/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR
DISSEMINATION IN THE U.S./
QUÉBEC CITY, Aug. 28, 2015 /CNW Telbec/ - Cominar Real
Estate Investment Trust (TSX: CUF.UN) announced today that it has
received approval of the Toronto Stock Exchange, to proceed with a
normal course issuer bid and to amend its Distribution Reinvestment
Plan.
NORMAL COURSE ISSUER BID
Under the normal course issuer bid, Cominar may purchase up to
4,000,000 units of Cominar, representing approximately 2.36% of the
issued and outstanding units as at August 26, 2015. The
average daily trading volume for the 6-month period preceding
August 1, 2015 is 294,737 units. In accordance with TSX rules,
Cominar may repurchase up to 73,684 units on a daily basis. The bid
will commence on September 2, 2015 and terminate on
September 1, 2016 or on such earlier date as Cominar may
complete its purchases pursuant to the bid. The units will be
purchased on behalf of Cominar by a registered broker through the
facilities of TSX or alternative Canadian trading platforms. The
price paid for the units will be the market price at the time of
the acquisition, and the number of units purchased and the timing
of any such purchases will be determined by Cominar. All units
purchased by Cominar will be cancelled. As at August 26, 2015,
Cominar had 169,352,664 units outstanding. During the past 12
months, no units were purchased by Cominar.
The Trustees of Cominar have concluded that purchases of the
issued and outstanding units may be an appropriate and desirable
use of Cominar's available funds and, therefore, would be in the
best interest of Cominar. As a result of such purchases, the number
of issued units will be decreased and, consequently, the
proportionate share interest of all remaining unitholders will be
increased on a pro rata basis.
AMENDMENT TO COMINAR'S DISTRIBUTION REINVESTMENT PLAN
Cominar's Distribution Reinvestment Plan offers registered
unitholders a convenient and economical opportunity to
automatically reinvest monthly distributions in additional units
without the payment of any brokerage commissions.
Cominar has also announced that, consistent with the discount
offered by many Canadian REITs, the number of additional units to
which unitholders participating in the Distribution Reinvestment
Plan are entitled will be decreased from 5% to 3% of the amount of
the reinvested distribution, effective from the August 2015
distribution that is payable on September 15, 2015 to
unitholders of record as of August 31, 2015.
PROFILE as at August 28, 2015
Cominar is the third largest diversified real estate investment
trust in Canada and currently
remains the largest commercial property owner in the Province of
Quebec. The REIT owns a real
estate portfolio of 567 properties in three different market
segments, that is, office properties, retail properties and
industrial and mixed-use properties. Cominar's portfolio totals
46.0 million square feet spread out across Quebec, Ontario, the Atlantic Provinces and
Western Canada. Cominar's
objectives are to pay growing cash distributions to unitholders and
to maximize unitholder value through proactive management and the
expansion of its portfolio.
Forward-Looking Statements
This press release may contain forward-looking statements with
respect to Cominar and its operations, strategy, financial
performance and financial condition. These statements generally can
be identified by the use of forward-looking words such as "may",
"will", "expect", "estimate", "anticipate", "intend", "believe" or
"continue" or the negative thereof or similar variations. The
actual results and performance of Cominar discussed herein could
differ materially from those expressed or implied by such
statements. Such statements are qualified in their entirety by the
inherent risks and uncertainties surrounding future expectations.
Some important factors that could cause actual results to differ
materially from expectations include, among other things, general
economic and market factors, competition, changes in government
regulation and the factors described under "Risk Factors" in
Cominar's Annual Information Form. The cautionary statements
qualify all forward-looking statements attributable to Cominar and
persons acting on its behalf. Unless otherwise stated, all
forward-looking statements speak only as of the date of this press
release. Cominar does not assume any obligation to update the
aforementioned forward-looking statements, except as required by
applicable laws.
SOURCE COMINAR REAL ESTATE INVESTMENT TRUST