Renews Normal Course Issuer Bid FREDERICTON, NB, Sept. 24, 2021 /CNW/ - Plaza Retail REIT ("Plaza") (TSX: PLZ.UN) announced today that it has received approval from the Toronto Stock Exchange (the "TSX") to renew its existing normal course issuer bid (the "NCIB" or "bid") for a further year. Under the terms of the renewed NCIB, Plaza may purchase up to 6,455,226 of its issued and outstanding trust units ("Units"), being approximately 10% of Plaza's public float of Units as of September 14, 2021. As of that date, Plaza had 101,787,850 Units issued and outstanding and a public float of 64,552,260 Units.
Purchases under the renewed NCIB will be made through the facilities of the TSX and any alternative trading system in Canada. Subject to certain prescribed exemptions and any block purchase made in accordance with the rules of the TSX, daily purchases made by Plaza may not exceed 20,461 Units, representing 25% of the average daily trading volume of the Units on the TSX for the six-month period ended August 31, 2021 (being 81,846 Units).
The period of the renewed NCIB will commence on September 28, 2021 and will conclude on the earlier of the date on which purchases under the bid have been completed and September 27, 2022. Plaza believes that Units may be available during the period of the renewed NCIB at prices that would make the purchase of such Units in the best interests of Plaza and its unitholders and is a desirable use of Plaza's funds. All Units that are purchased under the NCIB will be cancelled.
Plaza has also entered into a new automatic purchase plan agreement (the "Plan") with its designated broker in order to facilitate purchases of Units under the renewed NCIB. The Plan, which has been pre-cleared by the TSX, allows for purchases of Units by Plaza at times when it would ordinarily not be permitted to make purchases due to regulatory restrictions or self-imposed blackout periods. Purchases will be made by Plaza's broker based upon the parameters prescribed by the TSX and the terms of the parties' written agreement. The Plan will terminate on September 27, 2022.
Under its current NCIB, which expires on September 27, 2021, Plaza sought and obtained approval to purchase up to 6,472,223 Units. Plaza purchased for cancellation 28,850 Units at a weighted average price of $3.9435 per Unit, as of September 14, 2021. The purchases were made on the open market through the facilities of the TSX and alternative trading systems in Canada.
https://www.newswire.ca/news-releases/plaza-retail-reit-renews-normal-course-issuer-bid-818189843.html