RioCan Real Estate Investment Trust Announces Normal Course Issuer Bid
October 10 2017 - 5:00PM
RioCan Real Estate Investment Trust (“RioCan”) (TSX:REI.UN) today
announced that the Toronto Stock Exchange 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 Toronto Stock Exchange.
Pursuant to the notice, RioCan is authorized to
acquire up to a maximum of 32,520,207 of its Units, or
approximately 10% of the public float of 325,202,070 as of October
6, 2017, for cancellation over the next 12 months. Purchases under
the normal course issuer bid will be made through the facilities of
the Toronto Stock Exchange 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 127,617 Units
(which is equal to 25% of 510,471, being the average daily trading
volume during the last six months), subject to RioCan’s ability to
make one block purchase of Units per calendar week that exceeds
such limits.
Any Units purchased under the normal course
issuer bid will be cancelled upon their purchase, or 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. No Units were purchased by RioCan
pursuant to its previous normal course issuer bid, which expires
October 19, 2017, under which 8,128,045 Units were available for
purchase. There are currently 326,305,794 issued and
outstanding Units of RioCan.
RioCan may begin to purchase Units on or about
October 20, 2017 and the bid will terminate on October 19, 2018 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.
About RioCanRioCan is Canada’s
largest real estate investment trust with a total enterprise value
of approximately $13.9 billion as at June 30, 2017. RioCan owns,
manages and develops retail-focused, increasingly mixed-use
properties located in prime, high-density transit-oriented areas
where Canadians want to shop, live and work. Our portfolio is
comprised of 299 properties, including 15 development properties,
with an aggregate net leasable area of approximately 45 million
square feet. To learn more about how we deliver real vision on
solid ground, visit www.riocan.com.
Forward Looking InformationThis
news release contains forward-looking information within the
meaning of applicable Canadian securities laws. This information
includes, but is not limited to, statements concerning RioCan’s
objectives, its strategies to achieve those objectives, as well as
statements with respect to management’s beliefs, plans, estimates,
and intentions, and similar statements concerning anticipated
future events or expectations that are not historical facts.
Forward-looking information generally can be identified by the use
of forward-looking terminology such as “may”, “will”, “would”,
“expect”, “intend”, “estimate”, “anticipate”, “believe”, “plan”, 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, as described under “Risks and
Uncertainties” in RioCan's Management's Discussion and Analysis for
the period ended June 30, 2017 ("MD&A") and the Trust’s most
recent Annual Information Form, and including that the transactions
contemplated herein are completed, which could cause actual events
or results to differ materially from the forward-looking
information contained in this News Release. Although the forward
looking information contained in this News Release is based upon
what management believes are reasonable assumptions, there can be
no assurance that actual results will be consistent with these
forward-looking statements. Certain statements included in this
News Release may be considered "financial outlook" for purposes of
applicable securities laws, and such financial outlook may not be
appropriate for purposes other than this News Release.
Except as required by applicable law, RioCan
undertakes no obligation to publicly update or revise any
forward-looking information, whether as a result of new
information, future events or otherwise.
For further information contact:RioCan Real
Estate Investment TrustQi TangSVP and Chief Financial
Officer416-866-3033
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