VANCOUVER, April 24, 2018 /CNW/ - Pure Multi-Family
REIT LP ("Pure Multi-Family" or the "REIT") (TSXV: RUF.U, RUF.UN,
RUF.DB.U; OTCQX: PMULF) announced that yesterday, pursuant to the
advance notice provisions of its amended and restated limited
partnership agreement, it received notice of seven director
nominees for election at its upcoming special and annual general
meeting of unitholders (the "Unitholder Meeting"), which is
currently scheduled for May 24,
2018.
The Board of Pure Multi-Family confirms that the REIT has
already proposed a full complement of seven experienced directors
and recommends that unitholders vote in favour of the REIT's
nominees. The REIT's nominees are Fraser Berrill, Stephen
Evans, Maurice Kagan,
Robert King, John O'Neill, James
Redekop and Sherry
Tryssenaar. Biographical information regarding each of the
nominees is available at pages 7 to 13 of the REIT's Management
Information Circular dated April 9,
2018 and is available on SEDAR at sedar.com. Information
regarding how to vote for the REIT's nominees is also described in
the Management Information Circular. Pure Multi-Family has engaged
Laurel Hill Advisory Group as its proxy solicitation agent.
K2 Principal Fund L.P. ("K2"), which advised that it owns
approximately 0.71% of the class A units of the REIT, put forward
the following nominees: Joseph
Beard, Charles Connor,
Tanya Covassin, Dean Perrin, Laurence
Rose, Josef Vejvoda and
Robert Wolf. K2 describes
itself in the notice as a broadly diversified Canadian and U.S.
investment fund that employs a variety of strategies including
event driven opportunities, structured products arbitrage,
distressed securities, long/short equities and other opportunities.
The dissident nominees have not advised whether they intend to
provide a dissident proxy circular. Prior to receipt of the notice
yesterday, the REIT had minimal communications with K2 which
focussed on its potential sale.
On April 5, 2018, Pure
Multi-Family announced that it had initiated a formal process to
explore the potential sale of the REIT. As part of the
comprehensive sale process, the REIT has entered into
confidentiality agreements with multiple interested parties.
The process is being overseen by the special committee of
independent directors. The Board is committed to maximizing
unitholder value through this process.
The REIT's total unitholder returns since its initial public
offering in 2012 have been approximately 115% (in US$) placing it
near the top of all Canadian REITs. Pure Multi-Family has also
internalized asset and property management at nominal cost to the
REIT, up-tiered the quality of the portfolio through recycling
capital and value-enhancing investment and reduced leverage.
About Pure Multi-Family REIT LP
Pure Multi-Family is a Canadian based, publically traded vehicle
which offers investors exclusive exposure to attractive,
institutional quality U.S. multi-family real estate assets.
Additional information about Pure Multi-Family is available at
puremultifamily.com and sedar.com.
Forward-Looking Information:
Certain statements in this news release may constitute
"forward-looking information" within the meaning of applicable
securities laws. Forward-looking information involves known and
unknown risks, uncertainties and other factors, and it may cause
actual results, performance or achievements or industry results, to
be materially different from any future results, performance or
achievements or industry results expressed or implied by such
forward-looking information. Forward-looking information generally
can be identified by the use of terms and phrases such as
"anticipate", "believe", "could", "estimate", "expect", "feel",
"intend", "may", "plan", "predict", "project", "subject to",
"will", "would", and similar terms and phrases, including
references to assumptions. Some of the specific
forward-looking information referred to in this news release
includes, but is not limited to, a statement that the Unitholder
Meeting is currently scheduled for May 24,
2018.
The forward-looking information contained in this news release
are based on certain key expectations and assumptions made by Pure
Multi-Family, including: the existence of highly credible parties
willing and capable of participating in the sale process; and
reasonably stable economies in the markets in which Pure
Multi-Family operates.
Although Pure Multi-Family believes that the expectations and
assumptions on which the forward-looking information are based are
reasonable, undue reliance should not be placed on the
forward-looking information because Pure Multi-Family can give no
assurance that they will prove to be correct. Since forward-looking
information addresses future events and conditions, by their very
nature they involve inherent risks and uncertainties. Actual
results could differ materially from those currently anticipated
due to a number of factors and risks. These include, without
limitation, the risk that the strategic review process may not
result in a transaction and those factors that can be found under
"Risk Factors" in Pure Multi-Family's Annual Information Form dated
March 21, 2018 and under "Risks and
Uncertainties" in Pure Multi-Family's Management's Discussion and
Analysis dated March 7, 2018, both of
which are available on SEDAR at sedar.com.
The forward-looking information contained in this news release
represent Pure Multi-Family's expectations as of the date hereof,
and are subject to change after such date. Pure Multi-Family
disclaims any intention or obligation to update or revise any
forward-looking information except as required by law.
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 THE ACCURACY
OF THIS RELEASE.
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SOURCE Pure Multi-Family REIT LP