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Morguard plans normal course issuer bid

Morguard North American Residential REIT said the Toronto Stock Exchange accepted its notice of intention to make a normal course issuer bid to purchase for cancellation up to 2,556,288 units and roughly C$8.1 million of 4.50% convertible unsecured subordinated debentures due March 31, 2023.

The bid runs from Dec. 21 to Dec. 20, 2019.

Under its existing normal course issuer bid, slated to expire on Dec. 20, the REIT was approved to buy up to 2,552,924 units through the TSX and other alternative Canadian trading systems, but did not purchase any units for cancellation under the bid.