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Press release from Marketwire

Correction: InnVest REIT Implements Normal Course Issuer Bids

Friday, November 11, 2011

Correction: InnVest REIT Implements Normal Course Issuer Bids14:28 EST Friday, November 11, 2011TORONTO, ONTARIO--(Marketwire - Nov. 11, 2011) - In the press release issued by InnVest Real Estate Investment Trust (the "REIT") (TSX:INN.UN) on November 11, 2011 at 8:00 am ET, there was an error in the daily purchase limits disclosed relating to the normal couse issuer bids to be commenced by the REIT and InnVest Operations Trust ("IOT"). The complete and corrected disclosure relating to the normal course issuer bids follows.The Toronto Stock Exchange (the "TSX") has accepted notice of the intention of the REIT and IOT to jointly make normal course issuer bids for their stapled units ("Units") and Series F 5.75% Stapled Convertible Debentures and the intention of the REIT to make normal course issuer bids for its Series B 6.00% Convertible Debentures, Series C 5.85% Convertible Debentures, Series D 6.75% Convertible Debentures and Series E 6.00% Convertible Debentures.As at November 4, 2011, there were 93,538,022 Units issued and outstanding. The REIT and IOT may purchase through the facilities of the TSX or other applicable marketplaces in Canada, up to 8,485,405 Units, representing 10% of the public float of Units as of such date. Daily purchases of Units will not exceed 62,580 Units, subject to InnVest's ability to make "block" purchases under the rules of the TSX.As at November 4, 2011, the REIT had the following principal amount of convertible debentures outstanding: $74,980,000 of Series B 6.00% Convertible Debentures; $70,000,000 of Series C 5.85% Convertible Debentures; $36,358,000 of Series D 6.75% Convertible Debentures; and $75,000,000 of Series E 6.00% Convertible Debentures. In addition, as at November 4, 2011, the REIT and IOT had outstanding $50,000,000 aggregate principal amount of Series F 5.75% Stapled Convertible Debentures.Under the normal course issuer bids, convertible debentures may be purchased through the facilities of the TSX or other applicable marketplaces in Canada up to the following limits:Limit on Purchases (Principal Amount)Total Limit1Daily Limits2Series B 6.00% Convertible Debentures$7,498,000$11,388Series C 5.85% Convertible Debentures$7,000,000$15,448Series D 6.75% Convertible Debentures$3,635,800$40,436Series E 6.00% Convertible Debentures$7,500,000$13,879Series F 5.75% Stapled Convertible Debentures$5,000,000$8,2611 Represents 10% of the public float of each series of debentures as at November 4, 2011. 2 Subject to InnVest's ability to make "block" purchases under the rules of the TSX.InnVest believes that, from time to time, the market price of its Units and convertible debentures may not reflect their underlying value and that the purchase of Units and convertible debentures may represent an appropriate and desirable use of its funds. InnVest intends to fund any purchases out of available cash and undrawn credit facilities.Purchases under the normal course issuer bids can be made from time to time over a twelve-month period, commencing on November 15, 2011 and terminating on November 14, 2012, as appropriate opportunities arise. The price InnVest will pay for any Units or convertible debentures will be the market price at the time of acquisition. It is currently expected that Units or convertible debentures purchased under the bids will be cancelled, other than Units delivered to the trustees of the REIT in satisfaction of a portion of their annual retainer fee. The actual number of Units or principal amount of convertible debentures which may be purchased and the timing of any such purchases will be determined by InnVest, in accordance with the rules of the TSX.FORWARD LOOKING STATEMENTSStatements contained in this press release that are not historical facts are forward-looking statements which involve risk and uncertainties which could cause actual results to differ materially from those expressed in the forward-looking statements. Among the key factors that could cause such differences are real estate investment risks, hotel industry risks and competition. These and other factors are discussed in InnVest's 2011 annual information form which is available at www.sedar.com or www.innvestreit.com. InnVest disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required to do so by applicable securities law.INNVEST PROFILEInnVest Real Estate Investment Trust (the "REIT") is an unincorporated open-ended real estate investment trust which owns a portfolio of 144 hotels across Canada representing approximately 19,000 guest rooms operated under internationally recognized brands. The REIT leases its hotels to InnVest Operations Trust ("IOT"), a taxable investment trust. IOT indirectly holds all of the hotel operating assets, earns revenues from hotel customers and pays rent to the REIT. IOT also holds a 50% interest in Choice Hotels Canada Inc., one of the largest franchisor of hotels in Canada, and earns revenues from franchising fees.Each issued and outstanding REIT unit trades together with a non-voting unit of IOT as a "stapled unit" on the Toronto Stock Exchange (the "TSX") under the symbol INN.UN. The REIT's convertible debentures trade on the TSX under the symbols INN.DB.B, INN.DB.C, INN.DB.D, INN.DB.E and INN.DB.F.FOR FURTHER INFORMATION PLEASE CONTACT: Kenneth D. GibsonInnVest Real Estate Investment TrustPresident and Chief Executive Officer(905) 206-7100(905) 206-7114 (FAX)ORTamara L. LawsonInnVest Real Estate Investment TrustChief Financial Officer and Corporate Secretary(905) 206-7100(905) 206-7114 (FAX)www.innvestreit.com