WINNIPEG, Feb. 26, 2016 /CNW/ – Temple Hotels Inc. (“Temple“) today announced that it has received approval from the Toronto Stock Exchange (“TSX“) with respect to normal course issuer bids (the “NCIBs“) to purchase:
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(a) |
up to $2,192,200 aggregate principal amount of Series C convertible redeemable debentures (the “Series C Debentures“) (TPH.DB.C); |
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(b) |
up to $3,313,700 aggregate principal amount of Series D convertible redeemable debentures (the “Series D Debentures“) (TPH.DB.D); |
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(c) |
up to $4,404,000 aggregate principal amount of Series E convertible redeemable debentures (the “Series E Debentures“) (TPH.DB.E); and |
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(d) |
up to $3,359,400 aggregate principal amount of Series F convertible redeemable debentures (the “Series F Debentures“) (TPH.DB.F), |
representing 10% of the public float of each of the Series C Debentures, Series D Debentures, Series E Debentures and Series F Debentures (collectively, “Debentures“) as at February 18, 2016.
Purchases of 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 March 1, 2016 and ending on February 28, 2017, or an earlier date in respect of a particular NCIB in the event that Temple purchases the maximum number of Debentures available under such NCIB. Temple will pay the market price at the time of acquisition for any Debentures purchased through the facilities of the TSX. All Debentures purchased by Temple under the NCIBs will be cancelled.
As at February 18, 2016, there were:
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(a) |
$22,773,000 aggregate principal amount of Series C Debentures (22,773 Series C Debentures) outstanding, of which $21,922,000 aggregate principal amount of Series C Debentures (21,922 Series C Debentures) comprised the public float; |
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(b) |
$34,282,000 aggregate principal amount of Series D Debentures (34,282 Series D Debentures) outstanding, of which $33,137,000 aggregate principal amount of Series D Debentures (33,137 Series D Debentures) comprised the public float; |
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(c) |
$45,164,000 aggregate principal amount of Series E Debentures (45,164 Series E Debentures) outstanding, of which $44,040,000 aggregate principal amount of Series E Debentures (44,040 Series E Debentures) comprised the public float; and |
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(d) |
$34,419,000 aggregate principal amount of Series F Debentures (34,419 Series F Debentures) outstanding, of which $33,594,000 aggregate principal amount of Series F Debentures (33,594 Series F Debentures) comprised the public float. |
The average daily trading volume for the 12 month period ended January 31, 2016 in respect of the Debentures was: (i) $31,370.94 aggregate principal amount of Series C Debentures; (ii) $23,419.35 aggregate principal amount of Series D Debentures; (iii) $28,346.77 aggregate principal amount of Series E Debentures; and (iv) $40,983.87 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) $7,842 aggregate principal amount of Series C Debentures; (iii) $5,854 aggregate principal amount of Series D Debentures; (iv) $7,086 aggregate principal amount of Series E Debentures; and (v) $10,245 aggregate principal amount of Series F Debentures.
During the 12-month period ended January 31, 2016, Temple purchased $192,000 aggregate principal amount of Series C Debentures (192 Series C Debentures) at a weighted average price of $94.82 per $100 principal amount; $154,000 aggregate principal amount of Series D Debentures (154 Series D Debentures) at a weighted average price of $81.99 per $100 principal amount; $253,000 aggregate principal amount of Series E Debentures (253 Series E Debentures) at a weighted average price of $77.83 per $100 principal amount; and $1,717,000 aggregate principal amount of Series F Debentures (1,717 Series F Debentures) at a weighted average price of $74.19 per $100 principal amount pursuant to its normal course issuer bids for such 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 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.
