HALIFAX, Aug. 16, 2013 /CNW/ - Killam Properties Inc. (TSX: KMP) is
pleased to announce that the Toronto Stock Exchange (the "TSX") has
accepted Killam's notice of intention to make a normal course issuer
bid for its common shares. Killam believes that the market price of its
common shares may not, from time to time, accurately reflect their
underlying value making the common shares an attractive investment and
an advantageous use of Killam's funds. Killam expects that the purchase
of common shares will benefit the remaining shareholders of Killam by
increasing their equity interest in Killam's assets.
On August 6, 2013, there were 54,241,706 common shares outstanding.
Under the normal course issuer bid, Killam may acquire up to
2,500,000 common shares, which is 4.6% of the currently issued and
outstanding shares. Except as permitted under the TSX rules, Killam
will not purchase on any given trading day more than 21,404 common
shares, being approximately 25% of the average daily trading volume of
the common shares on the TSX for the previous six calendar months of
85,617 common shares. All purchases of common shares will be made
through the facilities of the TSX at the market price of the shares at
the time of acquisition. Any shares acquired will be cancelled. Killam
has not repurchased any common shares in the past year.
The normal course issuer bid will commence on August 20, 2013, and will
terminate on August 19, 2014.
Killam Properties Inc., based in Halifax, Nova Scotia, is one of
Canada's largest residential landlords, owning, operating and
developing multi-family apartments and manufactured home communities.
Note: The Toronto Stock Exchange has neither approved or disapproved of
the information contained herein.
SOURCE: Killam Properties Inc.
Killam Properties Inc.
Philip Fraser
President & CEO
pfraser@killamproperties.com
902-453-4536
www.killamproperties.com
Copyright CNW Group 2013