/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
TORONTO, Jan. 13, 2015 /CNW/ – Daniel Drimmer announced today that he has acquired beneficial ownership of an aggregate of 294,000 trust units (“Acquired Units”) of True North Commercial Real Estate Investment Trust (the “REIT”), through D.D. Acquisitions Partnership, an entity controlled by Mr. Drimmer. The Acquired Units were acquired through the facilities of the Toronto Stock Exchange at a weighted average price of $5.94 per Acquired Unit and represent 1.45% of the issued and outstanding trust units of the REIT (“Units”) based on 20,312,533 Units outstanding as of December 31, 2014, after giving effect to the exchange of all outstanding class B limited partnership units of True North Commercial Limited Partnership, a limited partnership controlled by the REIT, which are each accompanied by a special voting unit of the REIT and exchangeable for Units on a one-for-one basis.
Daniel Drimmer together with D.D. Acquisitions Partnership and Drimmer Holdings Ltd. are collectively the “Offeror”.
After giving effect to the acquisition of the Acquired Units, the Offeror beneficially owns 3,938,832 Units (including an aggregate of 1,080,207 Units that may be acquired upon the exchange of: (a) 252,084 options to purchase Units held by Mr. Drimmer; and (b) 828,123 class B limited partnership units of True North Commercial Limited Partnership, a limited partnership controlled by the REIT, which are accompanied by an aggregate of 828,123 special voting units of the REIT and exchangeable for Units on a one-for-one basis).
Pursuant to an exchange agreement dated December 14, 2012, between REIT, Starlight Investments Ltd. (“Starlight”), affiliates of Starlight, True North Commercial General Partner Corp. and the limited partnership controlled by the REIT, each class B limited partnership unit of True North Commercial Limited Partnership may be exchanged for one Unit without further consideration at which time a corresponding special voting unit of the REIT will be cancelled.
The Acquired Units were acquired for investment purposes. The Offeror may from time to time acquire additional securities of the REIT and its controlled entities (whether pursuant to property acquisition transactions or otherwise), dispose of some or all of the securities of any such entity or maintain its current securities position in the entity.
Pursuant to the REIT’s second amended and restated declaration of trust made as of May 22, 2014, Starlight, a wholly-owned subsidiary of Daniel Drimmer, has the right to appoint a certain number of trustees to the board of trustees of the REIT depending on the size of the board and the size of Starlight’s and its affiliates’ beneficial interest in the REIT on a fully-diluted basis.
This press release is being issued pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issuers which requires a report to be filed under the REIT’s profile on SEDAR (www.sedar.com) containing additional information respecting the foregoing matters. A copy of such report may be obtained by contacting Daniel Drimmer at (416) 234-8444.
SOURCE True North Commercial Real Estate Investment Trust