TORONTO--(BUSINESS WIRE)--Slate Office REIT (TSX:SOT.UN) (the "REIT") is pleased to announce that the REIT has received approval from the Toronto Stock Exchange (the “TSX”) to renew its existing normal course issuer bid effective as at the open of markets on May 15, 2019 to repurchase for cancellation up to 6,703,824 trust units (the “Units”), or approximately 10% of the public float of 67,038,237 Units as of May 1, 2019.
As of May 1, 2019, 69,048,593 Units were outstanding. The REIT may purchase Units for cancellation over the 12-month period commencing May 15, 2019 and ending on May 14, 2020. Any purchases under the normal course issuer bid will be made through the facilities of the TSX and/or through other permitted means, including through one or more alternative Canadian trading systems, and in accordance with applicable regulatory requirements at the prevailing market price on the TSX or the alternative market at the time of purchase or such other price as may be permitted by the TSX at the time of acquisition. Subject to certain prescribed exemptions and any block purchase made in accordance with the rules of the TSX, the number of Units that can be purchased pursuant to the bid is subject to a daily maximum of 56,548 Units, or approximately 25% of the average daily trading volume during the period from November 1, 2018 to April 30, 2019 (being 226,195 Units). The actual number of Units which may be purchased (if any), and the timing of any such purchases, will be determined by the REIT. Any Units purchased under the normal course issuer bid will be cancelled following purchase. The REIT intends to fund the purchases of Units under its normal course issuer bid out of the general funds of the REIT.
Under its prior normal course issuer bid that commenced on May 15, 2018 and expires on May 14, 2019, the REIT previously sought and received approval from the TSX to purchase up to 6,785,339 Units. As of May 1, 2019, the REIT has repurchased for cancellation 952,702 Units through open market purchases on the TSX at a weighted average price of $6.10 per Unit.
Management believes that the purchase by the REIT of a portion of its outstanding Units will increase unitholder value and that such purchases constitute a desirable use of the REIT’s available resources.
Additional details and information can be found by visiting slateofficereit.com.
About Slate Office REIT (TSX: SOT.UN)
Slate Office REIT is an open-ended real estate investment trust. The REIT's portfolio currently comprises 41 strategic and well-located real estate assets located primarily across Canada's major population centres including two downtown assets in Chicago, Illinois. The REIT is focused on maximizing value through internal organic rental and occupancy growth and strategic acquisitions. Visit slateofficereit.com to learn more.
About Slate Asset Management L.P.
Slate Asset Management L.P. is a leading real estate investment platform with over $6 billion in assets under management. Slate is a value-oriented manager and a significant sponsor of all of its private and publicly-traded investment vehicles, which are tailored to the unique goals and objectives of its investors. The firm's careful and selective investment approach creates long-term value with an emphasis on capital preservation and outsized returns. Slate is supported by exceptional people, flexible capital and a proven ability to originate and execute on a wide range of compelling investment opportunities. Visit slateam.com to learn more.
Caution Regarding Forward Looking Statements
This press release contains forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the REIT to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Examples of such statements include statements regarding the REIT's intention to acquire Units under the normal course issuer bid, to finance such purchases out of its general funds, and management’s belief regarding the effect of the normal course issuer bid on unitholder value. Such forward looking statements are based on a number of assumptions that may prove to be incorrect. There can be no assurances that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. These cautionary statements qualify all forward-looking statements attributable to the REIT and persons acting on its behalf. Unless otherwise stated, all forward-looking statements speak only as of the date of this press release and the REIT undertakes no obligation to update such statements except as required by law.