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Royal Host plans to buy back up to C$3.5 million of 7.9% convertibles
By Angela McDaniels
Seattle, Nov. 21 - Royal Host REIT said it will make a normal course issuer bid to purchase, from time to time, up to C$3.498 million principal amount of its 7.9% subordinated unsecured convertible debentures series A due 2009, of which C$35 million remains outstanding.
The purchases will be made on the open market through the Toronto Stock Exchange, and Royal Host will pay the prevailing market price of the debentures.
The bid will begin on Thursday and end on Nov. 22, 2007.
The real estate investment trust said it believes that, from time to time, the market price of the debentures may not fully reflect the underlying value of the debentures and that at such times the purchase of debentures would be "in the best interests of Royal Host."
Such purchases will increase the proportionate interest of the remaining holders and may increase liquidity to Royal Host's holders wishing to sell their debentures, the REIT noted.
Calgary, Alta.-based Royal Host owns hotels, manages properties and operates franchises.
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