TORONTO, Oct. 15, 2021 (GLOBE NEWSWIRE) -- 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 31,616,150 of its Units, or approximately 10% of the public float of 316,161,505 as of October 13, 2021 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 241,695 Units (which is equal to 25% of 966,783, 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.
Units purchased under the normal course issuer bid will be cancelled upon their purchase, or may be 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 21, 2021.
RioCan may begin to purchase Units on October 22, 2021 and the bid will terminate on October 21, 2022 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.
https://www.globenewswire.com/news-release/2021/10/15/2314944/0/en/RioCan-Real-Estate-Investment-Trust-Announces-Renewal-of-Normal-Course-Issuer-Bid.html