/NOT FOR DISSEMINATION IN THE UNITED STATES/
TORONTO, May 13, 2024
/CNW/ - Mr. Daniel Drimmer
("Mr. Drimmer") announced today that he has received
exemptive relief from the Alberta Securities Commission permitting
Mr. Drimmer and his affiliates, together with persons acting
jointly or in concert with him, to exclude the trust units of
Northview Residential REIT (the "REIT") acquired or deemed
to be acquired indirectly by Mr. Drimmer pursuant to the REIT's
recapitalization event in August 2023
from the thresholds set out in the "Normal Course Purchase
Exemption" in National Instrument 62-104 – Take-Over Bids and
Issuer Bids (the "NCPE"). Accordingly, Mr. Drimmer will
be permitted to utilize the NCPE to acquire additional Class A
trust units (the "Class A Units") of the REIT in the open
market without triggering a takeover bid requirement so long as the
acquisitions within any 12-month period do not exceed 5% of the
securities of that class outstanding at the beginning of the
12-month period.
As a result of receiving this exemptive relief, Mr. Drimmer also
announced today his intention to purchase up to 5% of the issued
and outstanding Class A Units on the open market in order to take
advantage of opportunities to purchase Class A Units at attractive
prices and to provide liquidity to the market.
Mr. Drimmer's beneficial ownership or, and control or direction
over units of the REIT and its subsidiaries is for investment
purposes and is intended to further align his interests with those
of the REIT's other unitholders. Mr. Drimmer may acquire
additional units of the REIT or may dispose of any or all of the
beneficially held units from time to time through, among other
things, the purchase or sale of units on the open market or in
private transactions or otherwise, on such terms and at such times
as Mr. Drimmer may deem advisable depending upon an ongoing
evaluation of the units of the REIT, the REIT, prevailing market
conditions, the availability of units at prices that would make the
purchase or sale of units desirable, other investment
opportunities, liquidity requirements of Mr. Drimmer and/or other
considerations.
SOURCE Daniel Drimmer