TORONTO, May 8, 2015 /CNW/ - Slate Office REIT (the
"REIT") (TSX: SOT.UN) (TSX: SOT.WT) announced today that it
has amended its deferred unit plan (the "Plan") to limit
non-employee trustee participation in the Plan. Under the amended
Plan (i) the number of units of the REIT issuable to non-employee
trustees under the Plan at any time may not exceed 1% of the total
units that are issued and outstanding; and (ii) the aggregate value
of all deferred trust units issued to any non-employee trustee
within any one financial year under the Plan may not exceed
CAD$150,000. Such amendments were
instituted as the result of discussions with investors and their
advisors regarding such plans.
The REIT believes that the Plan, taking account of the
abovementioned revisions, improves its corporate governance
practices and suitably restricts the participation of non-employee
trustees. The board of the REIT has unanimously approved the
aforementioned amendments to the Plan. Unitholders will be asked to
vote to approve the adoption of the Plan, after giving effect to
these amendments, at the upcoming annual and special meeting of
unitholders, which is to be held at the offices of McCarthy
Tétrault LLP, 66 Wellington Street West, Suite 5300, Toronto, Ontario on Monday, May 25, 2015 at 10:00 a.m. (Eastern Daylight Time).
Unitholders are encouraged to vote in order to support the
resolutions regarding the adoption of the Plan.
About Slate Office REIT
Slate Office REIT is an open-ended real estate investment trust.
The REIT's portfolio comprises 35 strategic and well-located real
estate assets located primarily across Canada's major population centres. The REIT is
focused on maximizing value through internal organic rental and
occupancy growth and strategic acquisitions. More information is
available at www.slateofficereit.com.
About Slate Asset Management LP
Slate Asset Management LP is a leading real estate investment
platform with over $2.5 billion in
assets under management. Slate is a value-oriented company and a
significant sponsor of all its private and publicly-traded
investment vehicles, which are tailored to the unique goals and
objectives of its investors. The firm's careful and selective
investment approach creates long term value with an emphasis on
capital preservation and outsized returns. Slate is supported by
exceptional people, flexible capital and a proven ability to
originate and execute on a wide range of compelling investment
opportunities. More information is available at
www.slateam.com.
SOURCE Slate Office REIT