MONTREAL,QC, July 31, 2015 /CNW
Telbec/ - (TSXV: NEL.UN) Nobel Real Estate Investment Trust
(the "REIT" or "Nobel REIT") announced today that the
trustees of Nobel REIT have resolved to proceed with a
consolidation of its trust units ("Trust Units") and its
special voting units (along with the corresponding class B limited
partnership units of Nobel REIT Limited Partnership) (collectively,
the "Class B Units" and, together with the Trust Units, the
"Units") on a one for five basis (the
"Consolidation").
Following the completion of the Consolidation, each holder of
Units will receive one post-consolidation unit for every five Units
held by them as of the record date for the Consolidation such that,
following the completion of the Consolidation, the total number of
Trust Units and Class B Units currently issued and outstanding will
be altered from 52,256,667 and 360,000 to 10,451,333 and 72,000,
respectively. No fractional post-consolidation units will be
issued. Any fractional Units resulting from the Consolidation will
be rounded down to the nearest whole Unit. The exercise price and
number of Trust Units issuable upon the exercise of any outstanding
options or warrants will be proportionally adjusted upon the
implementation of the proposed Consolidation.
The Board of Trustees of Nobel REIT considers it advisable to
consolidate the Units in order to enhance liquidity for existing
and potential unitholders which will assist Nobel REIT in raising
additional funds for further acquisitions. Approval for the
proposed Consolidation remains subject to the approval of the TSX
Venture Exchange.
Letters of transmittal providing for the proposed Consolidation
are expected to be delivered to all holders of Units shortly
following the date hereof by the REIT's transfer agent and
registrar, Computershare Investor Services Inc. Pursuant to the
REIT's amended and restated declaration of trust and the rules of
the TSX Venture Exchange, the trustees of the REIT are authorized
to proceed with the proposed Consolidation without the need to
obtain the approval from the REIT's unitholders.
An additional news release will be issued as soon as practicable
to announce the anticipated effective date of the Consolidation.
The REIT will not be changing its name or its trading symbol
following the completion of the Consolidation.
About Nobel REIT
Nobel REIT is an unincorporated open-ended real estate
investment trust governed by the laws of the Province of Québec.
Nobel REIT has been created for the purpose of acquiring and owning
income producing properties. The REIT will focus on acquiring
commercial retail, mixed-used retail, and industrial and suburban
office properties in the primary and secondary markets in the
Province of Québec. Nobel REIT currently owns fifteen properties
located in Québec, comprising 694,535 square feet of gross leasable
area.
Disclaimer – Safe Harbour Forward-Looking Statements
Forward-looking statements contained in this press release
involve known and unknown risks, uncertainties and other factors
that may cause actual results, performance and achievements of
Nobel REIT to be materially different from any future results,
performance or achievements expressed or implied by the said
forward-looking statements.
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.
SOURCE Nobel Real Estate Investment Trust