FREDERICTON, NB, Sept. 26,
2023 /CNW/ - Plaza Retail REIT ("Plaza") (TSX:
PLZ.UN) announced today that it has received approval from the
Toronto Stock Exchange (the "TSX") to renew its existing normal
course issuer bid (the "NCIB" or "bid") for a further year. Under
the terms of the renewed NCIB, Plaza may purchase up to 7,107,380
of its issued and outstanding trust units ("Units"), being
approximately 10% of Plaza's public float of Units as of
September 14, 2023. As of that date,
Plaza had 110,377,582 Units issued and outstanding and a public
float of 71,073,804 Units.
Purchases under the renewed NCIB will be made on the open market
through the facilities of the TSX and alternative Canadian trading
systems. Subject to certain prescribed exemptions and any block
purchase made in accordance with the rules of the TSX, daily
purchases made by Plaza may not exceed 11,148 Units, representing
25% of the average daily trading volume of the Units on the TSX for
the six-month period ended August 31,
2023 (being 44,595 Units).
The period of the renewed NCIB will commence on September 28, 2023 and will conclude on the
earlier of the date on which purchases under the bid have been
completed and September 27, 2024.
Plaza believes that Units may be available during the period of the
renewed NCIB at prices that would make the purchase of such Units
in the best interests of Plaza and its unitholders and is a
desirable use of Plaza's funds. All Units that are purchased under
the NCIB will be cancelled.
Plaza has also entered into a new automatic purchase plan
agreement (the "Plan") with its designated broker in order to
facilitate purchases of Units under the renewed NCIB. The Plan,
which has been pre-cleared by the TSX, allows for purchases of
Units by Plaza at times when it would ordinarily not be permitted
to make purchases due to regulatory restrictions or self-imposed
blackout periods. Purchases will be made by Plaza's broker based
upon the parameters prescribed by the TSX and the terms of the
parties' written agreement. The Plan will terminate on September 27, 2024.
Under its current NCIB, which expires on September 27, 2023, Plaza sought and obtained
approval to purchase up to 6,478,960 Units. Plaza purchased for
cancellation 24,276 Units at a weighted average price of
$4.1402 per Unit, as of September 14, 2023. The purchases were made on
the open market through the facilities of the TSX and alternative
Canadian trading systems.
ABOUT PLAZA
Plaza is an open-ended real estate investment trust and is a
leading retail property owner and developer, focused on
Ontario, Quebec and Atlantic
Canada. Plaza's portfolio at June 30,
2023 includes interests in 234 properties totaling
approximately 8.8 million square feet across Canada and additional lands held for
development. Plaza's portfolio largely consists of open-air centres
and stand-alone small box retail outlets and is predominantly
occupied by national tenants with a focus on the essential needs,
value and convenience market segments. For more information, please
visit www.plaza.ca.
FORWARD LOOKING
STATEMENTS
This press release contains forward-looking statements with
respect to Plaza, which can generally be identified by the use of
forward-looking words such as "will", ''may'', ''believe'' or
variations of such words and other similar expressions or phrases
that do not relate to historical facts. Forward looking statements
in this press release include, but are not limited to, those which
relate to future purchases of Units by Plaza under the renewed NCIB
and its belief regarding prices at which such Units may be
available. Forward-looking statements involve known and unknown
risks, uncertainties and other factors which may cause the actual
results, performance or achievements of Plaza to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking statements contained in
this press release, including but not limited to changes in
economic, retail, capital market, or debt market conditions,
including recessions and changes in, or the extent of changes in,
interest rates and the rate of inflation; unforeseen impacts from
new or renewed pandemic conditions; and those others described in
Plaza's Annual Information Form for the year ended December 31, 2022 and Management's Discussion and
Analysis for the period ended June 30,
2023, which can both be obtained on SEDAR at www.sedar.com.
Forward-looking statements are based on a number of expectations
and assumptions made in light of management's experience and
perceptions of historical trends and current conditions. Although
the forward-looking statements contained in this press release are
based upon information currently available to management and what
management believes are reasonable expectations and assumptions,
there can be no assurances that forward-looking statements will
prove to be accurate. Therefore, readers should not place undue
reliance on forward-looking statements. All forward-looking
statements speak only as of the date of this press release and
Plaza undertakes no obligation to update such statements, except as
required by law. These cautionary statements qualify all
forward-looking statements contained in this press
release.
SOURCE Plaza Retail REIT