STELLARTON, NS, March 31 /CNW/ – Crombie Real Estate Investment Trust (TSX: CRR.UN) announced today that it has filed a notice with the Toronto Stock Exchange to purchase for cancellation up to 100,000 units representing approximately 0.28 percent of those outstanding. The purchases will be made through the facilities of the Toronto Stock Exchange. Currently 35,577,857 units are issued and outstanding. The price Crombie will pay for any such shares will be the market price at the time of acquisition. Purchases may commence on April 4, 2011, and shall terminate not later than April 3, 2012.
The average daily trading volume (the ADTV) of the units was 57,550 on the TSX over the last six completed calendar months. Accordingly, under the policies of the TSX, the REIT is entitled to purchase, during any one trading day up to 14,387 units (being 25% of the ADTV of the units) on any trading day. Crombie is entitled to purchase a larger amount of units per calendar week, subject to the maximum number that may be acquired under the normal course issuer bid, if the transaction meets the block purchase exception under the TSX rules.
The Board of Trustees and senior management of Crombie REIT are of the opinion that currently, and from time to time, the limited purchase of units outlined above at the prevailing market prices is a worthwhile use of funds and in the best interests of Crombie REIT and its unitholders.
Under its previous normal course issuer bid from March 25, 2010 to March 24, 2011, Crombie acquired 50,547 units at an average price of $11.96 per unit.
Contact: Glenn Hynes, Chief Financial Officer, Telephone: (902) 755-8100, www.crombiereit.com