Mainstreet Equity Corp

February 21, 2012 12:35 ET

Mainstreet Equity Corp. Files Normal Course Issuer Bid

CALGARY, ALBERTA--(Marketwire - Feb. 21, 2012) - Mainstreet Equity Corp. ("Mainstreet" or the "Corporation") (TSX:MEQ) announces that the Corporation will proceed with a normal course issuer bid ("Bid"). The maximum number of common shares of the Corporation ("Common Shares") which may be acquired by way of the current Bid is 640,444, representing approximately 6.12% of the outstanding Common Shares or 10% of the public float of the outstanding Common Shares. As at February 15, 2012, there were 10,465,281 Common Shares outstanding. The average daily trading volume for the six months ended January 31, 2012, was 13,634 shares and Mainstreet is subject to a daily repurchase limit of 3,408 Common Shares. Mainstreet intends to commence the Bid on February 23, 2012 and terminate the bid on February 22, 2013.

Mainstreet's Board of Directors believes that the purchase of Common Shares pursuant to the normal course issuer bid is in the best interests of Mainstreet and its shareholders as the Common Shares may become available for purchase at prices which make them an appropriate use of Mainstreet's funds. All shares purchased under the Bid will be cancelled and returned to treasury. Mainstreet intends to acquire Common Shares from time to time in amounts and prices which its management believes are favourable and consistent with prudent economic and financial considerations. Mainstreet did not purchase any Common Shares pursuant to its previous Bid, which expired November 30, 2011.

Any purchases made by Mainstreet under the bid will be made through the facilities of and in accordance with the rules of the Toronto Stock Exchange.

About Mainstreet

Established in 1997, Mainstreet is a Calgary-based, growth-oriented real estate corporation focused on the acquisition, redevelopment, repositioning, and asset and property management of mid-market apartment buildings. The Corporation currently owns and operates residential rental units, including apartments and townhouses, in Vancouver/Lower Mainland (Surrey), Calgary, Edmonton, Saskatoon and Greater Toronto Area.

Mainstreet's common shares are listed on the Toronto Stock Exchange under the symbol "MEQ". There are currently 10,465,281 common shares outstanding.

Cautionary Statement Regarding Forward-Looking Statements

This news release contains forward-looking statements, including those regarding the intentions of the Corporation with respect to the Bid. Such statements are based on assumptions by and information available to the Corporation and management's best estimates of future events. Investors are cautioned that such forward-looking statements involve risks and uncertainties. Actual results may differ materially from those currently anticipated. The forward-looking statements contained herein are expressed qualified by this cautionary statement.

Contact Information

  • Mainstreet Equity Corp.
    Bob Dhillon
    Chief Executive Officer
    (403) 215-6063