The current terms of the Debentures are set forth in the first supplemental trust indenture between
LREIT will enter into a supplemental indenture to the Trust Indenture with the Indenture Trustee, to effect the Exchange Transaction.
The Exchange Transaction
Pursuant to the Exchange Transaction, the Debentures will be settled and all claims of the Debentureholders thereunder will be extinguished in exchange for Trust Units, including the payment, in the form of Trust Units, of the accrued and unpaid interest owing on the Debentures on the closing date of the Exchange Transaction on the basis of a deemed price of
Upon completion of the Exchange Transaction, the current Debentureholders, as of the date hereof, will hold approximately 96.98% of the issued and outstanding Trust Units. Accordingly, the Exchange Transaction will effectively transfer control of LREIT from the current holders of Trust Units to the Debentureholders.
Key Steps to the Exchange Transaction
LREIT has applied to the TSXV for approval of the listing of the Trust Units to be issued as a result of the Exchange Transaction. The listing is subject to LREIT satisfying all of the requirements of the TSXV. The Trust Units will continue to trade on the TSXV under the symbol "LRT.UN". LREIT will apply to have the Debentures delisted following the completion of the Exchange Transaction.
Further information about the Exchange Transaction is described in the information circular dated
ABOUT LREIT
LREIT is a real estate investment trust, which is listed on the
Neither the
Certain statements contained in this press release are "forward-looking statements" that reflect the expectations of management regarding the Exchange Transaction. Readers are cautioned not to place undue reliance on forward-looking information. All statements other than statements of historical fact contained herein are forward-looking statements. Forward looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management. Forward looking statements involve significant risks and uncertainties. A number of factors that could cause actual results to differ materially from the results discussed in forward-looking statements are discussed in LREIT's management discussion and analysis for the six-month period ended
The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. Forward-looking statements are made as of the date hereof, or such other date specified in such statements, and neither LREIT nor any other person assumes any obligation to update or revise such forward-looking statements to reflect new information, events or circumstances, except as expressly required by applicable securities law.
SOURCE
© Canada Newswire, source