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Slate Office REIT to make normal course issuer bid

The Toronto Stock Exchange accepted a notice of intention from Toronto-based Slate Office REIT to make a normal course issuer bid for some of its trust units.

Between May 15 and May 14, 2019, the real estate investment trust may purchase for cancellation up to 6,785,339 units, representing roughly 10% of the public float, through the bourse or other permitted means, with a daily limit of 43,771 units.

The REIT plans to funnel its general funds toward any purchases under the normal course issuer bid.

A total of 69,761,481 Slate units were outstanding as of April 30, and the company has made no purchases over the 12-month period of its previous normal course issuer bid, Slate said in a release.