Huntingdon gets green light for normal course issuer bid to buy $4.83 million convertibles

By Susanna Moon

Chicago, Jan. 14 - Huntingdon Real Estate Investment Trust said it received approval from the Toronto Stock Exchange for its proposed normal course issuer bid to purchase up to $4.83 million principal amount of 7.5% series C convertible redeemable subordinated unsecured debentures.

The normal course issuer bid will extend from Jan. 16, 2009 to Jan. 15, 2010, or earlier if the company purchases the maximum number of notes.

Huntingdon said it will pay the market price at the time of acquisition for any convertibles purchased through the facilities of the Toronto Stock Exchange.

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

The average daily trading volume of the debentures for the six months ended Dec. 31 was $54,900 principal amount.

Under Toronto Stock Exchange policies, the maximum number of notes that Huntingdon may purchase on a trading day is $13,725 principal amount of debentures.

The company said it is pursuing the normal course issuer bid because it believes that, from time to time, the market price may not fully reflect the underlying value of the notes, providing an attractive investment opportunity.

Huntingdon is a Winnipeg, Manitoba, real estate investment trust focused on commercial and industrial properties.

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