Allied Announces Renewal of Normal Course Issuer Bid
22 Février 2022 - 01:45PM
Allied Properties Real Estate Investment Trust
(“
Allied”) (TSX:AP.UN) today announced that it has
received approval from the Toronto Stock Exchange (“TSX”)for a
normal course issuer bid (“NCIB”) which will enable it to purchase
up to 12,602,594 of its 127,949,651 issued and outstanding units
(“Units”) as at February 10, 2022, representing approximately 10%
of its public float of 126,025,945 Units as at that date.
Allied intends to commence the NCIB on February
24, 2022. The NCIB will expire on February 23, 2023 or such earlier
date as Allied completes its purchases pursuant to the NCIB. All
purchases under the NCIB will be made on the open market through
the facilities of the TSX or alternate trading systems in Canada at
market prices prevailing at the time of purchase. In accordance
with TSX rules, any daily repurchases will be limited to a maximum
of 55,208 Units, representing 25% of the average daily trading
volume of the Units on the TSX for the six months ended January 31,
2022 (being 220,833 Units). Any Units that are repurchased will
either be cancelled or delivered to participants under Allied’s
restricted unit plan or to employees pursuant to Allied’s employee
programs.
Under its normal course issuer bid that
commenced on February 24, 2021, Allied sought and received approval
from the TSX to purchase up to 12,531,845 Units and repurchased
60,912 Units at a weighted average price of $43.35 per Unit. Such
purchases were effected through the facilities of the TSX and
alternative trading systems in Canada.
The primary purpose of the NCIB is to purchase
Units to fulfil Allied’s commitments to employees under its
restricted unit plan and other employee programs. Allied may also
purchase Units for cancellation from time to time, depending on the
market price of the Units and other factors.
From time to time, when Allied does not possess
material non-public information about itself or its securities, it
may enter into a pre-defined plan with its broker to allow for the
repurchase of Units at times when Allied ordinarily would not be
active in the market due to its own internal trading blackout
periods, insider trading rules or otherwise. Any such plans entered
into with Allied’s broker will be adopted in accordance with
applicable Canadian securities laws.
CAUTIONARY STATEMENTS
This press release may contain forward-looking
statements with respect to Allied, its operations, strategy,
financial performance and condition. These statements generally can
be identified by use of forward looking words such as “may”,
“will”, “expect”, “estimate”, “anticipate”, “intends”, “believe” or
“continue” or the negative thereof or similar variations. Allied’s
actual results and performance discussed herein could differ
materially from those expressed or implied by such statements. Such
statements are qualified in their entirety by the inherent risks
and uncertainties surrounding future expectations, including that
the transactions contemplated herein are completed. Important
factors that could cause actual results to differ materially from
expectations include, among other things, general economic and
market factors, competition, changes in government regulations and
the factors described under “Risk Factors” in Allied’s Annual
Information Form, which is available at www.sedar.com. These
cautionary statements qualify all forward-looking statements
attributable to Allied and persons acting on its behalf. Unless
otherwise stated, all forward-looking statements speak only as of
the date of this press release, and Allied has no obligation to
update such statements.
ABOUT ALLIED
Allied is a leading owner operator of (i)
distinctive urban workspace in Canada’s major cities and (ii)
network-dense urban data centres in Toronto that form Canada’s hub
for global connectivity. Allied’s business is providing
knowledge-based organizations with distinctive urban environments
for creativity and connectivity.
FOR FURTHER INFORMATION, PLEASE
CONTACT:
Michael R. Emory President and Chief Executive
Officer (416) 977-9002 memory@alliedreit.com
Cecilia C. Williams Executive Vice President and
Chief Financial Officer (416) 977-9002
cwilliams@alliedreit.com
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