HALIFAX, NOVA SCOTIA--(Marketwired - July 28, 2015) - 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 July 16, 2015, there were 62,280,788 common shares outstanding. Under the normal course issuer bid, Killam may acquire up to 1,500,000 common shares, which is 2.4% of the common shares outstanding. Except as permitted under the TSX rules, Killam will not purchase on any given trading day more than 23,698 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 94,793 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.
The normal course issuer bid will commence on July 30, 2015, and will terminate on July 29, 2016.
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.