RioCan Real Estate Investment Trust Announces Renewal of Normal Course Issuer Bid
November 08 2024 - 7:30AM
Business Wire
RioCan Real Estate Investment Trust (“RioCan”) (TSX:REI.UN)
today announced that the Toronto Stock Exchange (“TSX) has approved
its notice of intention to make a normal course issuer bid for a
portion of its trust units (“Units”) as appropriate opportunities
arise from time to time. RioCan's normal course issuer bid will be
made in accordance with the requirements of the TSX.
Pursuant to the notice, RioCan is authorized to acquire up to a
maximum of 29,878,867 of its 299,967,991 outstanding Units, or
approximately 10% of the public float of 298,788,675 as of October
31, 2024, over the next 12 months. Purchases under the normal
course issuer bid will be made through the facilities of the TSX or
through a Canadian alternative trading system and in accordance
with applicable regulatory requirements at a price per Unit equal
to the market at the time of acquisition. The number of Units that
can be purchased pursuant to the bid is subject to a current daily
maximum of 209,391 Units (which is equal to 25% of 837,564, being
the average daily trading volume on the TSX during the last six
months), subject to RioCan’s ability to make one block purchase of
Units per calendar week that exceeds such limits.
Units purchased under the normal course issuer bid will be
cancelled upon their purchase or may be used to satisfy RioCan’s
obligation to deliver Units under RioCan’s Restricted Equity Unit
Plan and/or Performance Equity Unit Plan. RioCan intends to fund
the purchases out of its available cash and undrawn credit
facilities. Under its previous normal course issuer bid, which
expired on November 8, 2024, RioCan was authorized to acquire a
total of 29,895,017 Units. RioCan did not purchase any Units under
its previous normal course issuer bid.
RioCan may begin to purchase Units on November 12, 2024 and the
bid will terminate on November 11, 2025 or such earlier time as
RioCan completes its purchases pursuant to the bid or provides
notice of termination. RioCan believes that the purchase of its
Units may represent an investment opportunity for the Trust and an
appropriate and desirable use of its funds based on market
conditions, Unit price and other factors.
RioCan has adopted an automatic securities purchase plan
(“ASPP”) in connection with its normal course issuer bid that
contains strict parameters regarding how its Units may be
repurchased during times when it would ordinarily not be permitted
to purchase Units due to regulatory restrictions or self-imposed
blackout periods. Pursuant to the ASPP, purchases will be made by
RioCan’s designated broker based on pre-established purchasing
parameters, in accordance with the rules of the TSX, applicable
securities laws and the terms of the ASPP. The ASPP has been
pre-cleared by the TSX and will be implemented effective
immediately. All purchases made under the ASPP will be included in
computing the number of Units purchased under RioCan’s normal
course issuer bid. Outside of pre-determined blackout periods,
Units may be purchased under the normal course issuer bid at such
times as RioCan may determine in compliance with TSX rules and
applicable securities laws.
About RioCan
RioCan is one of Canada’s largest real estate investment trusts.
RioCan owns, manages and develops retail-focused, mixed-use
properties located in prime, high-density transit-oriented areas
where Canadians want to shop, live and work. As at June 30, 2024,
our portfolio is comprised of 187 properties with an aggregate net
leasable area of approximately 33 million square feet (at RioCan's
interest). To learn more about us, please visit www.riocan.com.
Forward-Looking Information
This News Release contains forward-looking information within
the meaning of applicable Canadian securities laws. This
information reflects RioCan’s objectives, our strategies to achieve
those objectives, as well as statements with respect to
management’s beliefs, estimates and intentions concerning
anticipated future events, results, circumstances, performance or
expectations that are not historical facts. Forward-looking
information generally can be identified by the use of
forward-looking terminology such as “outlook”, “objective”, “may”,
“will”, “would”, “expect”, “intend”, “estimate”, “anticipate”,
“believe”, “should”, “plan”, “continue”, or similar expressions
suggesting future outcomes or events. Such forward-looking
information reflects management’s current beliefs and is based on
information currently available to management. All forward-looking
information in this News Release is qualified by these cautionary
statements.
Forward-looking information is not a guarantee of future events
or performance and, by its nature, is based on RioCan’s current
estimates and assumptions, which are subject to numerous risks and
uncertainties, including those described in the “Risks and
Uncertainties” section in RioCan's MD&A for three and six
months ended June 30, 2024 and in our most recent Annual
Information Form, which could cause actual events or results to
differ materially from the forward-looking information contained in
this News Release. General economic conditions, including interest
rate fluctuations, may also have an effect on RioCan’s results of
operations.
The forward-looking statements contained in this News Release
are made as of the date hereof, and should not be relied upon as
representing RioCan’s views as of any date subsequent to the date
of this News Release. Management undertakes no obligation, except
as required by applicable law, to publicly update or revise any
forward-looking information, whether as a result of new
information, future events or otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241108195061/en/
RioCan: Kim Lee Vice President, Investor Relations (416)
646-8326
RioCan Real Estate Inves... (TSX:REI.UN)
Historical Stock Chart
From Nov 2024 to Dec 2024
RioCan Real Estate Inves... (TSX:REI.UN)
Historical Stock Chart
From Dec 2023 to Dec 2024