Stock BuybacksBy The Online Investor Staff, updated Wed., Sep. 23, 8:32 PM
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Slide #5. Morguard Corporation
Morguard Corporation (TSE:MRC.CA)
Share Amount Authorized:
Morguard Corporation (MRC:TSX) ("Morguard") announced today that the Toronto Stock Exchange (the "TSX") has accepted a notice filed by Morguard of its intention to make a normal course issuer bid through the facilities of the TSX and/or alternative Canadian trading systems. The notice provides that Morguard may, during the twelve-month period commencing September 22, 2020 and ending September 21, 2021 purchase up to 557,812 common shares ("Common Shares") in total, being approximately 5% of the issued and outstanding Common Shares. The daily repurchase restriction for the Common Shares is 1,000. Common Shares purchased under the normal course issuer bid will be cancelled. The price that Morguard will pay for any such Common Shares will be the market price at the time of acquisition. Management of Morguard will determine the actual number of Common Shares that may be purchased and the timing of any such purchases, subject to compliance with TSX guidelines.
Morguard is a real estate investment company. Co. is engaged in property ownership, development and investment advisory services. Property ownership encompasses interests in both commercial and residential real estate. Co. focuses on three primary businesses: Real Estate Services, Real Property Investments and Real Estate Investment Trust. As of Dec 31 2010, Co. owns a diversified portfolio of 100 multi-unit residential, retail, office and industrial properties which are located across Canada and in the southeastern United States. Co. also owns a 50% undivided interest in one hotel property and owns interests in 122 acres of developable land.
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