TSE SYMBOL: BEI
NYSE SYMBOL: BEI
TSE, NYSE SYMBOL: BEI
MARCH 21, 2001 - 12:10 EST
Boardwalk Equities Inc.: TSE Accepts Normal Course Issuer
Bid
CALGARY, ALBERTA--Boardwalk Equities Inc. ("Boardwalk") is pleased
to announce that the Toronto Stock Exchange has accepted its
notice of intention to make a normal course issuer bid (the
"Bid"). This Bid is an extension of a normal course issuer bid
commenced by Boardwalk on March 3, 2000 which terminated on March
2, 2001 and pursuant to which Boardwalk has to date, purchased for
cancellation 27,300 common shares for an average price of $10.59.
Boardwalk currently has 49,920,506 issued and outstanding common
shares. The public float of common shares of Boardwalk is
31,516,326. The Bid allows 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 will commence
on March 23, 2001 and will terminate on March 22, 2002 or 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.
"to efficiently provide the best value in carefree living at
competitive prices and utmost customer satisfaction"
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Boardwalk Equities Inc.
Sam Kolias, President
(403) 531-9255
or
George Reti, Executive 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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