Lanesborough to buy back up to 10% of series F, series G convertibles

By Angela McDaniels

Tacoma, Wash., Jan. 11 - Lanesborough Real Estate Investment Trust plans to purchase up to C$1,368,000 of its five-year 7.5% subordinated series F convertible debentures and up to C$2,573,000 of its five-year 7.5% series G convertible redeemable unsecured subordinated debentures through normal course issuer bids, according to a company news release.

For each series, the principal amount stated represents 10% of its public float.

The company received approval from the Toronto Stock Exchange for the issuer bids as well as the renewal of its normal-course issuer bid to purchase up to 1,368,158 of its trust units.

The issuer bids will begin on Jan. 13 and expire on Jan. 12, 2011.

Lanesborough will pay the market price at the time of acquisition.

All convertibles and units acquired under the issuer bids will be canceled.

The Winnipeg, Manitoba-based REIT said it is pursuing the issuer bids because it believes that, from time to time, the market price of the convertibles and units may not fully reflect their underlying values.

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