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True North Apartment Real Estate Investment Trust Announces Normal Course Issuer Bid Accepted by TSX


Friday, 12 Jul 2013 11:52am EDT 

True North Apartment Real Estate Investment Trust announced that the Toronto Stock Exchange (the TSX) has accepted its normal course issuer bid (the Issuer Bid). Under the Issuer Bid, the REIT will have the ability to purchase for cancellation up to a maximum of 1,789,890 of its trust units (Units) (representing 10% of the REIT's public float of 17,898,905 Units) through the facilities of the TSX. The Issuer Bid will commence on July 15, 2013 and remain in effect until the earlier of July 14, 2014 or the date on which the REIT has purchased the maximum number of Units permitted under the Issuer Bid. The REIT's average daily trading volume for the most recently completed six calendar months was 44,465 Units. In accordance with the rules of the TSX, 25% of that average daily trading volume (11,116 Units) is the REIT's daily limit for purchases under the Issuer Bid made through the facilities of the TSX. As of July 11, 2013, the number of issued and outstanding Units was 18,504,519. 

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