Huntingdon gets OK for normal course issuer bid to buy portion of 7.5% convertibles

By Jennifer Chiou

New York, April 8 - Huntingdon Real Estate Investment Trust said that the Toronto Stock Exchange has accepted a notice for its proposed normal course issuer bid to purchase up to C$4,748,000 of its C$48.3 million of 7.5% series C convertible redeemable subordinated unsecured debentures.

Under TSX rules, the bid will begin on April 12 and wrap up on April 11, 2011.

The proposed purchase amount represents 10% of the public float of the convertibles.

The company's board of trustees said it believes that purchasing the debentures from time to time may lower its risk and increase cash flow.

Because the average daily trading volume for the six months prior to the date of the notice came in at C$41,000 principal amount of debentures, Huntingdon said it may purchase up to C$10,000 of the securities per day.

Any acquired debentures will be canceled.

Under a prior normal course issuer bid for the debentures implemented on Jan. 14, 2009 and ended on Jan. 15, 2010, no debentures were purchased or canceled.

Huntingdon is a Winnipeg, Manitoba, REIT focused on commercial and industrial properties.

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