WINNIPEG, MB, March 28,
2022 /CNW/ - Marwest Apartment Real Estate Investment
Trust ("Marwest Apartment REIT" or the "REIT") (TSXV:
MAR.UN) announces that it has filed a Notice of Intention to Make a
Normal Course Issuer Bid ("NCIB") with the TSX Venture
Exchange (the "TSXV"), which will allow the REIT to purchase
outstanding trust units of the REIT ("Units"). The
implementation of the NCIB remains subject to the approval of the
TSXV.
The REIT plans to implement the NCIB because it believes that,
from time to time, the market price of the Units may not fully
reflect the underlying value of the REIT's business and its future
prospects. Accordingly, the REIT believes that having the ability
to purchase the Units will be in the interest of the REIT and
represents an opportunity to enhance unitholder value.
Under the NCIB, if approved by the TSXV, the REIT may acquire up
to an aggregate of 787,956 Units over the 12-month period
commencing on March 31, 2022 and
ending on March 30, 2023,
representing approximately 10.0% of the "public float" (calculated
in accordance with the policies of the TSXV) as of March 31, 2022. Additionally, under the NCIB, the
REIT may not acquire more than 2% of the issued and outstanding
Units in any 30 day period. Purchases subject to the NCIB will be
carried out pursuant to open market transactions through the
facilities of the TSXV and alternative trading systems or by such
other means as may be permitted under applicable securities laws
during the term of the NCIB at the prevailing market price of the
Units at the time of purchase. All Units purchased by the REIT
under the NCIB will be returned to treasury and cancelled. The
actual number of Units which may be purchased pursuant to the NCIB
and the timing of any purchases will be determined by management
and the Board of Trustees of the REIT. The NCIB will be conducted
through Canaccord Genuity Corp. ("Canaccord"), a member of the
TSXV, and made in accordance with the policies of the TSXV. The
funding for any purchases pursuant to the NCIB will be from the
working capital of the REIT.
In connection with the NCIB, the REIT has entered into an
automatic unit purchase plan ("AUPP") with Canaccord as the
designated broker. The AUPP provides a set of standard instructions
to Canaccord to make purchases under the NCIB in accordance with
the limits and other terms set out in the AUPP. Canaccord will
determine the timing of these purchases in its sole discretion
based on purchasing parameters set by Marwest Apartment REIT and
subject to the policies of the TSXV, applicable securities laws and
the terms of the AUPP.
To Marwest Apartment REIT's knowledge, none of the trustees,
officers, or other insiders of the REIT, or any associate of such
person, or any associate of affiliate of the REIT, has any present
intention to sell any Units to the REIT pursuant to the NCIB.
Marwest Apartment REIT has not previously purchased for
cancellation any of its outstanding Units.
A copy of REIT's notice with respect to the NCIB filed with the
TSXV may be obtained, by any Unitholder without charge, by
contacting the REIT's Chief Executive Officer, William Martens by telephone at 204-947-1200 or
by email at wcm@marwest.ca.
This press release shall not constitute an offer to sell, or the
solicitation of an offer to buy, nor may there be any sale of the
Units in any state or jurisdiction in which such an offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About Marwest Apartment REIT
The REIT is an unincorporated open-ended trust governed by the
laws of the Province of Manitoba.
The REIT was formed to provide Unitholders with the opportunity to
invest in the Canadian multi-family rental sector through the
ownership of high-quality income-producing properties, with an
initial focus on stable markets throughout Western Canada.
Forward-Looking statements
The information in this news release includes certain
information and statements about management's views of future
events, expectations, plans and prospects that constitute
forward-looking statements. These statements are based upon the
assumptions that are subject to significant risks and
uncertainties. Because of these risks and uncertainties and as a
result of a variety of factors, the actual results, expectations,
achievements or performance may differ materially from those
anticipated and indicated by these forward-looking statements.
Forward-looking statements in this news release include, but are
not limited to, the REIT's intention to purchase Units pursuant to
a normal course issuer bid. A number of factors could cause actual
results to differ materially from these forward-looking statements.
The implementation of a normal course issuer bid will be dependent
upon a number of factors, including but not limited to the
financial performance, financial condition and financial
requirements of the REIT. Although management of the REIT believes
that the expectations reflected in forward-looking statements are
reasonable, it can give no assurances that the expectations of any
forward-looking statements will prove to be correct. Except as
required by law, the REIT disclaims any intention and assumes no
obligation to update or revise any forward-looking statements to
reflect actual results, whether as a result of new information,
future events, changes in assumptions, changes in factors affecting
such forward-looking statements or otherwise.
Neither the TSXV nor its Regulation Services Provider (as that
terms is defined in the policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this news
release.
The Units are not registered under the United States Securities
Act of 1933, as amended (the "U.S. Securities Act") and may not be
offered or sold within the United
States or to or for the account or benefit of U.S. persons,
except in certain transactions exempt from the registration
requirements of the U.S. Securities Act. This press release does
not constitute an offer to sell, or the solicitation of an offer to
buy, securities of the REIT in the United
States or in any other jurisdiction.
SOURCE Marwest Apartment Real Estate Investment Trust