/NOT FOR DISTRIBUTION IN THE U.S. OR OVER U.S.
NEWSWIRES/
TORONTO, July 6, 2015 /CNW/ - True North
Commercial Real Estate Investment Trust (the "REIT") (TSX:
TNT.UN) announced today that it has entered into an automatic unit
purchase plan (the "Plan") with a broker in order to
facilitate repurchases of its trust units ("Units") under
its previously announced normal course issuer bid (the
"NCIB") for up to a maximum of 22,807 Units through the
facilities of the Toronto Stock Exchange (the "TSX").
Purchases under the Plan will be made by the REIT's broker based on
the parameters prescribed by the TSX, applicable Canadian
securities laws and the terms of the parties' written agreement.
The Plan is intended for the purchase of Units only under the
NCIB. Under the Plan, the REIT's broker may purchase Units
under the NCIB when the REIT would ordinarily not be permitted. The
Plan commences on July 6, 2015 and
expires on August 14, 2015, excluding
July 29-31, 2015 (inclusive), and has
been approved by the TSX.
The REIT believes the current market prices of the Units do not
reflect their underlying value. Accordingly, the REIT has
implemented the NCIB because it believes that Units may become
available during the period of the NCIB at prices that would make
the purchase of such Units for cancellation in the best interests
of the REIT and its Unitholders.
Forward-looking Information
Certain statements contained in this press release constitute
forward-looking information within the meaning of Canadian
securities laws. Forward-looking statements are provided for the
purposes of presenting information about management's current
expectations and plans relating to the future and readers are
cautioned such statements may not be appropriate for other
purposes. Forward-looking information may relate to the REIT's
future outlook and anticipated events or results, including the
number of Units that may be purchased under the NCIB, and may
include statements regarding the financial position, business
strategy, budgets, litigation, projected costs, capital
expenditures, financing rates and costs, financial results, taxes
and plans and objectives of or involving the REIT. Particularly,
statements regarding future results, performance, achievements,
prospects or opportunities for the REIT or the real estate industry
are forward-looking statements. In some cases, forward-looking
information can be identified by terms such as "may", "might",
"will", "could", "should", "would", "occur", "expect", "plan",
"anticipate", "believe", "intend", "seek", "aim", "estimate",
"target", "project", "predict", "forecast", "potential",
"continue", "likely", "schedule", or the negative thereof or other
similar expressions concerning matters that are not historical
facts.
Forward-looking information necessarily involves known and
unknown risks and uncertainties, which may be general or specific,
and which give rise to the possibility that expectations,
forecasts, predictions, projections or conclusions will not prove
to be accurate, assumptions may not be correct and objectives,
strategic goals and priorities will not be achieved. A variety of
factors, many of which are beyond the REIT's control, affect the
operations, performance and results of the REIT and its business,
and could cause actual results to differ materially from current
expectations of estimated or anticipated events or results. These
factors include, but are not limited to, the market price of the
Units being too high to ensure that purchases benefit the REIT and
its unitholders, and the risks discussed in the REIT's materials
filed with Canadian securities regulatory authorities from time to
time on www.sedar.com. The reader is cautioned to consider these
and other factors, uncertainties and potential events carefully and
not to put undue reliance on forward-looking information as there
can be no assurance that actual results will be consistent with
such forward-looking information.
Information contained in forward-looking statements is based
upon certain material assumptions, including management's
perceptions of historical trends, current conditions and expected
future developments, as well as other considerations that are
believed to be appropriate in the circumstances, such as: the
Canadian economy will remain stable over the next 12 months;
inflation will remain relatively low; interest rates will remain
stable; conditions within the real estate market, including
competition for acquisitions, will be consistent with the current
climate; the Canadian capital markets will continue to provide the
REIT with access to equity and/or debt at reasonable rates when
required; Starlight Investments Ltd. will continue its involvement
as asset manager of the REIT in accordance with its current asset
management agreement; and the risks identified or referenced above,
collectively, will not have a material impact on the REIT. While
management considers these assumptions to be reasonable based on
currently available information, they may prove to be
incorrect.
The forward-looking statements in this press release are dated,
and relate only to events or information, as of the date of this
press release. Except as specifically required by law, the REIT
undertakes no obligation to update or revise publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise, after the date on which the statements
are made or to reflect the occurrence of unanticipated events.
About the REIT
The REIT is an unincorporated, open-ended real estate investment
trust established under the laws of the Province of Ontario. The REIT is focused on acquiring and
operating commercial rental properties across Canada and such other jurisdictions where
opportunities exist.
For complete financial statements and management's discussion
and analysis for the period, and any other information relating to
the REIT, please visit www.sedar.com or the REIT's website at
www.truenorthreit.com.
SOURCE True North Commercial Real Estate Investment Trust