Firm Capital Apartment REIT Announces Intention to Commence a Normal Course Issuer Bid
18 May 2021 - 9:05AM
Firm Capital Apartment Real Estate Investment Trust (the
“
Trust”), (TSXV: FCA.UN), (TSXV: FCA.U) is pleased
to announce that it plans to file an application with the TSX
Venture Exchange (the "
Exchange") to commence a
normal course issuer bid (the "
Bid") to purchase
up purchase up to (i) 619,750 of its trust units ("
Trust
Units"), being equal to 10% of the Public Float (as
defined in the policies of the Exchange) and (ii) CAD$1,936,700
principal amount of the 6.25% convertible unsecured subordinated
debentures of the Trust due June 30, 2026
("
Debentures ") (TSXV:FCA.DB), being equal to 10%
of the Public Float (as defined in the policies of the Exchange).
The Bid remains subject to the approval of the Exchange but if
approved will remain in place for a period of 12 months unless
terminated earlier at the Trust's discretion.
The board of trustees of the Trust is of the
opinion that the recent market prices of its Trust Units and
Debentures do not reflect the underlying value of its assets and
future prospects, and that repurchasing Trust Units and Debentures
is one way of creating unitholder value.
If approved, all Trust Units and Debentures
purchased pursuant to the Bid will be made on the open market
through the facilities of the Exchange and the purchase and payment
for the acquired Trust Units and Debentures will be made by the
Trust in accordance with the requirements of the Exchange.
To the knowledge of the Trust, no trustee,
senior officer, or other insider of the Trust, or any associate of
such person, or any associate or affiliate of the Trust, currently
intends to sell any Trust Units or Debentures into the Bid.
However, sales by such persons through the facilities of the
Exchange or any other available market or alternative trading
system in Canada may occur if the personal circumstances of any
such person change or if any such person makes a decision unrelated
to the Bid. The benefits to any such person whose Trust Units or
Debentures are purchased would be the same as the benefits
available to all other holders whose Trust Units or Debentures are
purchased.
ABOUT FIRM CAPITAL APARTMENT REAL ESTATE
INVESTMENT TRUST Firm Capital Apartment Real Estate
Investment Trust is a U.S. focused real estate investment trust
that pursues multi-residential income producing real estate and
related debt investments on both a wholly owned and joint venture
basis. The Trust has ownership interests in a total of 1,846
apartment units diversely located in Florida, Connecticut, Texas,
New York, New Jersey, Georgia and Maryland.
- Neither the Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
FORWARD LOOKING
INFORMATIONCertain information in this news release
constitutes forward-looking statements under applicable securities
law. Any statements that are contained in this news release that
are not statements of historical fact may be deemed to be
forward-looking statements. Forward-looking statements are often
identified by terms such as “may”, “should”, “anticipate”,
“expect”, “intend” and similar expressions. Forward-looking
statements in this press release include statements relating to the
timing and amount of Trust Units and/or Debentures that may be
acquired under the normal course issuer bid and the Trust's future
business plans. Forward-looking statements necessarily involve
known and unknown risks, including, without limitation, risks
associated with general economic conditions; adverse factors
affecting the U.S. real estate market generally or those specific
markets in which the Trust holds properties; volatility of real
estate prices; inability to access sufficient capital from internal
and external sources, and/or inability to access sufficient capital
on favourable terms; industry and government regulation; changes in
legislation, income tax and regulatory matters; the ability of the
Trust to implement its business strategies; competition; currency
and interest rate fluctuations and other risks, including those
described in the Trust’s public disclosure documents on SEDAR at
www.sedar.com.
Readers are cautioned that the foregoing list is
not exhaustive. Readers are further cautioned not to place undue
reliance on forward-looking statements as there can be no assurance
that the plans, intentions or expectations upon which they are
placed will occur. Such information, although considered reasonable
by management at the time of preparation, may prove to be incorrect
and actual results may differ materially from those anticipated.
Forward-looking statements contained in this news release are
expressly qualified by this cautionary statement.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Additional information about the Trust is
available at www.firmcapital.com or www.sedar.com.
For further
information, please contact: |
|
|
|
Sandy Poklar |
Mark Goldreich |
President & Chief Executive Officer |
Chief Financial Officer |
(416) 635-0221 |
(416) 635-0221 |
|
|
For Investor Relations information, please contact: |
|
|
|
Victoria Moayedi |
|
Director, Investor Relations |
|
(416) 635-0221 |
|
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