{"id":409510,"date":"2021-01-06T08:52:15","date_gmt":"2021-01-06T13:52:15","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=409510"},"modified":"2021-01-06T08:52:15","modified_gmt":"2021-01-06T13:52:15","slug":"morguard-north-american-residential-reit-announces-normal-course-issuer-bid","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/morguard-north-american-residential-reit-announces-normal-course-issuer-bid\/","title":{"rendered":"Morguard North American Residential REIT Announces Normal Course Issuer Bid"},"content":{"rendered":"
\n

Canada NewsWire<\/p>\n<\/p><\/div>\n

\n

\n MISSISSAUGA, ON<\/span>, Jan. 6, 2021<\/span> \/CNW\/ – Morguard North American Residential Real Estate Investment Trust (TSX: MRG.UN) (the “REIT”) announced today that the Toronto Stock Exchange has accepted its notice of intention to make a normal course issuer bid through the facilities of the TSX and\/or alternative Canadian trading systems.<\/p>\n

The notice provides that the REIT may, during the twelve month period commencing January 8, 2021<\/span> and ending January 7, 2022<\/span>, purchase for cancellation up to 2,955,913 units (“Units”) in total, being approximately 10% of the public float of outstanding Units.\u00a0 The daily repurchase restriction for the Units is 13,807.\u00a0 Additionally, the REIT may purchase for cancellation up to $8,048,000<\/span> principal amount of the 4.50% Convertible Unsecured Subordinated Debentures due March 31, 2023<\/span> (TSX:MRG.DB.A) (“Debentures”) being 10% of the public float of outstanding Debentures.\u00a0 The daily repurchase restriction for the Debentures is $8,253<\/span>. <\/p>\n

The price which the REIT will pay for any such Units and Debentures will be the market price at the time of acquisition.\u00a0 The actual number of Units and Debentures which may be purchased and the timing of any such purchases will be subject to compliance with the TSX guidelines.<\/p>\n

Under the current normal course issuer bid expired on December 20, 2020<\/span>, the REIT was approved to purchase up to 2,953,852 Units and $8,050,000<\/span> principal amount of Debentures through the facilities of the TSX and\/or alternative Canadian trading systems. \u00a0No Units were purchased for cancellation and no Debentures were purchased for cancellation during the last twelve months.\u00a0 As of December 31, 2020<\/span>, there were 39,019,827 Units of the REIT outstanding with an average daily trading volume for the prior six months of 55,230.\u00a0 Additionally, as of December 31, 2020<\/span> there were $85,500,000<\/span> principal amount Debentures of the REIT outstanding with an average daily trading volume for the prior six months of $33,015<\/span>.<\/p>\n

The REIT believes that, from time to time, its Units and Debentures trade in a price range which does not adequately reflect the value of such Units and Debentures in relation to the business of the REIT and its future business prospects.\u00a0 As a result, depending upon future price movements and other factors, the REIT believes that its outstanding Units and Debentures may represent an attractive investment for itself.\u00a0 Furthermore, the purchases may benefit all persons who continue to hold Units by increasing their equity interest in the REIT.\u00a0 All Units and Debentures purchased by the REIT under the normal course issuer bid will be cancelled.<\/p>\n

\n About Morguard North American Residential REIT<\/b>\n <\/p>\n

The REIT is an unincorporated, open-ended real estate investment trust which owns, through a limited partnership, interests in Canadian residential apartment communities, located in Alberta<\/span> and Ontario<\/span>, and U.S. residential apartment communities located in Colorado<\/span>, Texas<\/span>, Louisiana<\/span>, Illinois<\/span>, Georgia<\/span>, Florida<\/span>, North Carolina<\/span>, Virginia<\/span> and Maryland<\/span>.<\/p>\n

For more information, please visit Morguard.com.<\/p>\n

SOURCE Morguard North American Residential Real Estate Investment Trust<\/p>\n<\/p><\/div>\n

\"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

Canada NewsWire MISSISSAUGA, ON, Jan. 6, 2021 \/CNW\/ – Morguard North American Residential Real Estate Investment Trust (TSX: MRG.UN) (the “REIT”) announced today that the Toronto Stock Exchange has accepted its notice of intention to make a normal course issuer bid through the facilities of the TSX and\/or alternative Canadian trading systems. The notice provides that the REIT may, during the twelve month period commencing January 8, 2021 and ending January 7, 2022, purchase for cancellation up to 2,955,913 units (“Units”) in total, being approximately 10% of the public float of outstanding Units.\u00a0 The daily repurchase restriction for the Units is 13,807.\u00a0 Additionally, the REIT may purchase for cancellation up to $8,048,000 principal amount of the 4.50% Convertible Unsecured Subordinated … <\/p>\n

Continue reading “Morguard North American Residential REIT Announces Normal Course Issuer Bid”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-409510","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nMorguard North American Residential REIT Announces Normal Course Issuer Bid - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/morguard-north-american-residential-reit-announces-normal-course-issuer-bid\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Morguard North American Residential REIT Announces Normal Course Issuer Bid - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Canada NewsWire MISSISSAUGA, ON, Jan. 6, 2021 \/CNW\/ – Morguard North American Residential Real Estate Investment Trust (TSX: MRG.UN) (the “REIT”) announced today that the Toronto Stock Exchange has accepted its notice of intention to make a normal course issuer bid through the facilities of the TSX and\/or alternative Canadian trading systems. The notice provides that the REIT may, during the twelve month period commencing January 8, 2021 and ending January 7, 2022, purchase for cancellation up to 2,955,913 units (“Units”) in total, being approximately 10% of the public float of outstanding Units.\u00a0 The daily repurchase restriction for the Units is 13,807.\u00a0 Additionally, the REIT may purchase for cancellation up to $8,048,000 principal amount of the 4.50% Convertible Unsecured Subordinated … Continue reading "Morguard North American Residential REIT Announces Normal Course Issuer Bid"\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/morguard-north-american-residential-reit-announces-normal-course-issuer-bid\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2021-01-06T13:52:15+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=C4391&Transmission_Id=202101060848CANADANWWEB______C4391&DateId=20210106\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/morguard-north-american-residential-reit-announces-normal-course-issuer-bid\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/morguard-north-american-residential-reit-announces-normal-course-issuer-bid\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Morguard North American Residential REIT Announces Normal Course Issuer Bid\",\"datePublished\":\"2021-01-06T13:52:15+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/morguard-north-american-residential-reit-announces-normal-course-issuer-bid\\\/\"},\"wordCount\":470,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/morguard-north-american-residential-reit-announces-normal-course-issuer-bid\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/rt.prnewswire.com\\\/rt.gif?NewsItemId=C4391&Transmission_Id=202101060848CANADANWWEB______C4391&DateId=20210106\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/morguard-north-american-residential-reit-announces-normal-course-issuer-bid\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/morguard-north-american-residential-reit-announces-normal-course-issuer-bid\\\/\",\"name\":\"Morguard North American Residential REIT Announces Normal Course Issuer Bid - 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