/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES/
TORONTO, Aug. 24, 2016 /CNW/ - First Capital Realty Inc.
(TSX: FCR), one of Canada's
largest owners, developers and managers of grocery anchored,
retail-focused urban properties, announced today that it intends to
renew its normal course issuer bid ("NCIB") for each of its
outstanding series of convertible unsecured subordinated debentures
(TSX: FCR.DB.E, FCR.DB.F, FCR.DB.I and FCR.DB.J). All convertible
debentures purchased under the NCIB will be cancelled.
First Capital Realty will enter into one or more pre-defined
automatic securities purchase plans with its broker from time to
time during the course of its NCIB to enable purchases of
convertible debentures under the NCIB to be made at times when the
Company would ordinarily not be permitted to, due to its
self-imposed internal blackout periods, insider trading rules or
otherwise, subject to certain parameters. The series and classes of
convertible debentures subject to an automatic plan may vary.
Outside of these restricted periods, convertible debentures will be
purchased in accordance with management's discretion.
Under the NCIB, First Capital Realty may purchase such
convertible debentures, representing 10% of the public float
thereof as of August 10, 2016, up to
the following limits:
|
|
|
|
|
Limit on Purchases
(Principal Amount)
|
|
Ticker
Symbol
|
|
Outstanding
Principal
Amount1
|
|
Total
Limit2
|
|
Daily
Limit3
|
Series E
Debentures
|
TSX:FCR.DB.E
|
|
$54,670,000
|
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$5,467,000
|
$2,867
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Series F
Debentures
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TSX:FCR.DB.F
|
|
$51,601,000
|
|
$5,145,100
|
$5,625
|
Series I
Debentures
|
TSX:FCR.DB.I
|
|
$51,217,000
|
|
$5,121,700
|
$7,190
|
Series J
Debentures
|
TSX:FCR.DB.J
|
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$55,489,000
|
|
$5,548,900
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$5,619
|
_______
Notes:
1. As of August 10, 2016.
2. Represents 10% of the public float.
3. Represents the maximum principal amount of convertible
debentures that may be purchased over the TSX during the course of
one trading day. This amount is equal to the greater of
$1,000 principal amount of the
applicable convertible debentures and 25% of the average daily
trading volume of such debentures for the six-month period ended
July 31, 2016. Permitted "block"
purchases are exempt from the applicable daily limit.
In addition, the Company may from time to time make other
purchases of its convertible debentures in accordance with
applicable securities laws and rules of the applicable stock
exchange.
First Capital Realty believes that its convertible debentures
may trade in a range that may not fully reflect the value of the
convertible debentures. As a result, the Company believes that the
purchase of convertible debentures from time to time can be
undertaken at prices that make the acquisition of such securities
an appropriate use of the company's available funds. In addition,
purchases, including purchases under the NCIB, may increase the
liquidity of the convertible debentures.
First Capital Realty intends to commence the NCIB on
August 29, 2016. The NCIB will expire
on August 28, 2017 or such earlier
date as the Company completes its purchases pursuant to the NCIB.
All purchases made under the NCIB will be made through the
facilities of the TSX or other alternative Canadian trading systems
and in accordance with applicable rules at market prices prevailing
at the time of purchase. The actual amount of convertible
debentures that may be purchased under the NCIB is subject to, and
cannot exceed, limits referred to above and the timing of such
purchases will be determined by the Company.
Under its current NCIB expiring on August
26, 2016, as of the close of business on August 10, 2016 First Capital Realty had
purchased $952,000 principal amount
of Series E Debentures, $3,023,000
principal amount of Series F Debentures, $387,000 principal amount of Series I Debentures
and $981,000 principal amount of
Series J Debentures at weighted-average prices per $100.00 principal amount of such debentures of
$102.73, $101.87, $100.52
and $100.10, respectively.
ABOUT FIRST CAPITAL REALTY (TSX: FCR)
First Capital Realty is one of Canada's largest owners, developers and
managers of grocery anchored, retail-focused urban properties where
people live and shop for everyday life. First Capital Realty
currently owns interests in 161 properties, totaling approximately
25.2 million square feet of gross leasable area.
Forward Looking Statements
This press release contains forward-looking statements and
information within the meaning of applicable securities law.
Forward-looking statements can be identified by the expressions
"expects", "believes", "estimates", "will" and similar expressions.
The forward-looking statements are not historical facts but reflect
First Capital Realty's current expectations regarding future
results or events and are based on information currently available
to Management. Certain material factors and assumptions were
applied in providing these forward-looking statements.
Management believes that the expectations reflected in
forward-looking statements are based upon reasonable assumptions;
however, Management can give no assurance that the actual results
or developments will be consistent with these forward-looking
statements. These forward-looking statements are subject to a
number of risks and uncertainties that could cause actual results
or events to differ materially from current expectations, including
the matters discussed under "Risks and Uncertainties" in First
Capital Realty's Management's Discussion and Analysis for the year
ended December 31, 2015 and under
"Risk Factors" in its current Annual Information Form. Readers,
therefore, should not place undue reliance on any such
forward-looking statements. Further, a forward-looking statement
speaks only as of the date on which such statement is made. First
Capital Realty undertakes no obligation to publicly update any such
statement or to reflect new information or the occurrence of future
events or circumstances except as required by applicable securities
law.
All forward-looking statements in this press release are made
as of the date hereof and are qualified by these cautionary
statements.
SOURCE First Capital Realty Inc.