MONTRÉAL, May 3, 2019 /CNW/ - PRO
Real Estate Investment Trust ("PROREIT" or the "REIT") (TSXV:
PRV.UN) is pleased to announce that it has received final approval
from the Toronto Stock Exchange (the "TSX") to list its trust units
(the "Units") on the TSX. The Units will be listed and commence
trading on the TSX at the opening of markets on May 7, 2019, at which time PROREIT will also
open the market to celebrate its graduation.
"As PROREIT continues to build recognition in the capital
markets and gains access to a broader and more diverse investor
audience, we are proud to celebrate our successful migration to the
TSX. Graduating to a major exchange is a testament to our
solid growth and proven ability to execute," stated Mr.
James W. Beckerleg, President and
Chief Executive Officer.
"I would like to take this opportunity to acknowledge and thank
our employees, investors and partners who have supported
PROREIT along the way. Together, we have reached significant
milestones since our founding six year ago. Now, more than ever, we
are focused and dedicated to achieving our objective of building a
mid-cap, diversified REIT in Canada," concluded Mr. Beckerleg.
The Units will continue to trade under the stock symbol
"PRV.UN", and will be de-listed from the TSX Venture Exchange upon
listing and commencement of trading on the TSX.
Consolidation
Contemporaneously with the TSX listing, 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 three (3) pre-consolidation Voting Units (the "Consolidation").
The number of outstanding class B limited partnership units of PRO
REIT Limited Partnership will 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 such physical certificates.
Stable Distributions
As a result of the Consolidation, the current monthly
distributions of the REIT of $0.0175
per Unit on a pre-Consolidation basis will be adjusted to
$0.0525 per Unit on a
post-Consolidation basis, representing annualized distributions of
$0.63 per Unit on a
post-Consolidation basis.
Normal Course Issuer Bid
The REIT's normal course issuer bid ("NCIB") previously
announced on August 21, 2018, has
been accepted by the TSX. The NCIB will continue through the
facilities of the TSX and is limited to a maximum aggregate of
1,129,165 Units (on a post-Consolidation basis). Purchases may
commence through the TSX on May 7,
2019, being the day of listing of the Units on the TSX, and
will conclude on the earlier of the date on which purchases under
the NCIB have been completed and August 24,
2019. Daily purchases under the NCIB will be limited to a
maximum of 27,929 Units (on a post-Consolidation basis), being 25%
of the average daily trading volume over the six months ended
July 31, 2018. The REIT has purchased
46,133 Units (on a post-Consolidation basis) under the NCIB since
August 25, 2018, the date the NCIB
was renewed.
TSX Market Open Ceremony
To celebrate this latest milestone, PROREIT's management team
and guests will open trading on the TSX on May 7, 2019, at 9:30 am
ET. The market open ceremony can be viewed in real-time on
YouTube at https://www.youtube.com/watch?v=gppXJGH8bDQ and on BNN
TV. An archive of the ceremony will also be made available at
http://www.tsx.com/news/market-opens.
Forward-Looking Statements
This news release contains forward-looking statements within the
meaning of applicable securities legislation. Forward-looking
statements are based on a number of assumptions and are subject to
a number of risks and uncertainties, many of which are beyond
PROREIT's control, that could cause actual results and events to
differ materially from those that are disclosed in or implied by
such forward-looking statements.
Forward-looking statements contained in this press release
include, without limitation, statements pertaining to the listing
of the Units on the TSX, the completion of the Consolidation, and
the distributions payable by the REIT. PROREIT's objectives and
forward-looking statements are based on certain assumptions,
including management's perceptions of historical trends, current
conditions and expected future developments, including the listing
of the Units on the TSX.
The forward-looking statements contained in this news release
are expressly qualified in their entirety by this cautionary
statement. All forward-looking statements in this press release are
made as of the date of this press release. PROREIT does not
undertake to update any such forward-looking information whether as
a result of new information, future events or otherwise, except as
required by law.
Additional information about these assumptions and risks and
uncertainties is contained under "Risk Factors" in PROREIT's latest
annual information form, which is available on SEDAR at
www.sedar.com.
About PROREIT
PROREIT (www.proreit.com) is an unincorporated open-ended real
estate investment trust owning a diversified portfolio of 84
commercial properties across Canada representing over 3.7 million square
feet of gross leasable area. Established in March 2013, PROREIT is mainly focused on strong
secondary markets in Québec, Atlantic
Canada and Ontario, with
selective exposure in Western
Canada.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Pro Real Estate Investment Trust