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.
Contacts
Investor Relations
+1 416 644 4264
[email protected]
