Northern Vision Development LP completes issuer bid
CALGARY, Sept. 10, 2012 /CNW/ - Northern Vision Development Limited Partnership (the "Partnership") announced today the results of its issuer bid (the "Offer") to purchase for cancellation a maximum of not less than 5,000,000 and not greater than 10,000,000 limited partnership units of the Partnership (the "Units") at a price of $1.81 per Unit payable in cash. The Offer was made on July 31, 2012.
All of the terms and conditions of the Offer had been complied with prior to the expiration of the Offer at 5:00 p.m. (Calgary time) on September 7, 2012. As of the expiration of the Offer, 6,525,661 Units had been deposited (and not withdrawn) under the Offer.
Pursuant to the terms of the Offer, the Partnership intends to take up and pay for all 6,525,661 deposited Units at a price of $1.81 per Unit. The aggregate consideration for the Units to be taken up and accepted for purchase and cancellation by the Partnership is $11,811,446.41. Payment for such Units will be made as soon as practicable following take-up by the Partnership, but otherwise in compliance with the Offer and applicable legislation.
About the Partnership
The Partnership is a private real estate limited partnership which was established in February 2004 with a mandate to acquire properties with strong growth prospects located in Whitehorse, Yukon. Since inception, the Partnership has acquired, and partially developed or sold, a diverse base of commercial, residential, industrial and hospitality properties that provide regular cash flow and capital appreciation for its unitholders.
SOURCE: Northern Vision Development Limited PartnershipFor further information:
President and Chief Executive Officer