/NOT FOR DISTRIBUTION IN THE U.S. OR OVER U.S. NEWSWIRES/
TORONTO, Dec. 4, 2013 /CNW/ - True North Commercial Real Estate
Investment Trust (TSX: TNT.UN) (the "REIT") announced today that the Toronto Stock Exchange (the "TSX") has approved the REIT's notice of intention to make a normal course
issuer bid (the "Issuer Bid"). Under the Issuer Bid, the REIT will have the ability to purchase for
cancellation up to a maximum of 746,358 of its trust units ("Units") (representing 10% of the REIT's public float of 7,463,586 Units)
through the facilities of the TSX. The Issuer Bid will commence on
December 6, 2013 and remain in effect until the earlier of December 5,
2014 or the date on which the REIT has purchased the maximum number of
Units permitted under the Issuer Bid. The REIT's average daily trading
volume from June 19, 2013 (the day the Units commenced trading on the
TSX) until November 30, 2013, was 9,776 Units. In accordance with the
rules of the TSX, 25% of that average daily trading volume (2,444
Units) is the REIT's daily limit for purchases under the Issuer Bid
made through the facilities of the TSX, subject to block purchase
exceptions. As of December 3, 2013, the number of issued and
outstanding Units was 9,685,794.
Given the REIT believes that the current market prices of the Units do
not reflect their underlying value, the REIT intends to make the Issuer
Bid because it believes that Units may become available during the
period of the Issuer Bid at prices that would make the purchase of such
Units for cancellation in the best interests of the REIT and its
Unitholders.
From time to time, when the REIT does not possess material non-public
information about itself or its securities, it may, in accordance with
the requirements of applicable securities laws and the TSX, enter into
a pre-defined plan with its broker to allow for the purchase of Units
at times when it ordinarily would not be active in the market due to
internal trading blackout periods. Any such plan would be subject to
the approval of the TSX.
Forward-looking Information
Certain statements contained in this press release constitute
forward-looking information within the meaning of Canadian securities
laws. Forward-looking information is provided for the purposes of
presenting information about management's current expectations and
plans relating to the future and readers are cautioned that such
information may not be appropriate for other purposes. Forward-looking
information may relate to the REIT's future outlook and anticipated
events, including the number of Units that may be purchased under the
Issuer Bid, and may include statements regarding the financial
position, business strategy, budgets, litigation, projected costs,
capital expenditures, financial results, taxes and plans and objectives
of or involving the REIT. Particularly, statements regarding future
results, performance, achievements, prospects or opportunities for the
REIT or the real estate industry are forward-looking information. In
some cases, forward-looking information can be identified by terms such
as "may", "might", "will", "could", "should", "would", "occur",
"expect", "plan", "anticipate", "believe", "intend", "seek", "aim",
"estimate", "target", "project", "predict", "forecast", "potential",
"continue", "likely", "schedule", or the negative thereof or other
similar expressions concerning matters that are not historical facts.
Forward-looking information necessarily involves known and unknown risks
and uncertainties, which may be general or specific, and which give
rise to the possibility that expectations, forecasts, predictions,
projections or conclusions will not prove to be accurate, that
assumptions may not be correct and that objectives, strategic goals and
priorities will not be achieved. A variety of factors, many of which
are beyond the REIT's control, affect the operations, performance and
results of the REIT and its business, and could cause actual results to
differ materially from current expectations of estimated or anticipated
events or results. These factors include, but are not limited to, the
market price of the Units being too high to ensure that purchases
benefit the REIT and its unitholders, and the risks discussed in the
REIT's materials filed with Canadian securities regulatory authorities
from time to time on www.sedar.com. The reader is cautioned to consider these and other factors,
uncertainties and potential events carefully and not to put undue
reliance on forward-looking information as there can be no assurance
that actual results will be consistent with such forward-looking
information.
Forward-looking information is based upon certain material assumptions
that were applied in drawing a conclusion or making a forecast or
projection, including management's perceptions of historical trends,
current conditions and expected future developments, as well as other
considerations that are believed to be appropriate in the
circumstances, including the following: that the Units will from time
to time trade below their intrinsic value; that the Canadian economy
will remain stable over the next 12 months; that inflation will remain
relatively low; that interest rates will remain stable; that conditions
within the real estate market, including competition for acquisitions,
will be consistent with the current climate; that the Canadian capital
markets will continue to provide the REIT with access to equity and/or
debt at reasonable rates when required; and that Starlight Investments
Ltd. will continue its involvement as asset manager of the REIT in
accordance with its current asset management agreement. While
management considers these assumptions to be reasonable based on
currently available information, they may prove to be incorrect.
The forward-looking information in this press release is dated, and
relates only to events or information, as of the date of this press
release. Except as specifically required by law, the REIT undertakes no
obligation to update or revise publicly any forward-looking
information, whether as a result of new information, future events or
otherwise, after the date on which the statements are made or to
reflect the occurrence of unanticipated events.
About the REIT
The REIT is an unincorporated, open-ended real estate investment trust
established under the laws of the Province of Ontario. The REIT is
focused on acquiring and operating commercial rental properties across
Canada and such other jurisdictions where opportunities exist.
Additional information concerning the REIT is available at www.sedar.com or the REIT's website at www.truenorthreit.com.
SOURCE True North Commercial Real Estate Investment Trust
