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TORONTO, May 17, 2021 (GLOBE NEWSWIRE) -- Firm Capital Apartment Real Estate Investment Trust (the “Trust”), (TSXV: FCA.UN), (TSXV: FCA.U) is pleased to announce that it plans to file an application with the TSX Venture Exchange (the "Exchange") to commence a normal course issuer bid (the "Bid") to purchase up purchase up to (i) 619,750 of its trust units ("Trust Units"), being equal to 10% of the Public Float (as defined in the policies of the Exchange) and (ii) CAD$1,936,700 principal amount of the 6.25% convertible unsecured subordinated debentures of the Trust due June 30, 2026 ("Debentures ") (TSXV:FCA.DB), being equal to 10% of the Public Float (as defined in the policies of the Exchange). The Bid remains subject to the approval of the Exchange but if approved will remain in place for a period of 12 months unless terminated earlier at the Trust's discretion.
The board of trustees of the Trust is of the opinion that the recent market prices of its Trust Units and Debentures do not reflect the underlying value of its assets and future prospects, and that repurchasing Trust Units and Debentures is one way of creating unitholder value.
If approved, all Trust Units and Debentures purchased pursuant to the Bid will be made on the open market through the facilities of the Exchange and the purchase and payment for the acquired Trust Units and Debentures will be made by the Trust in accordance with the requirements of the Exchange.
To the knowledge of the Trust, no trustee, senior officer, or other insider of the Trust, or any associate of such person, or any associate or affiliate of the Trust, currently intends to sell any Trust Units or Debentures into the Bid. However, sales by such persons through the facilities of the Exchange or any other available market or alternative trading system in Canada may occur if the personal circumstances of any such person change or if any such person makes a decision unrelated to the Bid. The benefits to any such person whose Trust Units or Debentures are purchased would be the same as the benefits available to all other holders whose Trust Units or Debentures are purchased.
ABOUT FIRM CAPITAL APARTMENT REAL ESTATE INVESTMENT TRUST
Firm Capital Apartment Real Estate Investment Trust is a U.S. focused real estate investment trust that pursues multi-residential income producing real estate and related debt investments on both a wholly owned and joint venture basis. The Trust has ownership interests in a total of 1,846 apartment units diversely located in Florida, Connecticut, Texas, New York, New Jersey, Georgia and Maryland.
Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
FORWARD LOOKING INFORMATION
Certain information in this news release constitutes forward-looking statements under applicable securities law. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as “may”, “should”, “anticipate”, “expect”, “intend” and similar expressions. Forward-looking statements in this press release include statements relating to the timing and amount of Trust Units and/or Debentures that may be acquired under the normal course issuer bid and the Trust's future business plans. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse factors affecting the U.S. real estate market generally or those specific markets in which the Trust holds properties; volatility of real estate prices; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; industry and government regulation; changes in legislation, income tax and regulatory matters; the ability of the Trust to implement its business strategies; competition; currency and interest rate fluctuations and other risks, including those described in the Trust’s public disclosure documents on SEDAR at www.sedar.com.
Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Additional information about the Trust is available at www.firmcapital.com or www.sedar.com.
For further information, please contact:
President & Chief Executive Officer
Chief Financial Officer
For Investor Relations information, please contact:
Director, Investor Relations