/NOT FOR DISTRIBUTION IN THE U.S. OR OVER
U.S. NEWSWIRES/
TORONTO, April 16,
2024 /CNW/ - True North Commercial Real Estate
Investment Trust (TSX: TNT.UN) (the "REIT") is pleased to
announce today that the Toronto Stock Exchange (the "TSX") has
approved the renewal of the REIT's normal course issuer bid (the
"Bid").
Pursuant to the Bid, the REIT may purchase for cancellation,
from time to time, as it considers advisable, up to a maximum of
1,334,889 trust units of the REIT ("Units"). The Bid will become
effecting on April 18, 2024 and
terminate on April 17,2025 or such
earlier time as the Bid is completed or terminated at the option of
the REIT.
The REIT's intention to continue its Unit buyback program is
consistent with the REIT's capital allocation strategy which
includes enhancing unitholder value by allocating available capital
to generate the highest potential return. The REIT believes there
are times when the market price of its Units may not fully reflect
the underlying value of its business and future prospects.
Depending on the trading price of its Units and other relevant
factors, the REIT believes purchasing Units represents an
attractive investment opportunity and is in the best interest of
the REIT and its Unitholders.
The maximum number of Units to be purchased pursuant to the Bid
represents 10% of the public float, as of April 4, 2024. The REIT had 14,993,362 Units
issued and outstanding as of April 4,
2024. Purchases pursuant to the Bid will be made on the open
market through the facilities of the TSX and/or alternative trading
systems in Canada. The number of
Units that can be purchased pursuant to the Bid is subject to a
daily maximum of 16,113 Units (which is equal to 25% of the average
daily trading volume of 64,452 Units from October 1, 2023 to March
29, 2024, less any Units purchased during that period under
the Prior Bid (as defined below)) with the exception that one block
purchase in excess of the daily maximum is permitted per calendar
week. The price the REIT will pay for any Units under the Bid will
be the prevailing market price on the TSX at the time of such
purchase. Units acquired under the Bid will be cancelled.
Under the REIT's normal course issuer bid (the "Prior Bid") that
commenced on April 18, 2023, the REIT
sought and received approval from the TSX to purchase up to
1,432,966 Units, and as at April 4,
2023 repurchased an aggregate of 1,049,431 Units at a
weighted average price of $8.2776 per Unit that expires on
April 17, 2024. Such purchases were
effected primarily through the facilities of the TSX and other
designated exchanges and/or alternative trading systems.
The REIT has entered into an automatic share purchase plan
("ASPP") with CIBC World Markets Inc. ("CIBC") in order to
facilitate repurchases of its Units. Under the REIT's ASPP, CIBC
may repurchase Units under the Bid during the REIT's self-imposed
blackout periods. Purchases will be made by CIBC based upon the
parameters prescribed by the TSX and applicable securities laws,
the terms of the plan and the parties' written agreement. Outside
of these blackout periods, Units may be purchased under the Bid in
accordance with management's discretion.
This news release does not constitute an offer to sell, or a
solicitation of an offer to buy, any security and shall not
constitute an offer, solicitation or sale in any jurisdiction in
which such an offer, solicitation, or sale would be unlawful.
About the REIT
The REIT is an unincorporated, open-ended real estate investment
trust established under the laws of the Province of Ontario. The REIT currently owns and operates
a portfolio of 42 commercial properties consisting of approximately
4.7 million square feet in urban and select strategic secondary
markets across Canada focusing on
long term leases with government and credit rated tenants.
The REIT is focused on growing its portfolio principally through
acquisitions across Canada and
such other jurisdictions where opportunities exist. Additional
information concerning the REIT is available at www.sedarplus.ca or
the REIT's website at www.truenorthreit.com.
Forward-Looking
Information
Certain statements contained in this news release may constitute
forward-looking statements within the meaning of applicable
Canadian securities laws. These statements relate to future events
or the REIT's future performance. All statements other than
statements of historical fact may be forward-looking statements.
The use of any of the words "may", "might", "will", "could",
"should", "would", "expect", "plan", "anticipate", "believe",
"intend", "seek", "aim", "estimate", "target", "goal", "project",
"predict", "forecast", "potential", "continue", "likely" and
similar expressions are intended to identify forward-looking
statements. Forward-looking statements are often, but not always,
identified by such words. These statements involve known and
unknown risks, uncertainties and other factors that may cause
actual results or events to differ materially from those
anticipated in such forward-looking statements. In particular, and
without limiting the foregoing, this news release contains
forward-looking statements with respect to the REIT's intentions
with respect to the Bid and the effects of repurchases of Units
thereunder, including any enhancement to unitholder value. Such
forward-looking information is based on certain assumptions and
analysis made by the REIT in light of its experience and perception
of current conditions and expected future developments as well as
other factors it believes are appropriate in the circumstances.
However, whether actual results, performance or achievements will
conform to the REIT's expectations and predictions is subject to a
number of known and unknown risks and uncertainties which could
cause actual results to differ materially from the REIT's
expectations. Further information regarding the assumptions and
risks inherent in the making of forward-looking statements can be
found in the REIT's most recently filed Annual Information Form
("AIF"), along with the REIT's other public disclosure documents.
Copies of the AIF and the REIT's other public disclosure documents
are available through the REIT's website at
www.truenorthreit.com and through the SEDAR+ website at
www.sedarplus.ca. The forward-looking information included in this
news release is expressly qualified in its entirety by the
foregoing cautionary statements. Unless otherwise stated, the
forward-looking information included in this news release is made
as of the date of this news release and the REIT assumes no
obligation to update or revise any forward-looking information to
reflect new events or circumstances, except as required by law.
SOURCE True North Commercial Real Estate Investment Trust