Search
 

TrizecHahn Buying Back Over 10 Mil of Its Shares

NEW YORK CITY-The company plans to buy up about 10% of its public float in the belief that its share price doesn't reflect the value of its underlying assets and growth potential.

By John Howe | Updated on May 10, 2001

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.