Partners Real Estate Investment Trust Announces Results of Special Meeting
December 14 2011 - 1:24AM
PR Newswire (Canada)
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LAWS./ TORONTO, Dec. 15, 2011 /CNW/ - Partners Real Estate
Investment Trust ("Partners REIT") announced today the results of
voting at its special meeting of unitholders, held to consider the
acquisition of the assets of NorRock Realty Finance Corporation
("NorRock") and a proposed consolidation of the units of Partners
REIT. A total of 15,066,285 units were represented in person or by
proxy at the Partners REIT special meeting. These units represented
48.54% of all of the issued and outstanding Partners REIT units.
The proposed issuance of Partners REIT units as consideration for
the NorRock assets was approved by the affirmative vote of (i)
14,990,541 Partners REIT units, representing 99.76% of the votes
cast by holders of Partners REIT units present in person or by
proxy at the Partners REIT special meeting and (ii) 2,152,681
Partners REIT units, representing 98.38% of the votes cast by
holders of Partners REIT units present in person or by proxy at the
Partners REIT special meeting excluding votes attaching to units
held by certain related parties. The proposed consolidation of
Partners REIT Units on the basis of one post-consolidation unit for
every four pre-consolidation units was approved by the 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 at the Partners REIT special meeting. As previously
announced, the special meeting of NorRock shareholders to consider
the proposed acquisition of NorRock assets by Partners REIT has
been postponed. As a result of the postponement of the NorRock
meeting, the proposed closing of the acquisition of NorRock assets
by Partners REIT, originally scheduled for December 20, 2011, will
take place in January of 2012. Details of both the NorRock special
meeting and the Partners REIT special meeting and the matters being
considered are set out in a joint management proxy circular (the
"Circular") dated November 16, 2011 that has been mailed to all
unitholders of Partners REIT and shareholders of NorRock. A copy of
the Circular is available electronically at www.sedar.com.
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 and NorRock. 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 NorRock shareholder
approval of the proposed transaction; our ability to obtain court,
regulatory, securityholder and other approvals in connection with
the proposed transaction between Partners REIT and NorRock; the
fulfillment of conditions precedent to closing the transaction and
the successful completion of the proposed transaction between
Partners REIT and NorRock; our expectations regarding an increase
in funds available to Partners REIT as a result of the
acquisition of the assets of NorRock, our expectations regarding
the retention or sale of the mortgages and other assets acquired by
Partners REIT in connection with the transaction with NorRock;
Partners REIT's status as a "real estate investment trust" and the
application of the SIFT Rules (as that term is defined in the
Circular); Partners REIT's intention to continue to grow and
diversify its portfolio; intended acquisitions; 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
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