LANESBOROUGH
Real estate investment trust
2600 Seven Evergreen Place
Winnipeg, Manitoba
R3L 2T3
Tel. 204.475.9090
Fax. 204.475.5505
LANESBOROUGH REAL ESTATE INVESTMENT TRUST Press Release LANESBOROUGH REIT ANNOUNCES NORMAL COURSE ISSUER BIDS
Winnipeg, Manitoba, January 10, 2012 - Lanesborough Real
Estate Investment Trust ("LREIT") (TSX: LRT.UN) today
announced that is has received approval from the Toronto
Stock Exchange ("TSX") with respect to:
(a) a normal course issuer bid to purchase up to an aggregate
of 1,383,378 trust units ("Trust Units") of LREIT (the "Trust
Unit NCIB"), representing approximately10% of the public
float; and
(b) a normal course issuer bid to purchase up to $2,529,000
aggregate principal amount of 8 Year 9.50% Series G
Redeemable Subordinated Secured Debentures due February 28,
2015 ("Series G Debentures") of LREIT (the "Series G
Debenture NCIB" and together with the Trust Unit NCIB, the
"NCIBs"), representing approximately 10% of the public
float.
Purchases of securities pursuant the NCIBs will be made
through the facilities of the
TSX. The period of each of the NCIBs will extend from January
12, 2012 to January 11,
2013, or an earlier date in respect of a particular NCIB,
should LREIT purchase the maximum number of the securities
available under such NCIB. LREIT will pay the market price at
the time of acquisition for any securities purchased through
the facilities of the TSX. All securities acquired by LREIT
under the NCIBs will be cancelled.
As at January 5, 2012:
(a) there were 17,988,339 issued and outstanding, of which
13,833,788 Trust Units comprise the public float of Trust
Units. The average daily trading volume of the Trust Units
for the six month period ended December 31, 2011 was 15,165
Trust Units. 25% of the average daily trading volume of the
Trust Units for the six month period ended December 31, 2011
is approximately 3,791 Trust Units; and
(b) there were Series G Debentures having an aggregate
principal amount of
$25,292,000 issued and outstanding, of which the entire
amount comprised the public float of Series G Debentures. The
average daily trading volume of the Series G Debentures for
the six month period ended December 31, 2011 was
$52,000 aggregate principal amount of Series G Debentures.
25% of the average daily trading volume of Series G
Debentures for the six month period ended
December 31, 2011 is approximately $13,000 aggregate
principal amount of
Series G Debentures.
Under the NCIBs, the maximum number of securities that may be
purchased by LREIT on a daily basis is 3,791 Trust Units and
$13,194 aggregate principal amount of Series G
Debentures.
LREIT sought approval of the NCIBs because it believes that,
from time to time, the market price of the Trust Units and/or
the Series G Debentures may not fully reflect the underlying
value of such securities. LREIT believes that, in such
circumstances, the purchase of Trust Units or Series G
Debentures, as applicable, represents an attractive
investment for LREIT.
During the twelve calendar months ended December 31, 2011,
LREIT acquired $287,000
Series G Debentures at a weighted average price of $77.8389
per $100 principal amount under its previous normal course
issuer bids for Series G Debentures..
LREIT is a real estate investment trust, which is listed on
the Toronto Stock Exchange under the symbols LRT.UN (Trust
Units), LRT.DB.G (Series G Debentures), LRT.NT.A (Mortgage
Bonds), LRT.WT (Trust Unit purchase warrants expiring March
10, 2015) and LRT.WT.A (Trust Unit purchase warrants expiring
December 23, 2015). For further information on LREIT, please
visit our website at www.lreit.com.
Arni
Thorsteinson, Chief Executive Officer, or Gino Romagnoli,
Investor Relations
Tel: (204) 475-9090, Fax: (204) 452-5505, Email: info@lreit.ca
The Toronto Stock Exchange has not reviewed or approved the contents of this press release and does not accept responsibility for the adequacy or accuracy of this press release.
distribué par | Ce noodl a été diffusé par Lanesborough Real Estate Investment Trust et initialement mise en ligne sur le site http://www.lreit.com. La version originale est disponible ici. Ce noodl a été distribué par noodls dans son format d'origine et sans modification sur 2012-01-10 22:42:04 PM et restera accessible depuis ce lien permanent. Cette annonce est protégée par les règles du droit d'auteur et toute autre loi applicable, et son propriétaire est seul responsable de sa véracité et de son originalité. |
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