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MONTREAL, September 22, 2022 /CNW Telbec/ – PRO Real Estate Investment Trust (“REIT PRO“or the”REITs“) (TSX: PRV.UN) announced today that a cash distribution of $0.0375 per REIT Trust Unit (“Units“) for the month of September 2022 will be payable on October 17, 2022 to unitholders registered on the September 30, 2022.
Renewal of normal course issuer bid
PROREIT also announced today that the Toronto Stock Exchange (“TSX“) has accepted the notice filed by the REIT to renew its normal course issuer bid (“ORCN“) for a period of one year.
OPNA will begin on September 26, 2022 and will end on the earliest of the following dates: (i) September 25, 2023, and (ii) the date on which the maximum number of units that may be acquired under the issuer bid is purchased. Purchases of Units pursuant to the issuer bid will be made through the facilities of the TSX or other Canadian trading systems at the market price at the time of purchase.
The REIT may purchase up to 1,771,049 Units under the issuer bid, representing 3.0% of the 59,034,997 issued and outstanding Units of the REIT as of September 15, 2022. In accordance with TSX rules, the maximum number of Units that the REIT may purchase under the issuer bid on any one day is 19,988 Units, or 25% of the average daily trading volume on the Units on the TSX during the six-month period ended August 31, 2022, i.e. 79,955 Units. The REIT may also make one bulk purchase per calendar week that exceeds this daily purchase restriction, subject to TSX rules. All Units purchased under the issuer bid will be canceled by the REIT.
The Trustees of the REIT believe that the market price of Units does not always reflect their underlying value and therefore have determined that the REIT’s purchase of a portion of its outstanding Units may, at opportunity, constitute an appropriate use of available resources and in the interest of the REIT. The actual number of Units that may be purchased and the timing of such purchases will be determined by the REIT and will be made in accordance with the requirements of the TSX.
Under the terms of the REIT’s previous issuer bid, which expires on September 23, 2022the REIT has been authorized to purchase up to 1,404,238 Units and has not purchased any Units.
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 predefined automatic plan with its broker to permit the purchase of Units at times when it would not normally be active in the market due to its own internal trading blackout period, insider trading rules or otherwise. Any such plan would be subject to the prior approval of the TSX.
This press release contains forward-looking statements within the meaning of applicable securities laws. Forward-looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond PROREIT’s control, which could cause actual results and events to differ materially from those disclosed or implied by such forward-looking statements.
Forward-looking statements in this press release include, but are not limited to, statements relating to PROREIT’s proposed acquisition of units under its tender offer. PROREIT’s objectives and forward-looking statements are based on certain assumptions, including management’s perceptions of historical trends, current conditions and expected future developments.
The forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. All forward-looking statements contained in this press release are made as of the date of this press release. PROREIT does not undertake to update this forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
Additional information on these assumptions as well as risks and uncertainties can be found under the heading “Risk Factors” in the PROREIT’s most recent Annual Information Form, which is available under the REIT’s profile on SEDAR at www.sedar.com .
PROREIT (TSX: PRV.UN) is an unincorporated open-ended real estate investment trust established pursuant to a Declaration of Trust under the laws of the Province of Ontario. Founded in 2013, PROREIT holds a portfolio of high quality commercial real estate properties in Canadawith a high industrial concentration in robust secondary markets.
For more information about PROREIT, please visit the website at: https://proreit.com.
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