MISSISSAUGA, ON, Sept. 17, 2020 /CNW/ - Morguard Corporation
(MRC:TSX) ("Morguard") announced today that the Toronto Stock
Exchange (the "TSX") has accepted a notice filed by Morguard of its
intention to make a normal course issuer bid through the facilities
of the TSX and/or alternative Canadian trading systems.
The notice provides that Morguard may, during the twelve-month
period commencing September 22, 2020
and ending September 21, 2021
purchase up to 557,812 common shares ("Common Shares") in total,
being approximately 5% of the issued and outstanding Common
Shares. The daily repurchase restriction for the Common
Shares is 1,000. Common Shares purchased under the normal
course issuer bid will be cancelled. The price that Morguard
will pay for any such Common Shares will be the market price at the
time of acquisition. Management of Morguard will determine
the actual number of Common Shares that may be purchased and the
timing of any such purchases, subject to compliance with TSX
guidelines.
Under its previous normal course issuer bid, Morguard was
approved to purchase up to 564,117 Common Shares. Morguard
purchased 126,631 Common Shares for cancellation during the last
twelve months at an average cost per share of $138.36 through the facilities of the TSX and/or
alternative Canadian trading systems. As of September 14, 2020, there were 11,156,253 Common
Shares outstanding. Morguard's average daily trading volume
for the prior six months is 3,770.
Morguard believes that its Common Shares have been trading in
price ranges which do not adequately reflect their value in
relation to the business of Morguard and its future business
prospects. As a result, depending upon future price movements
and other factors, Morguard believes that its outstanding Common
Shares may represent an attractive investment. Furthermore,
the purchases are expected to benefit all persons who continue to
hold Common Shares by increasing their proportionate interest in
Morguard.
About Morguard Corporation
Morguard Corporation is a major North American real estate and
property management company. It has extensive retail, office,
industrial, hotel and residential holdings owned directly and
through its investment in Morguard Real Estate Investment Trust and
Morguard North American Residential REIT. Morguard also
provides real estate management services to institutional and other
investors. Morguard's owned and managed portfolio of assets
is valued at $20.1 billion.
For more information, visit Morguard.com.
SOURCE Morguard Corporation