RICHMOND, BC, April 11, 2013 /CNW/ - Huntingdon Capital Corp. ("Huntingdon") (TSX: HNT, HNT.DB and HNT.WT) announced today that it has approval from the Toronto Stock Exchange to commence a normal course issuer bid ("NCIB") for Huntingdon's shares, debentures and warrants.
The NCIB is from April 15, 2013 to April 14, 2014. The maximum number of securities that may be acquired under the NCIB is as follows:
- Shares: 811,938, representing 10% of the common shares in the public float at April 2, 2013.
- Debentures: $4,496,000, representing 10% of the debentures in the public float at April 2, 2013.
- Warrants: 117,344, representing 10% of the warrants in the public float at April 2, 2013.
Management believes that the NCIB is an appropriate use of Huntingdon's available cash to maximize shareholder value.
As at April 2, 2013, Huntingdon had 10,981,332 common shares outstanding, $46,000,000 principal amount of debentures outstanding, and 1,206,032 warrants outstanding. Daily repurchases will be restricted to 1,541 common shares, representing 25% of the average daily trading volume ("ADTV") of 6,166 shares, $5,000 principal amount of debentures, representing 25% of the ADTV of $22,065 principal amount of debentures, and 1,000 warrants, all subject to certain prescribed exceptions. The ADTV of the warrants is 1,276 warrants. All securities purchased under the NCIB will be cancelled and all purchases will be effected through the facilities of the TSX and other Canadian market places. Over the last twelve months Huntingdon has repurchased and cancelled a total of 376,399 common shares at a weighted average price of $11.96 per share.
Huntingdon is a real estate operating company listed on the TSX (Common Shares: HNT; Debentures: HNT.DB; Warrants: HNT.WT). Huntingdon owns and manages a portfolio of 36 industrial, office, retail and aviation-related properties throughout Canada that have a total gross leasable area of 2.7 million square feet. In addition, Huntingdon owns an approximate 30% interest in FAM Real Estate Investment Trust (the "REIT") (TSX: F.UN, F.WT) and manages, on behalf of the REIT, a portfolio of 27 industrial, office, and retail properties throughout Canada that have a gross leasable area of 1.7 million square feet.
The Toronto Stock Exchange has not reviewed nor approved the contents of this press release and does not accept responsibility for the adequacy or accuracy of this press release.
SOURCE Huntingdon Capital Corp.