Allied Announces Renewal of Normal Course Issuer Bid
22 Februar 2023 - 1:25PM
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 12,582,628 of its 127,955,983 issued and outstanding units
(“Units”) as at February 10, 2023, representing approximately 10%
of its public float of 125,826,281 Units as at that date.
Allied intends to commence the NCIB on February
24, 2023. The NCIB will expire on February 23, 2024 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 91,008 Units, representing 25% of the average daily trading
volume of the Units on the TSX for the six months ended January 31,
2023 (being 364,032 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, 2022, Allied sought and received approval
from the TSX to purchase up to 12,602,594 Units and repurchased
76,697 Units at a weighted average price of $30.39 per Unit. Such
purchases were effected through the facilities of the TSX.
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 and 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. The
actual results and performance of Allied 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 conditions, 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 Allied’s 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 operator of distinctive
urban workspace in Canada’s major cities and network-dense UDC
space in Toronto. Allied’s mission is to provide knowledge-based
organizations with workspace and UDC space that is sustainable and
conducive to human wellness, creativity, connectivity and
diversity. Allied’s vision is to make a continuous contribution to
cities and culture that elevates and inspires the humanity in all
people.
FOR FURTHER INFORMATION, PLEASE
CONTACT:
Michael R. Emory President & Chief Executive
Officer (416) 977-9002 memory@alliedreit.com
Cecilia C. Williams Executive Vice President &
Chief Financial Officer (416) 977-9002 cwilliams@alliedreit.com
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