/NOT FOR DISTRIBUTION IN THE U.S. OR OVER U.S. NEWSWIRES/
TORONTO, June 17, 2013 /CNW/ - True North Commercial Real Estate Investment Trust (TSXV: TNT.UN) (the "REIT") is pleased to announce the following:
Approval of Unit Listing on the Toronto Stock Exchange
The REIT is pleased to announce the Toronto Stock Exchange ("TSX") has approved the listing of the REIT's trust units (the "Units"). It is expected the Units will commence trading on the TSX under the symbol "TNT.UN" on June 19, 2013, at which time the Units will be both de-listed from and cease trading on the TSX Venture Exchange.
"The REIT's graduation to the TSX represents an important milestone for our organization," stated Daniel Drimmer, the REIT's Chief Executive Officer. "Since commencing trading on the TSX Venture Exchange less than six months ago, we have acquired six properties across Canada comprising more than 610,000 square feet with over 87% of our revenue generated from government and credit rated tenants. The acquisitions and graduation are critical elements of our growth strategy, and we look forward to continuing to expand our portfolio."
Two for One Unit Consolidation
Contemporaneously with the listing on the TSX, the Units and special voting units of the REIT (collectively, the "Voting Units") will be consolidated on the basis of one (1) post-consolidation Voting Unit for two (2) pre-consolidation Voting Units. The exercise price and number of Units issuable upon the exercise of the outstanding options of the REIT, as well as the number of outstanding class B limited partnership units of the subsidiary partnership of the REIT, will each be proportionally adjusted with the implementation of the consolidation.
Letters of transmittal providing for the exchange of certificates representing pre-consolidation Units for certificates representing post-consolidation Units will be delivered to unitholders holding physical certificates.
About the REIT
The REIT is an unincorporated, open-ended real estate investment trust established under the laws of the Province of Ontario.
The REIT intends to focus on acquiring and owning commercial rental properties across Canada, the United States and such other jurisdictions where opportunities exist. Additional information concerning the REIT is available at www.sedar.com.
Certain statements contained in this press release constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking statements are provided for the purposes of assisting the reader in understanding the REIT's financial position and results of operations as at and for the periods ended on certain dates and to present information about management's current expectations and plans relating to the future and readers are cautioned such statements may not be appropriate for other purposes. Forward-looking information may relate to the REIT's future outlook and anticipated events and may include statements regarding the listing of the Units on the TSX, consolidation of the Voting Units, financial position, business strategy, budgets, financing rates and costs, taxes and plans and objectives of or involving the REIT. Particularly, statements regarding future results, performance, achievements, prospects or opportunities for the REIT or the real estate industry are forward-looking statements. In some cases, forward-looking information 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.
Forward-looking statements necessarily involve known and unknown risks and uncertainties, that may be general or specific and which give rise to the possibility expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, assumptions may not be correct and objectives, strategic goals and priorities will not be achieved. A variety of factors, many of which are beyond the REIT's control, affect the operations, performance and results of the REIT and its business, and could cause actual results to differ materially from current expectations of estimated or anticipated events or results. These factors include, but are not limited to, the risks discussed in the REIT's materials filed with Canadian securities regulatory authorities from time to time on www.sedar.com. The reader is cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking statements as there can be no assurance actual results will be consistent with such forward-looking statements.
Information contained in forward-looking statements is based upon certain material assumptions, including management's perceptions of historical trends, current conditions, expected future developments as well as other considerations that are believed to be appropriate in the circumstances, such as: the Canadian economy will remain stable over the next 12 months; inflation will remain relatively low; interest rates will remain stable; conditions within the real estate market, including competition for acquisitions, will be consistent with the current climate; the Canadian capital markets will continue to provide the REIT with access to equity and/or debt at reasonable rates when required; Starlight Investments Ltd. will continue its involvement as asset manager of the REIT in accordance with its current asset management agreement; and the risks identified or referenced above, collectively, will not have a material impact on the REIT. While management considers these assumptions to be reasonable based on currently available information, they may prove to be incorrect.
The forward-looking statements made in this press release are dated, and relate only to events or information, as of the date of this press release. Except as specifically required by law, the REIT undertakes no 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 term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.