Morguard REIT (TSX:MRT.UN) filed a Notice of Intention and received approval from the Toronto Stock Exchange to commence a normal course issuer bid on January 23, 2013. Under the bid, the company will repurchase up to 3,591,277 units, representing 5.6% of its outstanding shares and 10% of the public float and CAD 10 million worth of its principal amount of the 4.85% Convertible Unsecured Debentures due October 31, 2017, representing 10% of the public float of the outstanding debentures. The price which will be paid for the units or debentures will be the market price at the time of the repurchase.

The units will be repurchased through the facilities of the TSX for cancellation. The actual number of units and debentures which may be repurchased and the timing of repurchases will be subject to compliance with the TSX guidelines. The daily repurchase restriction for the units is 13,840 and CAD 0.11 million for the debentures.

The bid will commence from January 28, 2013 and will continue till January 27, 2014. As of January 18, 2013, Morguard REIT has 64,089,459 units and CAD 15 million principal amount debentures outstanding.