- Canadian Net Real Estate Investment Trust has received approval to renew its normal course issuer bid (NCIB)
- The trust did not purchase any units over the course of the current NCIB
- Under the renewed NCIB, Canadian Net may purchase for cancellation, through the facilities of the TSX Venture Exchange, a maximum of 874,140 units
- All purchases made by the trust pursuant to the NCIB will be cancelled
- National Bank Financial will be handling the offer on behalf of the trust
- Canadian Net Real Estate Investment Trust is an open-ended trust that acquires commercial real estate properties
- Canadian Net Real Estate Investment Trust (NET.UN) is down 0.13 per cent, trading at C$7.99 per share at 1:55 pm ET
Canadian Net Real Estate Investment Trust (NET.UN) has received approval from the TSXV for the annual renewal of its normal course issuer bid.
For its current NCIB that expires on July 31, 2021, the trust received approval to repurchase up to 734,765 units. The trust did not purchase any units over the course of this NCIB.
Under the renewed NCIB, Canadian Net may purchase for cancellation, through the facilities of the TSX Venture Exchange, a maximum of 874,140 units, representing approximately 5% of the units in circulation.
As of today, the trust has 17,482,814 Units issued and outstanding. Over the course of any 30-day period, the trust will not purchase more than 349,656 units in total.
All purchases will be made by the facilities of the TSX Venture in accordance with its rules and regulations. All units redeemed by the trust pursuant to the NCIB will be cancelled.
National Bank Financial will be handling the offer on behalf of the trust. The price paid for the redemption of these units will be the price of the units at the time of acquisition.
The renewed normal course issuer bid will begin on August 1, 2021, and will expire on July 31, 2022.
The Board of Trustees of Canadian Net believes that the purchase of units through the NCIB can protect as well as enhance value for unitholders when opportunities arise or in the event of volatility in the unit price.
Canadian Net Real Estate Investment Trust is an open-ended trust that acquires and owns high-quality triple net and management-free commercial real estate properties.
Canadian Net Real Estate Investment Trust (NET.UN) is down 0.13 per cent, trading at C$7.99 per share at 1:55 pm ET.