FREDERICTON, NB, Sept. 26,
2022 /CNW/ - Plaza Retail REIT ("Plaza") (TSX:
PLZ.UN) announced today that it has received approval from the
Toronto Stock Exchange (the "TSX") to renew its existing normal
course issuer bid (the "NCIB" or "bid") for a further year.
Under the terms of the renewed NCIB, Plaza may purchase up to
6,478,960 of its issued and outstanding trust units ("Units"),
being approximately 10% of Plaza's public float of Units as of
September 14, 2022. As of that
date, Plaza had 101,807,083 Units issued and outstanding and a
public float of 64,789,602 Units.
Purchases under the renewed NCIB will be made on the open market
through the facilities of the TSX and alternative Canadian trading
systems. Subject to certain prescribed exemptions and any
block purchase made in accordance with the rules of the TSX, daily
purchases made by Plaza may not exceed 13,703 Units, representing
25% of the average daily trading volume of the Units on the TSX for
the six-month period ended August 31,
2022 (being 54,815 Units).
The period of the renewed NCIB will commence on September 28, 2022 and will conclude on the
earlier of the date on which purchases under the bid have been
completed and September 27,
2023. Plaza believes that Units may be available during
the period of the renewed NCIB at prices that would make the
purchase of such Units in the best interests of Plaza and its
unitholders and is a desirable use of Plaza's funds. All
Units that are purchased under the NCIB will be
cancelled.
Plaza has also entered into a new automatic purchase plan
agreement (the "Plan") with its designated broker in order to
facilitate purchases of Units under the renewed NCIB. The
Plan, which has been pre-cleared by the TSX, allows for purchases
of Units by Plaza at times when it would ordinarily not be
permitted to make purchases due to regulatory restrictions or
self-imposed blackout periods. Purchases will be made by Plaza's
broker based upon the parameters prescribed by the TSX and the
terms of the parties' written agreement. The Plan will
terminate on September 27,
2023.
Under its current NCIB, which expires on September 27, 2022, Plaza sought and obtained
approval to purchase up to 6,455,226 Units. Plaza purchased
for cancellation 16,730 Units at a weighted average price of
$4.4034 per Unit, as of September 14, 2022. The purchases were made
on the open market through the facilities of the TSX and
alternative Canadian trading systems.
ABOUT PLAZA
Plaza is an open-ended real estate investment trust and is a
leading retail property owner and developer, focused on
Ontario, Quebec and Atlantic
Canada. Plaza's portfolio at June 30,
2022 includes interests in 253 properties totaling
approximately 8.8 million square feet across Canada and additional lands held for
development. Plaza's portfolio largely consists of open-air centres
and stand-alone small box retail outlets and is predominantly
occupied by national tenants. For more information, please
visit www.plaza.ca.
FORWARD LOOKING
STATEMENTS
This press release contains forward-looking statements with
respect to Plaza, which can generally be identified by the use of
forward-looking words such as "will", ''may'', ''believe'' or
variations of such words and other similar expressions or phrases
that do not relate to historical facts. Forward looking
statements in this press release include, but are not limited to,
those which relate to future purchases of Units by Plaza under the
renewed NCIB and its belief regarding prices at which such Units
may be available. Forward-looking statements involve known
and unknown risks, uncertainties and other factors which may cause
the actual results, performance or achievements of Plaza to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking statements
contained in this press release, including but not limited to the
duration and full impacts of COVID-19 on the business, operations
and financial condition of Plaza, its tenants and the economy in
general; changes in economic, retail, capital market, or debt
market conditions, including recessions and changes in, or the
extent of changes in, interest rates and the rate of inflation; and
those others described in Plaza's Annual Information Form for the
year ended December 31, 2021 and
Management's Discussion and Analysis for the period ended
June 30, 2022, which can both be
obtained on SEDAR at www.sedar.com. Forward-looking
statements are based on a number of expectations and assumptions
made in light of management's experience and perceptions of
historical trends and current conditions. Although the
forward-looking statements contained in this press release are
based upon information currently available to management and what
management believes are reasonable expectations and assumptions,
there can be no assurances that forward-looking statements will
prove to be accurate. Therefore, readers should not place
undue reliance on forward-looking statements. All
forward-looking statements speak only as of the date of this press
release and Plaza undertakes no obligation to update such
statements, except as required by law. These cautionary statements
qualify all forward-looking statements contained in this press
release.
SOURCE Plaza Retail REIT