QUEBEC CITY, Nov. 10, 2017 /CNW Telbec/ - Cominar Real
Estate Investment Trust ("Cominar" or the "REIT") (TSX:
CUF.UN) announced today that it has received approval of the
Toronto Stock Exchange, to proceed with a normal course issuer bid
previously announced on August 22,
2017. Under the normal course issuer bid, Cominar may
purchase up to 9,000,000 units of Cominar, representing
approximately 5.11% of the public float of units as at November 7, 2017. The average daily trading
volume for the 6-month period preceding November 1, 2017 is 508,163 units. In accordance
with TSX rules, Cominar may repurchase up to 127,040 units on a
daily basis. The bid will commence on November 15, 2017 and terminate on November 14, 2018 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 November 7, 2017, Cominar had 185,233,413 units
outstanding and a public float of 175,965,914 units. During the
past 12 months, no units were purchased by Cominar.
Cominar also announced that it has implemented an automatic
purchase plan with a broker in order to facilitate repurchases of
its units under its normal course issuer bid. Under Cominar's
automatic purchase plan, Cominar's broker may repurchase units
under the normal course issuer bid at any time including, without
limitation, when Cominar would ordinarily not be permitted to due
to regulatory restrictions or self-imposed blackout periods.
Purchases will be made by Cominar's broker based upon the
parameters prescribed by the TSX and applicable Canadian securities
laws and the terms of the parties' written agreement. Cominar may
suspend or terminate the automatic purchase plan only if it does
not have material non-public information and the decision to
suspend or terminate the automatic purchase plan is not taken
during a self-imposed trading blackout period. The automatic
purchase plan constitutes an "automatic plan" for purposes of
applicable Canadian securities legislation and has been pre-cleared
by the TSX.
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 unit interest of all remaining unitholders will be
increased on a pro rata basis.
PROFILE AS AT NOVEMBER 10,
2017
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 523 properties in three different market
segments, that is, office properties, retail properties and
industrial and mixed-use properties. Cominar's portfolio totals
44.1 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.
SOURCE COMINAR REAL ESTATE INVESTMENT TRUST