CALGARY, April 16, 2014 /CNW/ - Mainstreet Equity Corp. ("Mainstreet" or the "Corporation") (TSX:MEQ) announces that the Corporation will proceed with a normal course issuer bid ("Bid"). The maximum number of common shares of the Corporation ("Common Shares") which may be acquired by way of the current Bid is 641,834, representing approximately 10% of the public float of the outstanding Common Shares. As at April 14, 2014, there were 10,469,081 Common Shares outstanding. The average daily trading volume for the six months ended March 31, 2014, was 8,040 Common Shares and Mainstreet is subject to a daily repurchase limit of 2,010 Common Shares. Mainstreet intends to commence the Bid on April 21, 2014 and terminate the bid on April 20, 2015.
Mainstreet's Board of Directors believes that the purchase of Common Shares pursuant to the normal course issuer bid is in the best interests of Mainstreet and its shareholders as the Common Shares may become available for purchase at prices which make them an appropriate use of Mainstreet's funds. All shares purchased under the Bid will be cancelled and returned to treasury. Mainstreet intends to acquire Common Shares from time to time in amounts and prices which its management believes are favourable and consistent with prudent economic and financial considerations. Mainstreet did not purchase any Common Shares pursuant to its previous Bid, which expired February 22, 2013.
Any purchases made by Mainstreet under the bid will be made through the facilities of and in accordance with the rules of the Toronto Stock Exchange.
Mainstreet is a Calgary-based, growth-oriented real estate corporation focused on the acquisition, redevelopment, repositioning, and asset and property management of mid-market apartment buildings. The Corporation currently owns and operates residential rental units, including apartments and townhouses, in the B.C. Lower Mainland, Calgary, Edmonton and Saskatoon.
Mainstreet's common shares are listed on the Toronto Stock Exchange under the symbol "MEQ". There are currently 10,469,081 common shares outstanding.
Cautionary Statement Regarding Forward-Looking Statements
The above disclosure may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. In particular the disclosure includes statements concerning the intentions of the Corporation in respect of the Bid. These forward-looking statements involve unknown risks, uncertainties and other unknown factors, some of which are beyond the Corporation's control. The Corporation's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or, if any of them do so, what benefits the Corporation will derive from them. Readers should not place undue reliance on such forward looking statements contained herein.
SOURCE Mainstreet Equity Corporation