TSE SYMBOL: BEI NYSE SYMBOL: BEI August 8, 2002
TSX Accepts Normal Course Issuer Bid
Boardwalk Equities Inc. ("Boardwalk") is pleased to
announce that The TSX has accepted its notice of intention
to make a normal course issuer bid (the "Bid").
Boardwalk currently has 49,860,781 issued and outstanding
common shares. The public float of common shares of Boardwalk
is 32,678,401. The Bid allows Boardwalk to purchase up to
3,267,840 common shares, representing 10% of its public float,
through the facilities of The TSX. The Bid will commence on
August 12, 2002 and will terminate on August 11, 2003 or such
earlier time as the Bid is complete.
Boardwalk has purchased its common shares within the past
12 months pursuant to a normal course issuer bid which expired
on March 22, 2002. These purchases were effected through the
facilities of the TSX at market price and in accordance with
the by-laws and rules of the TSX. The Corporation purchased
879,600 common shares between March 1, 2001 and
December 31, 2002, and the average price paid for the common
shares over this period was $11.71.
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 16 August 2002 and concurrent with the
Bid, Messrs. Sam and Van Kolias, the controlling shareholders
of Boardwalk, through Boardwalk Properties Company Limited,
intend to sell 350,000 Common Shares of Boardwalk from their
combined holdings to fund repayment of indebtedness, to
diversify their investment portfolios 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
Boardwalk Properties Company Limited are offered for sale or
purchased as part of the Bid and will instruct the brokerage
firm appointed to execute the sale of their 350,000 Common Shares
through the facilities of The TSX and New York Stock Exchanges
not to offer for sale any of those Common Shares through the Bid.
Corporate Profile
Boardwalk Equities Inc. is Canada’s largest owner/operator
of multi-family rental properties. Boardwalk currently owns
in excess of 250 properties with approximately 29,000 units
totalling approximately 25 million net rentable square feet.
The company’s portfolio is concentrated in the provinces of
Alberta, Saskatchewan, Ontario and Quebec. Boardwalk is
headquartered in Calgary and its shares are listed on both
the Toronto Stock Exchange and the New York Stock Exchange
and trade under the symbol BEI. The Company has a total
market capitalization of approximately $1.9 billion.
For further information please contact:
Sam Kolias,
President and CEO,
(403) 531-9255;
Roberto Geremia,
Senior Vice President, Finance
and Chief Financial Officer,
(403) 531-9255;
Mike Hough,
Senior Vice President,
(416) 364-0849;
Paul Moon,
Director of Corporate Communications,
(403) 531-9255.
Information can also be found on the Internet at
http://www.bwalk.com.
