TSE SYMBOL: BEI
NYSE SYMBOL: BEI
MARCH 21, 2001 - 09:00 EST
Boardwalk Files Intention to Make Normal Course Issuer
Bid
CALGARY, ALBERTA--Boardwalk Equities Inc. ("Boardwalk") wishes to
announce its intention to make a normal course issuer bid (the
"Bid") through the facilities of and subject to regulatory
approval of The Toronto Stock Exchange. The Bid is an extension
of a normal course issuer bid commenced by Boardwalk on March 3,
2000 which terminated on March 2, 2001.
Boardwalk currently has 49,920,506 issued and outstanding common
shares. The Bid, if approved, would allow Boardwalk to purchase
up to 3,151,633 common shares, representing 10% of its public
float, through the facilities of The Toronto Stock Exchange. The
Bid, if approved, is expected to commence on March 23, 2001 and
will terminate one year later, or at such earlier time as the Bid
is complete.
Boardwalk believes that the current and recent market prices of
its common shares do not reflect their underlying value.
Boardwalk's management is initiating this program as it feels
that, at current market prices, an investment in Boardwalk's own
high quality portfolio will deliver strong returns for
shareholders and represents an effective use of its capital and
steadily increasing cash flows. At the same time, Boardwalk plans
to continue its property acquisition and capital improvement
programs. Boardwalk will purchase the common shares for
cancellation with the intention of increasing the proportionate
interest of all remaining shareholders.
Commencing on or after April 17, 2001 and concurrent with the Bid,
Messrs. Sam and Van Kolias, the controlling shareholders of
Boardwalk, personally and through Boardwalk Properties Company
Limited and other entities owned or controlled by them, intend to
sell 410,000 Common Shares of Boardwalk from their combined
holdings to fund repayment of indebtedness for tax planning
purposes and to fund their charitable causes. In connection with
such sale of Common Shares, Messrs. Sam and Van Kolias have taken
appropriate steps to ensure that none of the Common Shares sold by
them, Boardwalk Properties Company Limited or other entities owned
or controlled by them are offered for sale or purchased as part of
the Bid and have instructed HSBC Securities (Canada) Inc., the
brokerage firm appointed to execute the sale of their 410,000
Common Shares through the facilities of The Toronto Stock
Exchange, not to offer for sale any of those Common Shares through
the Bid.
Boardwalk Equities Inc. is a customer oriented, technologically
advanced real estate company specializing in the acquisition and
management of multi-family residential projects throughout Western
Canada. Boardwalk owns or has contracted to acquire over 25,000
units representing over 21 million net rentable square feet.
The common shares of Boardwalk are traded on The Toronto Stock
Exchange and the New York Stock Exchange under the symbol BEI.
Fax back information service is also available at (403) 531-9321.
Information can also be found on the Internet at
http://www.bwalk.com.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Boardwalk Equities Inc.
Sam Kolias
President
(403) 531-9255
or
George Reti
Vice-President
(403) 531-9255
or
Roberto Geremia
Vice-President and Chief Financial Officer
(403) 531-9255
or
Paul Moon
Investor Relations
(403) 531-9255
Website: www.bwalk.com
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