CALGARY, April 16, 2014 /CNW/ - Mainstreet Equity Corp. ("Mainstreet" or
the "Corporation") (TSX:MEQ) announces that the Corporation will
proceed with a normal course issuer bid ("Bid"). The maximum number of
common shares of the Corporation ("Common Shares") which may be
acquired by way of the current Bid is 641,834, representing
approximately 10% of the public float of the outstanding Common
Shares. As at April 14, 2014, there were 10,469,081 Common Shares
outstanding. The average daily trading volume for the six months ended
March 31, 2014, was 8,040 Common Shares and Mainstreet is subject to a
daily repurchase limit of 2,010 Common Shares. Mainstreet intends to
commence the Bid on April 21, 2014 and terminate the bid on April 20,
2015.
Mainstreet's Board of Directors believes that the purchase of Common
Shares pursuant to the normal course issuer bid is in the best
interests of Mainstreet and its shareholders as the Common Shares may
become available for purchase at prices which make them an appropriate
use of Mainstreet's funds. All shares purchased under the Bid will be
cancelled and returned to treasury. Mainstreet intends to acquire
Common Shares from time to time in amounts and prices which its
management believes are favourable and consistent with prudent economic
and financial considerations. Mainstreet did not purchase any Common
Shares pursuant to its previous Bid, which expired February 22, 2013.
Any purchases made by Mainstreet under the bid will be made through the
facilities of and in accordance with the rules of the Toronto Stock
Exchange.
About Mainstreet
Mainstreet is a Calgary-based, growth-oriented real estate corporation
focused on the acquisition, redevelopment, repositioning, and asset and
property management of mid-market apartment buildings. The Corporation
currently owns and operates residential rental units, including
apartments and townhouses, in the B.C. Lower Mainland, Calgary,
Edmonton and Saskatoon.
Mainstreet's common shares are listed on the Toronto Stock Exchange
under the symbol "MEQ". There are currently 10,469,081 common shares
outstanding.
Cautionary Statement Regarding Forward-Looking Statements
The above disclosure may contain forward-looking statements that involve
substantial known and unknown risks and uncertainties. In particular
the disclosure includes statements concerning the intentions of the
Corporation in respect of the Bid. These forward-looking statements
involve unknown risks, uncertainties and other unknown factors, some of
which are beyond the Corporation's control. The Corporation's actual
results, performance or achievements could differ materially from those
expressed in, or implied by, these forward-looking statements and,
accordingly, no assurances can be given that any of the events
anticipated by the forward-looking statements will transpire or occur,
or, if any of them do so, what benefits the Corporation will derive
from them. Readers should not place undue reliance on such forward
looking statements contained herein.
SOURCE Mainstreet Equity Corporation