Partners Real Estate Investment Trust Implements Unitholder Rights Plan
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 11/19/13 -- Partners Real Estate Investment Trust (the "REIT" or the "Trust") (TSX: PAR.UN) (TSX: PAR.DB) (TSX: PAR.DB.A) (TSX: PAR.DB.B) announced today its trustees (the "Trustees") have approved the adoption of a unitholder rights plan ("Rights Plan").
The Trustees adopted the Rights Plan following evaluation and consultation with outside financial and legal advisors. The purpose of the Rights Plan is to provide the unitholders and the trustees of the REIT with adequate time to consider and evaluate any unsolicited bid for the REIT and to provide the special committee comprised of the independent trustees of the REIT with adequate time to identify, develop and negotiate value-enhancing alternatives, if considered appropriate, to any such unsolicited bid.
Subject to the terms of the Rights Plan, the rights ("Rights") will become exercisable in the event any person, together with any person related to it or acting jointly with it, beneficially owns or announces its intention to acquire or beneficially own 15% or more of the REIT's outstanding units without complying with the "Permitted Bid" provisions of the Rights Plan. Should a non-Permitted Bid be launched, each Right would entitle each holder of the REIT units (other than the acquiring person and persons related to it or acting jointly with it) to purchase additional units of the REIT at a 50% discount to the prevailing market price. Under the Rights Plan, a bid that, among other things, is made to all unitholders for all of their units on identical terms and conditions and that is open for at least 60 days may constitute a "Permitted Bid".
In order to implement the Rights Plan, the REIT's Board of Trustees has authorized the issuance of one Right per unit outstanding to holders of the REIT's units outstanding as of the record time, which is November 19, 2013.
Although effective as of today, the Rights Plan is subject to TSX approval.
A copy of the Rights Plan will be made available on SEDAR at .
Neither the Toronto Stock Exchange nor Market Surveillance (as that term is defined in TSX Company Manual) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Partners Real Estate Investment Trust
Patrick Miniutti
Chief Executive Officer
(250) 940-5500
Partners Real Estate Investment Trust
Heather Routly
Chief Financial Officer
(250) 940-5500
(250) 940-5501 (FAX)
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Unternehmensinformation / Kurzprofil:
Datum: 19.11.2013 - 17:42 Uhr
Sprache: Deutsch
News-ID 318316
Anzahl Zeichen: 0
contact information:
Town:
TORONTO, ONTARIO
Kategorie:
Commercial & Investment Banking
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