/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
TORONTO,
Oct. 26, 2017
/CNW/ - Starlight U.S. Multi-Family (No. 5) Core Fund (the
"Fund") (TSXV: STUS.A, STUS.U) announced today that it has
received approval from the TSX Venture Exchange ("TSX-V") to
renew its existing normal course issuer bid (the "Issuer
Bid") for a further twelve months. The period of the NCIB will
extend from November 1, 2017 to
October 31, 2018, or an earlier date,
should the Fund complete the maximum amount of class A limited
partnership units ("Class A Units") and Class U limited
partnership units ("Class U Units" and together with the
Class A Units, the "Units") of the Fund eligible to be
purchased under the NCIB.
Under the terms of the Issuer Bid, the Fund may purchase
for cancellation up to a maximum of 1,396,448 of its Class A Units
and 157,189 of its Class U Units and together with the Class A
Units, the "Units"), representing 10% of the Fund's public
float of the Class A Units and Class U Units, respectively. The
Fund may not purchase more than 2% of the issued and outstanding
Class A Units or Class U Units during any 30 day period, which as
at October 26, 2017
represented 281,264 Class A Units and 31,635
Class U Units, respectively. Purchases pursuant to the NCIB will be
made through the facilities of the TSX-V and/or through other
permitted means, including through any alternative markets to which
the Fund's broker has access in Canada. The Fund will pay the market price at
the time of acquisition of any Unit purchased through the
facilities of the TSX-V and all Units acquired by the Fund under
this NCIB will be cancelled. During the past twelve months, the
Fund acquired 586,400 Class A Units, with a weighted average price
of CDN$9.11 per Class A Unit under
the NCIB.
The Fund has entered into a repurchase agreement (the
"Plan") with Raymond James Ltd. in order to facilitate repurchases
of the Units under the Issuer Bid. Purchases under the Plan will be
made by the Fund's broker based on the parameters prescribed by the
TSX-V, applicable Canadian securities laws and the terms of the
parties' written agreement. The Plan is intended for the purchase
of Units only under the Issuer Bid. In addition, under the Plan,
the Fund's broker may automatically purchase Units under the Issuer
Bid when the Fund would ordinarily not be permitted to do so. The
Plan commences on November
1, 2017 and expires on
October 31, 2018,
unless earlier terminated in accordance with the terms of the
parties' written agreement.
The Fund has implemented the Issuer Bid because it
believes that Units may become available during the period of the
Issuer Bid at prices that would make the purchase of such Units for
cancellation in the best interests of the Fund and its
Unitholders.
About Starlight U.S. Multi-Family (No. 5) Core
Fund
The Fund is a limited partnership formed under the
Limited Partnerships Act (Ontario) for the primary purpose of indirectly
acquiring, owning and operating a portfolio of diversified
income-producing rental properties in the
United States multi-family
real estate market.
Forward-Looking Information
This news release contains statements that may constitute
"forward-looking statements" within the meaning of Canadian
securities laws and which reflect the Fund's current expectations
regarding future events, including statements concerning the Issuer
Bid. Particularly, statements regarding future results,
performance, achievements, prospects or opportunities for the Fund
or the real estate industry are forward-looking statements. In some
cases, forward-looking statements can be identified by terms such
as "may", "might", "will", "could", "should", "would", "occur",
"expect", "plan", "anticipate", "believe", "intend", "seek", "aim",
"estimate", "target", "project", "predict", "forecast",
"potential", "continue", "likely", "schedule", or the negative
thereof or other similar expressions concerning matters that are
not historical facts.
The forward-looking statements in this news release
involve risks and uncertainties, including those set forth in the
Fund's materials filed with the Canadian securities regulatory
authorities from time to time at
www.sedar.com. Actual results could differ
materially from those projected herein. Those risks and
uncertainties include, among other things, risks related to: the
effectiveness of the Issuer Bid; the experience of the Fund's
officers and directors; substitutes for residential real estate
rental units; reliance on property management; competition for real
property investments and tenants; and U.S. market
factors.
Information contained in forward-looking statements is
based upon certain material assumptions that were applied in
developing such forward-looking statements including management's
perceptions of historical trends, current conditions and expected
future developments, as well as other considerations that are
believed to be appropriate in the circumstances, including the
following: the ability of the manager of the Fund to manage and
operate the Fund's properties; the ability of the property managers
selected to effectively manage the Fund's properties; the
population of multi-family real estate market participants;
assumptions about the markets in which the Fund operates; the
global and North American economic environment; foreign currency
exchange rates; and governmental regulations or tax laws. Readers
are cautioned against placing undue reliance on forward-looking
statements. Except as required by applicable Canadian securities
laws, none of the Fund or its manager undertake any obligation to
update or revise publicly any forward-looking statements, whether
as a result of new information, future events or otherwise, after
the date on which the statements are made or to reflect the
occurrence of unanticipated events.
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.
SOURCE Starlight U.S. Multi-Family (No. 5) Core Fund