Gulf & Pacific Equities Corp.
TSX VENTURE : GUF

Gulf & Pacific Equities Corp.

April 06, 2011 14:16 ET

Gulf & Pacific Equities Corp. Announces Renewal of Normal Course Issuer Bid

TORONTO, ONTARIO--(Marketwire - April 6, 2011) -

NOT FOR DISTRIBUTION TO U.S. WIRE SERVICES OR FOR DISTRIBUTION INTO THE UNITED STATES

Gulf & Pacific Equities Corp. (TSX VENTURE:GUF) ("Gulf & Pacific") an established company focused on the acquisition, management and development of anchored shopping centres in Western Canada, is pleased to announce today its intention, and its receipt of all required regulatory approvals, including approval by the TSX Venture Exchange (the "Exchange"), to commence its normal course issuer bid. Gulf & Pacific may begin purchasing its common shares (the "Shares") pursuant to the bid on April 5th, 2011 and will end such purchases on the earlier of April 5th, 2012, or the date Gulf & Pacific completes the purchase of the maximum number of Shares permitted under the bid. 

Pursuant to the bid, Gulf & Pacific may, over the next 12 months, acquire for cancellation up to 611,987 of its Shares, representing approximately 10% of the public float. The bid will be made through the facilities of the Exchange and the purchase and payment for the securities will be made in accordance with the Exchange requirements of the market price of the Shares at the time of acquisition. All Shares purchased by the Corporation under the bid will be cancelled. Gulf & Pacific did not purchase any of its issued and outstanding shares pursuant to its previous normal course issuer bid which expired on March 12, 2011.

Gulf & Pacific has appointed Jones, Gable & Company Limited as its broker to conduct the normal course issuer bid transactions. Management of Gulf & Pacific believe that its Shares have been trading in a price range which does not adequately reflect their value and that the purchase of the Shares under the bid will enhance the shareholder value in general. 

About Gulf & Pacific Equities Corp.

Gulf & Pacific Equities Corp. was incorporated under the laws of the Province of Alberta on April 8, 1998 and thereafter completed a public offering of common shares by prospectus dated June 26, 1998 (TSX VENTURE:GUF). 

The Company acquires, manages and develops anchored shopping malls in rural centres in Western Canada, in particular Alberta. Gulf & Pacific targets smaller, but rapidly growing hub communities that have hospital, high school, police station and retail/service infrastructure. Management has consistently reinvested cash flow to improve and grow its portfolio of income properties.

Gulf & Pacific Equities Corp. currently owns five, well-located retail assets located in Three Hills, Whitecourt, St. Paul and Cold Lake Alberta, as well as in Merritt B.C.. 

Cautionary Statements

This news release contains "forward-looking statements", within the meaning of the United States Private Securities Litigation Reform Act of 1995 and similar Canadian legislation, concerning the business, operations and financial performance and condition of Gulf & Pacific Equities. Forward-looking statements include, but are not limited to, statements with respect to the benefits of the offering and option transaction. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made, and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Gulf & Pacific Equities to be materially different from those expressed or implied by such forward-looking statements, including but not limited to risks related to: economic conditions in Western Canada, interest rates, raising less than the required capital; not realizing on the anticipated benefits from the transaction or not realizing on such anticipated benefits within the expected time frame; and other risks of the real estate industry. Although management of Gulf & Pacific Equities has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Gulf & Pacific Equities does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Gulf & Pacific Equities Corp.
    Mr. Anthony Cohen
    President and Chief Executive Officer
    416-968-3337
    416-968-3339 (FAX)
    or
    Gulf & Pacific Equities Corp.
    Suite 300, 1300 Bay Street
    Toronto, Ontario
    M5R 3K8
    info@gpequities.com
    www.gpequities.com