BPO Properties Ltd. Renews Normal Course Issuer Bid
September 18, 2007
TORONTO, September 18, 2007 BPO Properties Ltd. (BPP: TSX) announced today that the Toronto Stock Exchange accepted a notice filed by BPO Properties of its intention to renew its prior normal course issuer bid for a further one-year period in order to provide liquidity to its shareholders.
The notice provides that BPO Properties may, during the twelve month period commencing September 20, 2007 and ending September 19, 2008, purchase on the Toronto Stock Exchange up to 341,446 common shares, representing approximately 5% of the issued and outstanding common shares of the company. At September 12, 2007, there were 6,828,933 common shares issued and outstanding and 3,095,278 common shares in the public float. In addition, BPO Properties has 21,678,532 non-voting equity shares outstanding. The price to be paid for the shares will be the market price at that time of purchase. The actual number of shares to be purchased and the timing of such purchases will be determined by BPO Properties, and all shares will be purchased on the open market or such other means as approved by the Toronto Stock Exchange. All shares purchased by BPO Properties under this bid will be promptly cancelled.
As at September 12, 2007, BPO Properties acquired 18,500 common shares at an average price of $68.37 per share under its prior normal course issuer bid which commenced September 20, 2006 and ends on September 19, 2007. The average daily trading volume of BPP shares during the six months ended August 31, 2007 was 1,410.
BPO Properties Ltd., 89% owned by Brookfield Properties Corporation, is a Canadian company that invests in real estate, focusing on the ownership and value enhancement of premier office properties. The current property portfolio is comprised of interests in 29 commercial properties totaling 19.5 million square feet and five development projects totaling 5.6 million square feet. Landmark properties include First Canadian Place in Toronto and Bankers Hall in Calgary. BPO Properties' common shares trade on the TSX under the symbol BPP. For more information, visit www.bpoproperties.com.
Contact:
Melissa Coley, Vice President, Investor Relations & Communications
Email: mcoley@bpoproperties.com
Tel: (416) 359-8593
Note: This press release contains "forward-looking statements" that are based on certain assumptions and reflect the company's current expectations. The words "believe," "expect," "anticipate," "intend," "estimate" and other expressions which are predictions of or indicate future events and trends and which do not relate to historical matters identify forward-looking statements. Reliance should not be placed on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the company to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from those set forth in the forward-looking statements include general economic conditions, local real estate conditions, timely re-leasing of occupied square footage upon expiration, interest rates, availability of equity and debt financing and other risks detailed from time to time in the documents filed by the company with the securities regulators in Canada. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
© 2008 BPO Properties Ltd. All rights reserved.
September 18, 2007
TORONTO, September 18, 2007 BPO Properties Ltd. (BPP: TSX) announced today that the Toronto Stock Exchange accepted a notice filed by BPO Properties of its intention to renew its prior normal course issuer bid for a further one-year period in order to provide liquidity to its shareholders.
The notice provides that BPO Properties may, during the twelve month period commencing September 20, 2007 and ending September 19, 2008, purchase on the Toronto Stock Exchange up to 341,446 common shares, representing approximately 5% of the issued and outstanding common shares of the company. At September 12, 2007, there were 6,828,933 common shares issued and outstanding and 3,095,278 common shares in the public float. In addition, BPO Properties has 21,678,532 non-voting equity shares outstanding. The price to be paid for the shares will be the market price at that time of purchase. The actual number of shares to be purchased and the timing of such purchases will be determined by BPO Properties, and all shares will be purchased on the open market or such other means as approved by the Toronto Stock Exchange. All shares purchased by BPO Properties under this bid will be promptly cancelled.
As at September 12, 2007, BPO Properties acquired 18,500 common shares at an average price of $68.37 per share under its prior normal course issuer bid which commenced September 20, 2006 and ends on September 19, 2007. The average daily trading volume of BPP shares during the six months ended August 31, 2007 was 1,410.
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BPO Properties Ltd., 89% owned by Brookfield Properties Corporation, is a Canadian company that invests in real estate, focusing on the ownership and value enhancement of premier office properties. The current property portfolio is comprised of interests in 29 commercial properties totaling 19.5 million square feet and five development projects totaling 5.6 million square feet. Landmark properties include First Canadian Place in Toronto and Bankers Hall in Calgary. BPO Properties' common shares trade on the TSX under the symbol BPP. For more information, visit www.bpoproperties.com.
Contact:
Melissa Coley, Vice President, Investor Relations & Communications
Email: mcoley@bpoproperties.com
Tel: (416) 359-8593
* * *
Note: This press release contains "forward-looking statements" that are based on certain assumptions and reflect the company's current expectations. The words "believe," "expect," "anticipate," "intend," "estimate" and other expressions which are predictions of or indicate future events and trends and which do not relate to historical matters identify forward-looking statements. Reliance should not be placed on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the company to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from those set forth in the forward-looking statements include general economic conditions, local real estate conditions, timely re-leasing of occupied square footage upon expiration, interest rates, availability of equity and debt financing and other risks detailed from time to time in the documents filed by the company with the securities regulators in Canada. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
© 2008 BPO Properties Ltd. All rights reserved.
