through the facilities of the TSX commencing on February 2, 2015 and ending on February 1, 2016, or an earlier date in respect of a particular NCIB in the event that Temple purchases the maximum number of securities available under such NCIB. Temple will pay the market price at the time of acquisition for any securities purchased through the facilities of the TSX. All securities purchased by Temple under the NCIBs will be cancelled.
As at January 26, 2015, there were:
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(a) |
40,993,223 Common Shares issued and outstanding, 30,028,337 of which comprised the public float; |
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(b) |
$22,965,000 aggregate principal amount of Series C Debentures (22,965 Series C Debentures) outstanding, all of which comprised the public float; |
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(c) |
$34,436,000 aggregate principal amount of Series D Debentures (34,436 Series D Debentures) outstanding, all of which comprised the public float; |
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(d) |
$45,417,000 aggregate principal amount of Series E Debentures (45,417 Series E Debentures) outstanding, all of which comprised the public float; and |
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(e) |
$36,136,000 aggregate principal amount of Series F Debentures (36,136 Series F Debentures) outstanding, of which $35,911,000 aggregate principal amount of Series F Debentures (35,911 Series F Debentures) comprised the public float. |
The average daily trading volume for the 12 month period ended December 31, 2014 in respect of the securities of Temple was: (i) 103,037 Common Shares; (ii) $17,293 aggregate principal amount of Series C Debentures; (iii) $22,865 aggregate principal amount of Series D Debentures; (iv) $23,420 aggregate principal amount of Series E Debentures; and (v) $29,650 aggregate principal amount of Series F Debentures.
Under the NCIBs, the maximum number of securities that Temple may purchase on a daily basis, other than block purchase exemptions, is as follows: (i) 25,759 Common Shares; (ii) $4,323 aggregate principal amount of Series C Debentures; (iii) $5,716 aggregate principal amount of Series D Debentures; (iv) $5,855 aggregate principal amount of Series E Debentures; and (v) $7,412 aggregate principal amount of Series F Debentures.
In January and February of 2014, Temple purchased $332,000 aggregate principal amount of Series F Debentures (332 Series F Debentures) at a weighted average price of $93.91 per $100 principal amount pursuant to its previous normal course issuer bid for Series F Debentures.
Temple sought approval of the NCIBs because it believes that, from time to time, the market price of its securities may not fully reflect their value. Temple believes that, in such circumstances, the purchase of such securities represents an attractive investment for Temple.
ABOUT TEMPLE
Temple is a real estate investment company 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 cash 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.
