Melcor REIT terminates Automatic Share Purchase Plan

EDMONTON, Alberta, June 05, 2020 (GLOBE NEWSWIRE) -- Melcor Real Estate Investment Trust (TSX:MR.UN) (the REIT) today announced that it is terminating the previously announced Automatic Share Purchase Plan (ASPP) put in place in connection with the normal course issuer bid (NCIB). The termination is effective June 25, 2020. The REIT entered into the ASPP in conjunction with the commencement of the NCIB on April 1, 2020. The ASPP enables a designated securities dealer to act on behalf of the REIT to purchase Trust Units at times when the REIT would not be active in the market due to regulatory restrictions or self-imposed trading blackout periods.

The ASPP has been terminated to conserve cash and preserve financial strength.

The REIT confirms that at the time of sending the notice of termination of the ASPP, it did not possess knowledge of any material fact or material change about the Trust, its units or any of its other securities that has not been generally disclosed.

Under the NCIB, the REIT has purchased and cancelled 59,526 Trust Units at an average price of $3.50 per unit since April 1, 2020, including those purchased via the ASPP during trading blackouts.

The NCIB remains in effect whereby the REIT may purchase and cancel up to 655,792 Trust Units in total, being approximately 5% of its issued and outstanding Trust Units. The daily repurchase restriction for the Trust Units is 3,207. On May 14, 2020, the Board of Trustees announced that it would suspend its purchases under the NCIB program in light of continued market volatility and in an effort to conserve cash.

About Melcor REIT

Melcor REIT is an unincorporated, open-ended real estate investment trust. Melcor REIT owns, acquires, manages and leases quality retail, office and industrial income-generating properties in Western Canada. Its portfolio is currently made up of interests in 39 properties representing approximately 3.2 million square feet of gross leasable area located across Alberta and in Regina, Saskatchewan and Kelowna, British Columbia. For more information, please visit www.melcorREIT.ca.