/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
TORONTO, July 20, 2015 /CNW/ - Starlight U.S. Multi-Family
(No. 2) Core Fund (the "Fund") (TSXV: SUD.A, SUD.U)
announced today that the TSX Venture Exchange (the "TSX-V")
has approved the Fund's notice of intention to make a normal course
issuer bid (the "Issuer Bid"). Under the Issuer Bid, the
Fund will have the ability to purchase for cancellation up to a
maximum of 162,694 of its class A limited partnership units (the
"Class A Units") and 46,635 of its class U limited
partnership units (the "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 July 7, 2015
represented 33,436 Class A Units and 9,371 Class U Units,
respectively.
The Issuer Bid will commence on July 24,
2015 and remain in effect until the earlier of (i)
July 22, 2016 and (ii) the date on
which the Fund has purchased the maximum number of Units permitted
under the Issuer Bid.
The Fund has entered into an automatic unit purchase plan (the
"Plan") with Scotia Capital Inc. 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. Under
the Plan, the Fund's broker may purchase Units under the Issuer Bid
when the Fund would ordinarily not be permitted to do so. The Plan
commences on July 24, 2015 and
expires on October 23, 2015, unless
earlier terminated in accordance with the terms of the parties'
written agreement.
The Fund believes the current market prices of the Units do not
reflect their underlying value. Accordingly, 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. 2) 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 TSXV nor its Regulation Services Provider (as
that term is defined in policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this
release.
SOURCE Starlight U.S. Multi-Family (No. 2) Core Fund