MISSISSAUGA, ON, Sept. 15,
2023 /CNW/ - Morguard Corporation (TSX: MRC)
("Morguard") announced today that the Toronto Stock Exchange (the
"TSX") has accepted a notice filed by Morguard of its intention to
make a normal course issuer bid through the facilities of the TSX
and/or alternative Canadian trading systems.
The notice provides that Morguard may, during the twelve-month
period commencing September 22, 2023
and ending September 21, 2024
purchase up to 540,661 common shares ("Common Shares") in total,
being approximately 5% of the issued and outstanding Common Shares.
The daily repurchase restriction for the Common Shares is 1,000.
Common Shares purchased under the normal course issuer bid will be
cancelled. The price that Morguard will pay for any such
Common Shares will be the market price at the time of acquisition.
Management of Morguard will determine the actual number of
Common Shares that may be purchased and the timing of any such
purchases, subject to compliance with TSX guidelines.
Under its previous normal course issuer bid, Morguard was
approved to purchase up to 554,788 Common Shares. Morguard
purchased 282,793 Common Shares for cancellation during the last
twelve months at an average cost per share of $103.18 through the facilities of the TSX and/or
alternative Canadian trading systems. As of September 13, 2023, there were 10,813,224 Common
Shares outstanding. Morguard's average daily trading volume for the
prior six months is 3,155.
Morguard believes that its Common Shares have been trading in
price ranges which do not adequately reflect their value in
relation to the business of Morguard and its future business
prospects. As a result, depending upon future price movements and
other factors, Morguard believes that its outstanding Common
Shares may represent an attractive investment. Furthermore, the
purchases are expected to benefit all persons who continue to hold
Common Shares by increasing their proportionate interest
in Morguard.
About Morguard
Corporation
Morguard Corporation is a major North American real estate and
property management company. It has extensive retail, office,
industrial, hotel and residential holdings owned directly and
through its investment in Morguard Real Estate Investment
Trust and Morguard North American Residential REIT. Morguard also
provides real estate management services to institutional and other
investors. Morguard's owned and managed portfolio of assets is
valued at $18.6 billion.
For more information, visit Morguard.com.
SOURCE Morguard Corporation