Slate Office REIT (TSX:SOT.UN) announces a share repurchase program. Under the program, the company will repurchase up to 2,334,509 units, representing 10% of its public float and 7.78% of its outstanding units. The repurchases will be made at the prevailing market price on the TSX or the alternative market at the time of purchase or such other price as may be permitted by the TSX at the time of acquisition.

Any purchases under the bid will be made through the facilities of the TSX and/or through other permitted means, including through one or more alternative Canadian trading platforms, and in accordance with applicable regulatory requirements. All the units purchased will be cancelled. The company intends to fund the repurchases out of the general funds.

The Board of Trustees of company believe that the purchase by the company of a portion of its outstanding units will increase unit holder value and that such purchases constitute a desirable use of the company's available resources. Subject to certain prescribed exemptions and any block purchase made in accordance with the rules of the TSX, the number of units that can be purchased pursuant to the bid is subject to a daily maximum of 13,655 units, which represents 25% of average daily trading volume during the period from July 1, 2015 to December 31, 2015. The actual number of units which may be purchased and the timing of any such purchases will be determined by the company.

The bid will terminate on January 25, 2017. As of January 12, 2016, the company has 30,001,131 units outstanding.