Partners Real Estate Investment Trust announces consolidation and proposed odd lot selling and purchase program
08 Febrero 2012 - 11:15AM
PR Newswire (Canada)
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY
WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES
LAWS./ VICTORIA, BC, Feb. 10, 2012 /CNW/ - Partners Real Estate
Investment Trust (the "REIT" or "Partners REIT") announces that it
has received the approval of the TSX Venture Exchange ("TSXV") to
consolidate its issued and outstanding units on the basis of one
(1) post-consolidation unit for every four (4) pre-consolidation
units. As previously disclosed on December 15, 2011, unitholders
approved the consolidation by an affirmative vote of 14,975,707
Partners REIT units, representing 99.40% of the votes cast by
holders of Partners REIT units present in person or by proxy. The
exercise price and number of units of Partners REIT issuable upon
the exercise of outstanding options, warrants and convertible
debentures will be proportionally adjusted with the implementation
of the unit consolidation. Partners REIT expects the
post-consolidation units to begin trading on the TSXV on February
14, 2012. In connection with, and immediately following, the
consolidation of Partners REIT units, each Partners REIT unitholder
that receives fractional Partners REIT units on the consolidation
will irrevocably deposit all such fractional Partners REIT units
with their agent, Computershare Investor Services Inc.
("Computershare"). Computershare, as soon as practicable, will
aggregate all such fractional Partners REIT units into marketable
blocks of units and, as agent for the relevant holders of such
fractional Partners REIT units, sell such Partners REIT Units on
the TSXV for cash proceeds. Computershare will then remit the net
sale proceeds from the sale of all such fractional Partners REIT
units pro-rata to the relevant holders. Remittance of any pro-rata
cash entitlements by Computershare may be delayed as a consequence
of the clearing and settlement process for such sales. Letters of
transmittal providing for the exchange of certificates representing
pre-consolidation units for certificates representing
post-consolidation units are expected to be delivered to
unitholders on or about February 17, 2012. As previously disclosed
on February 1, 2012, Partners REIT completed the acquisition of the
assets of NorRock Realty Finance Corporation ("NorRock").
Pursuant to such transaction, holders of NorRock Class A shares of
record on February 8, 2012 were entitled to receive units of
Partners REIT; and as a result of the timing of the consolidation
of the units of Partners REIT as described above, holders of
NorRock Class A shares will receive units of Partners REIT on a
post-consolidated basis. The board of trustees of Partners REIT
considered it advisable to consolidate units of Partners REIT to
enhance the liquidity for existing and potential unitholders which
will assist Partners REIT in raising additional funds for further
acquisitions. Odd Lot Selling and Purchase Program Partners REIT
intends to establish an odd lot selling and purchase program (the
"Program") for unitholders holding less than 100 units of Partners
REIT (an "odd lot"). The Program will allow eligible unitholders to
sell their odd lot or to buy additional units to enable a
unitholder to hold a whole board lot (100 units of Partners REIT)
without incurring brokerage fees. Unitholders with less than 100
units of Partners REIT will be eligible to participate in the
Program. The Program is expected to operate through the facilities
of the TSXV in compliance with the TSXV's policies for Small
Shareholder Selling and Purchase Arrangements.The REIT makes no
recommendation as to whether or not an eligible unitholder should
participate in the Program. The decision to participate should be
based on the unitholder's particular financial circumstances.
Eligible unitholders may wish to obtain advice from their broker or
financial advisor as to the advisability of participating.
Information about the Program will be forwarded to eligible
unitholders. Partners REIT will provide additional details
regarding the Program to unitholders shortly. Implementation of the
Program is subject to TSXV approval. This press release shall not
constitute an offer to sell, or the solicitation of an offer to
buy, any securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful. The securities being
offered have not been and will not be registered under the U.S.
Securities Act of 1933 as amended and may not be offered or sold in
the United States absent registration or pursuant to applicable
exemption from registration. About Partners REIT Partners REIT is a
growth-oriented real estate investment trust, which currently owns
(directly or indirectly) twenty-two retail properties located in
British Columbia, Alberta, Manitoba, Ontario and Quebec,
aggregating approximately 1.7 million square feet of leaseable
space. Partners REIT focuses on expanding and managing a portfolio
of retail and mixed-use community and neighbourhood shopping
centres located in both primary and secondary markets across
Canada. Forward-looking Statements Certain statements included in
this press release constitute forward-looking statements,
including, but not limited to, those identified by the expressions
"believe", "expect," "will", "offers the opportunity", "intend,
"look forward" and similar expressions to the extent they relate to
Partners REIT. The forward-looking statements are not historical
facts but reflect Partners REIT's current expectations regarding
future results or events. These forward looking statements are
subject to a number of risks and uncertainties that could cause
actual results or events to differ materially from current
expectations, including the proposed consolidation of units, TSXV
approval of the Program, the implementation of the Program, the
timing of the Program, access to capital, regulatory approvals, our
intention to grow and diversify our portfolio, intended
acquisitions, our status as a "real estate investment trust" and
general economic and industry conditions. Although Partners REIT
believes that the assumptions inherent in the forward-looking
statements are reasonable, forward-looking statements are not
guarantees of future performance and, accordingly, readers are
cautioned not to place undue reliance on such statements due to the
inherent uncertainty therein. The forward-looking statements
contained in this press release reflect our current views with
respect to future events and are also subject to certain other
risks and uncertainties and other risks detailed from time-to-time
in Partners REIT's ongoing filings with the securities regulatory
authorities, which filings can be found at www.sedar.com. Actual
results, events, and performance may differ materially from those
contemplated in Partners REIT's forward-looking statements. Readers
are cautioned not to place undue reliance on these forward-looking
statements. Partners REIT does not undertake any obligation to
publicly update or revise any forward-looking statements either as
a result of new information, future events or otherwise, except as
required by applicable securities laws. Neither the TSX Venture
Exchange nor its Regulation Services Provider (as that term is
defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
Partners REIT CONTACT: Partners REIT:Patrick Miniutti, President
and Chief Operating Officer (250) 940-5500
Copyright
Partners Reit (TSXV:PAR.UN)
Gráfica de Acción Histórica
De Jun 2024 a Jul 2024
Partners Reit (TSXV:PAR.UN)
Gráfica de Acción Histórica
De Jul 2023 a Jul 2024