/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE
UNITED STATES/
HALIFAX, Aug. 13, 2013 /CNW/ - Holloway Lodging Corporation (TSX: HLC)
("Holloway" or the "Company") announced today that the Toronto Stock
Exchange (the "TSX") has approved the Company's notice of intention to
make a normal course issuer bid for up to 896,900 of its common shares,
representing 5% of the issued and outstanding shares as of August 12,
2013. During the period from August 15, 2012 to August 14, 2013, the
Company purchased 902,400 shares under a previous normal course issuer
bid. The weighted average price paid was $3.58 per share.
Pursuant to the notice, the Company may, over the 12 month period
commencing on August 15, 2013 and ending on August 14, 2014 (or on such
earlier date as the Company completes its purchases pursuant to the bid
or provides notice of cancellation), purchase shares through the
facilities of the TSX at prevailing market prices in accordance with
the rules and policies of the TSX. All shares purchased by the Company
under the normal course issuer bid will be cancelled. As of August 12,
2013, the Company had a total of 17,938,002 shares issued and
outstanding. The average daily trading volume of the shares during the
last six months ending on July 31, 2013 was 65,839 shares and the daily
repurchase limit for the shares is 16,460 shares.
The Company believes that, on occasion, the shares become available at
prices that do not give full effect to their underlying value, based
solely on management's opinion of the Company's future prospects.
Accordingly, management believes that the purchase of shares pursuant
to the normal course issuer bid represents an investment opportunity
for Holloway and an appropriate use of its funds.
Holloway Lodging Corporation
Holloway is a real estate corporation focused on acquiring, owning and
operating select and limited service lodging properties and a small
complement of full service hotels primarily in secondary, tertiary and
suburban markets. Holloway currently owns 18 hotels with 1,798 rooms.
Holloway's shares trade on the Toronto Stock Exchange under the symbol
HLC.
This press release contains forward-looking information within the
meaning of applicable securities laws. Forward-looking information may
relate to Holloway's future outlook and anticipated events or results
and may include statements regarding Holloway's future financial
position, business strategy, financial results, plans and objectives In
some cases, forward-looking information can be identified by terms such
as "may", "will", "should", "expect", "plan", "anticipate", "believe",
"intend", "estimate", "predict", "potential", "continue" or other
similar expressions concerning matters that are not historical facts.
Forward looking-information is subject to certain factors, including
risks and uncertainties, that could cause actual results to differ
materially from what Holloway currently expects and there can be no
assurance that such statements will prove to be accurate. Some of
these risks and uncertainties are described under "Risk Factors" in
Holloway's Annual Information Form ("AIF"), dated March 11, 2013 which
is available at www.sedar.com. Holloway does not intend to update or revise any such forward-looking
information should its assumptions and estimates change.
SOURCE: Holloway Lodging Corporation
Please contact Michael Rapps, Chairman, at (416) 855-1925 or Jane Rafuse, Chief Financial Officer, at (902) 404-3499.