TSE SYMBOL: BEI NYSE SYMBOL: BEI August 2, 2002
INTENTION TO MAKE NORMAL COURSE ISSUER BID
Boardwalk Equities Inc. ("Boardwalk") wishes to announce its
intention to make a normal course issuer bid (the "Bid")
through the facilities of and subject to regulatory approval
of The Toronto Stock Exchange. Boardwalk’s previous normal
course issuer bid expired on March 22, 2002.
Boardwalk currently has 49,860,781 issued and outstanding
common shares. The Bid, if approved, would allow Boardwalk
to purchase up to 3,267,840 common shares, representing 10%
of its public float, through the facilities of The Toronto
Stock Exchange. The Bid, if approved, is expected to commence
on August 6, 2002 and will terminate one year later, or at
such earlier time as the Bid is complete.
Boardwalk believes that the current and recent market prices
of its common shares do not reflect their underlying value.
Boardwalk's management is initiating this program as it feels
that, at current market prices, an investment in Boardwalk's
own high quality portfolio will deliver strong returns for
shareholders and represents an effective use of its capital
and steadily increasing cash flows. At the same time,
Boardwalk plans to continue its property acquisition and
capital improvement programs. Boardwalk will purchase the
common shares for cancellation with the intention of
increasing the proportionate interest of all remaining
shareholders.
Commencing on or after August 16, 2002 and concurrent with
the Bid, Messrs. Sam and Van Kolias, the controlling
shareholders of Boardwalk, through Boardwalk Properties
Company Limited, a company wholly-owned and controlled by
them, intend to sell 350,000 Common Shares of Boardwalk
from their combined holdings to fund repayment of
indebtedness, to diversify their investment portfolios and
to fund their charitable causes. In connection with such
sale of Common Shares, Messrs. Sam and Van Kolias have taken
appropriate steps to ensure that none of the Common Shares
sold by them, through Boardwalk Properties Company Limited,
are offered for sale or purchased as part of the Bid and will
instruct the brokerage firm appointed to execute the sale of
their 350,000 Common Shares through the facilities of
The Toronto and New York Stock Exchanges not to offer for sale
any of those Common Shares through the Bid.
Corporate Profile
Boardwalk Equities Inc. is Canada’s largest owner/operator
of multi-family rental properties. Boardwalk currently owns
in excess of 250 properties with approximately 29,000 units
totalling approximately 25 million net rentable square feet.
The company’s portfolio is concentrated in the provinces of
Alberta, Saskatchewan, Ontario and Quebec. Boardwalk is
headquartered in Calgary and its shares are listed on both
the Toronto Stock Exchange and the New York Stock Exchange
and trade under the symbol BEI. The Company has a total
market capitalization of approximately $1.9 billion.
For further information please contact:
Sam Kolias,
President and CEO,
(403) 531-9255;
Roberto Geremia,
Senior Vice President, Finance
and Chief Financial Officer,
(403) 531-9255;
Mike Hough,
Senior Vice President,
(416) 364-0849;
Paul Moon,
Director of Corporate Communications,
(403) 531-9255.
Information can also be found on the Internet at
http://www.bwalk.com.
