STELLARTON, NS, Mar. 23, 2010 (Canada NewsWire Group) -- /CNW/ -- Crombie Real Estate Investment Trust (TSX: CRR.UN) announced today that it has filed a notice with the Toronto Stock Exchange to purchase for cancellation up to 100,000 units representing approximately 0.32 percent of those outstanding. The purchases will be made through the facilities of the Toronto Stock Exchange. Currently 32,061,456 units are issued and outstanding. The price the REIT will pay for any such shares will be the market price at the time of acquisition. Purchases may commence on March 26, 2010, and shall terminate not later than March 25, 2011.
The average daily trading volume (the ADTV) of the units was 56,573 on the TSX over the last six completed calendar months. Accordingly, under the policies of the TSX, the REIT is entitled to purchase, during any one trading day up to 14,143 units (being 25% of the ADTV of the units) on any trading day. The REIT is entitled to purchase a larger amount of units per calendar week, subject to the maximum number that may be acquired under the normal course issuer bid, if the transaction meets the block purchase exception under the TSX rules.
The Board of Trustees and senior management of Crombie REIT are of the opinion that currently, and from time to time, the limited purchase of units outlined above at the prevailing market prices is a worthwhile use of funds and in the best interests of Crombie REIT and its unitholders.