Stock Symbol: (MRC:TSX)
MISSISSAUGA, ON, Sept. 18, 2013 /CNW/ - Morguard Corporation
("Morguard") announced today that the Toronto Stock Exchange (the
"TSX") has accepted a notice filed by Morguard of its intention to make
a normal course issuer bid through the facilities of the TSX.
The notice provides that Morguard may, during the twelve-month period
commencing September 22nd, 2013 and ending September 21st, 2014 purchase up to 632,808 common shares ("Common Shares") in total,
being approximately 5% of the issued and outstanding Common Shares.
The daily repurchase restriction for the Common Shares is 1,127.
Common Shares purchased under the normal course issuer bid will be
cancelled. The price that Morguard will pay for any such Common Shares
will be the market price at the time of acquisition. Management of
Morguard will determine the actual number of Common Shares that may be
purchased and the timing of any such purchases, subject to compliance
with TSX guidelines.
Morguard purchased 131,900 Common Shares for cancellation during the
last twelve months at an average cost per share of $110.16. As of
September 12, 2013 there were 12,656,152 Common Shares outstanding.
Morguard's average daily trading volume for the prior six months is
4,508.
Morguard believes that its Common Shares have been trading in price
ranges which do not adequately reflect their value in relation to the
business of Morguard and its future business prospects. As a result,
depending upon future price movements and other factors, Morguard
believes that its outstanding Common Shares may represent an attractive
investment. Furthermore, the purchases are expected to benefit all
persons who continue to hold Common Shares by increasing their
proportionate interest in Morguard.
Morguard Corporation is a major Canadian real estate and property
management company. It has extensive retail, office, industrial and
residential holdings owned directly and through its investment in
Morguard REIT and Morguard North American Residential REIT. Morguard
also provides management services to institutional and other investors.
SOURCE Morguard Corporation
Paul Miatello, Chief Financial Officer
Tel: 905.281.3800; Fax: 905.281.5890
e-mail: pmiatello@morguard.com
Beverley G. Flynn, Secretary
Tel: 905.281.3800; Fax: 905.281.5890
e-mail: bflynn@morguard.com
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