TrizecHahn Buying Back Over 10 Mil of Its Shares

NEW YORK CITY-TrizecHahn Corp. has filed notice with the Toronto Stock Exchange that it intends to purchase up to 10,328,364 of its subordinate voting shares, about 10% of the public float (shares not held directly or indirectly by any officer or director of the issuer and by any other person who is the beneficial owner of more than 10% of the total shares outstanding). All told, there are 140,653,815 shares outstanding.

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.