TSE SYMBOL: BEI NYSE SYMBOL: BEI August 21, 2003
Boardwalk Equities Inc. - TSX Accepts Normal Course Issuer Bid
Calgary, Alberta – August 21, 2003
CALGARY, Aug. 21 /CNW/ - 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").
Boardwalk currently has 50,456,314 issued and outstanding common shares.
The public float of common shares of Boardwalk is 27,702,284. The Bid allows
Boardwalk to purchase up to 2,770,228 common shares, representing 10% of its
public float, through the facilities of The Toronto Stock Exchange. The Bid
will commence on August 25, 2003 and will terminate on August 24, 2004 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 August 11, 2003. These
purchases were effected through the facilities of the Toronto Stock Exchange
at market price and in accordance with the rules and policies of the Toronto
Stock Exchange. The Corporation purchased 52,500 common shares between
August 12, 2002 and August 11, 2003, and the average price paid for the common
shares over this period was $14.26.
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.
Concurrent with the Bid, Messrs. Sam and Van Kolias, the controlling
shareholders of Boardwalk, through Boardwalk Properties Company Limited,
intend to sell 300,000 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 300,000 Common Shares
through the facilities of The Toronto 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 31,200 units totalling approximately
26 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 $2.1 billion.
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For further information: Boardwalk Equities Inc., 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, Internet: http://www.bwalk.com
