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MONTRÉAL, Sept. 21, 2020 /CNW
Telbec/ - PRO Real Estate Investment Trust ("PROREIT" or the
"REIT") (TSX: PRV.UN) announced today that a cash
distribution of $0.0375 per trust
unit of the REIT ("Units") for the month of September 2020 will be payable on October 15, 2020 to unitholders of record as at
September 30, 2020.
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 ("NCIB") for a one-year
period.
The NCIB will commence on September 24,
2020 and will terminate on the earlier of: (i) September 23, 2021, and (ii) the date on which
the maximum number of Units that can be acquired pursuant to the
NCIB are purchased. Purchases of Units under the NCIB will be
effected through the facilities of the TSX or alternative Canadian
trading systems at the market price at the time of purchase.
The REIT may purchase up to 1,924,228 Units under the NCIB,
representing 5.0% of the REIT's 38,484,562 issued and outstanding
Units as at September 18, 2020.
Pursuant to the rules of the TSX, the maximum number of Units that
the REIT may purchase under the NCIB in any one day is 47,779
Units, which is 25% of the average daily trading volume of the
Units on the TSX during the 6-month period ended August 31, 2020, being 191,118 Units. The
REIT may also make one block purchase per calendar week which
exceeds such daily purchase restriction, subject to the rules of
the TSX. Any Units purchased pursuant to the NCIB will be cancelled
by the REIT.
The trustees of the REIT believe that the market price of the
Units does not always reflect their underlying value and
accordingly have determined that the purchase by the REIT of a
portion of its outstanding Units may from time to time be an
appropriate use of available resources and in the best interests of
the REIT. The actual number of Units that may be purchased and the
timing of any such purchases will be determined by the REIT, and
will be made in accordance with the requirements of the TSX.
Under the REIT's current NCIB, which ends on September 23, 2020, the REIT obtained approval to
purchase up to 1,859,197 Units and, out of that amount,
purchased a total of 14,000 Units at a weighted average price of
$3.33 per Unit, through the
facilities of the TSX.
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 an automatic pre-defined plan with its broker
to allow for the purchase of Units at times when it ordinarily
would not 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.
Forward-Looking Statements
This news release contains forward-looking statements within the
meaning of applicable securities legislation. 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, that could cause actual results and events to
differ materially from those that are disclosed in or implied by
such forward-looking statements.
Forward-looking statements contained in this press release
include, without limitation, statements pertaining to the proposed
acquisition by PROREIT of Units under its NCIB. 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 news release
are expressly qualified in their entirety by this cautionary
statement. All forward-looking statements in this press release are
made as of the date of this press release. PROREIT does not
undertake to update any such forward-looking information whether as
a result of new information, future events or otherwise, except as
required by law.
Additional information about these assumptions and risks and
uncertainties is contained under "Risk Factors" in PROREIT's latest
annual information form, which is available under the REIT's
profile on SEDAR at www.sedar.com.
About PROREIT
PROREIT (www.proreit.com) is an unincorporated open-ended real
estate investment trust owning a diversified portfolio of 93
commercial properties across Canada representing over 4.5 million square
feet of gross leasable area. Established in March 2013, PROREIT is mainly focused on strong
primary and secondary markets in Québec, Atlantic Canada and Ontario, with selective exposure in
Western Canada.
Neither the TSX nor its Regulation Services Provider (as that
term is defined in the policies of the TSX) accepts responsibility
for the adequacy or accuracy of this release.
SOURCE PROREIT