Beginning May 10, Toronto-based TZH will be allowed to purchase the shares for the next 12 months at market rates. The firm has also set up a put writing program that will allow it to write put options in favor of an investment dealer giving the dealer the right to require TZH to repurchase shares at a negotiated strike price. During the last year, the firm has purchased 9,769,657 shares in the open market at an average price of $15.87.
"TrizecHahn believes that the value of its underlying assets and growth prospects is not fully reflected in its share prices and that a share buy back at these process levels would be an excellent use of our capital," says president and CEO Christopher Mackenzie.
The company recently announced that it was raising $1.44 billion through a private offering, the proceeds to be used to repay secured indebtedness.
TrizecHahn owns and manages 75 office buildings in seven US cities with 49 million sf of space and is involved in a telecommunications venture, Global Switch.
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