Under the terms of the Bid, Artis may purchase up to 10% of the public float of trust units ("Units") and preferred units ("Preferred Units"). A maximum of 25% of the average daily trading volume may be purchased by Artis on any one day under its normal course issuer bid, except where purchases are made in accordance with "block purchases" exemptions under applicable TSX policies. Purchases pursuant to the Bid will be made through the facilities of the TSX and/or alternative Canadian trading systems. Artis will pay the market price at the time of acquisition for any Unit or Preferred Unit purchased through the facilities of the TSX and/or alternative Canadian trading systems and all Units and Preferred Units acquired by the REIT under this Bid will be cancelled. The period of the normal course issuer bid will extend from
Symbol | Public Float | 10% of Public Float | Average Daily Trading Volume | 25% of Average Daily Trading Volume(1) |
AX.UN | 101,603,961 | 10,160,396 | 313,387 | 78,346 |
AX.PR.A | 3,361,200 | 336,120 | 3,648 | 1,000 |
AX.PR.E | 3,797,730 | 379,773 | 4,898 | 1,224 |
AX.PR.I | 4,865,540 | 486,554 | 4,402 | 1,100 |
(1) | In cases where 25% of the average daily trading volume is less than 1,000, the daily purchase limit becomes 1,000. |
Artis is pursuing the normal course issuer bid because it believes that, from time to time, the market price of its Units and Preferred Units may not fully reflect the underlying value of its business and its future business prospects. The REIT believes that, in such circumstances, the outstanding Units and Preferred Units represent an attractive investment for Artis.
Pursuant to the REIT's current normal course issuer bid that expires on
- Up to 11,901,997 Units. During the past 12 completed calendar months, Artis acquired 3,409,015 Units through the normal course issuer bid, which were purchased through the facilities of the TSX, at a weighted-average price of
$8.7762 . - Up to 338,730 Series A Preferred Units ("Series A Units"). During the past 12 completed calendar months, Artis acquired 26,100 Series A Units through the normal course issuer bid, which were purchased through the facilities of the TSX, at a weighted-average price of
$15.6715 . - Up to 383,570 Series E Preferred Units ("Series E Units"). During the past 12 completed calendar months, Artis acquired 37,970 Series E Units through the normal course issuer bid, which were purchased through the facilities of the TSX, at a weighted-average price of
$14.9238 . - Up to 490,000 Series I Preferred Units ("Series I Units"). During the past 12 completed calendar months, Artis acquired 34,460 Series I Units through the normal course issuer bid, which were purchased through the facilities of the TSX, at a weighted-average price of
$18.7027 .
As at
On or about
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Artis is a diversified Canadian real estate investment trust investing primarily in industrial and office properties in select markets in
SOURCE
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