North American REIT Income Fund Announces Exchange Ratios
TORONTO, Nov. 12, 2012 /CNW/ - North American REIT Income Fund (the "Fund") is pleased to announce the exchange ratios for the exchange offer by the Fund being made under the final prospectus dated October 26, 2012. The closing of the initial public offering of transferable trust units (the "Units") at $10.00 per Unit is scheduled to occur on or about November 19, 2012. The Toronto Stock Exchange ("TSX") has conditionally approved the listing of the Units under the symbol NRF.UN, subject to the fulfillment of TSX requirements.
The number of Units issuable in exchange (the "Exchange Ratio") for the securities of an Exchange Eligible Issuer deposited by a prospective purchaser pursuant to the Exchange Option was determined by dividing the volume weighted average trading price of such securities during the five consecutive trading days ending on November 9, 2012 (the "Pricing Period"), as adjusted to reflect distributions declared by any Exchange Eligible Issuer that will not be received by the Fund, by $10.00. For greater certainty, the distribution payable on the securities of any Exchange Eligible Issuer that are deposited under the Exchange Option and which have a record date before the Closing will be received by the prospective purchaser who deposited such securities and not by the Fund. The Exchange Ratios will be rounded down to four decimal places.
The following table specifies for each of the securities that have been deposited: (i) the name of issuer; (ii) the trading symbol; (iii) the CUSIP; (iv) the ISIN; (v) the volume weighted average trading price ("VWAP") during the Pricing Period in Canadian dollar terms; and (vi) the Exchange Ratio.
Exchange Eligible Issuers
|Allied Properties Real Estate Investment Trust||AP.UN||19456102||CA0194561027||31.5688||3.1569|
|Artis Real Estate Investment Trust||AX.UN||04315L105||CA04315L1058||15.9985||1.5999|
|Brookfield Office Properties Canada||BOX.UN||112823109||CA1128231091||29.1209||2.9121|
|Brookfield Office Properties Inc.||BPO||112900105||CA1129001055||16.2355||1.6236|
|Calloway Real Estate Investment Trust||CWT.UN||131253205||CA1312532056||28.9455||2.8946|
Canadian Apartment Properties Real Estate
|Cominar Real Estate Investment Trust||CUF.UN||199910100||CA1999101001||23.1669||2.3167|
|Crombie Real Estate Investment Trust||CRR.UN||227107109||CA2271071094||14.9282||1.4928|
|Dundee Real Estate Investment Trust||D.UN||265270207||CA2652702077||35.7921||3.5792|
|First Capital Realty Inc.||FCR||31943B100||CA31943B1004||18.3829||1.8383|
|H&R Real Estate Investment Trust||HR.UN||404428203||CA4044282032||24.0763||2.4076|
|InnVest Real Estate Investment Trust||INN.UN||45771T132||CA45771T1324||4.6088||0.4609|
|Killam Properties Inc.||KMP||494104870||CA4941048700||12.6494||1.2649|
|Morguard Real Estate Investment Trust||MRT.UN||617914106||CA6179141065||17.9911||1.7991|
Northwest Healthcare Properties Real Estate
|RioCan Real Estate Investment Trust||REI.UN||766910103||CA7669101031||26.951||2.6951|
|Temple Real Estate Investment Trust||TR.UN||880018106||CA8800181064||6.2208||
The syndicate of agents for this offering is being led by RBC Capital Markets and CIBC, and includes GMP Securities L.P., BMO Capital Markets, National Bank Financial Inc., Scotiabank, TD Securities Inc., Raymond James Ltd., Canaccord Genuity Corp., Macquarie Private Wealth Inc., Desjardins Securities Inc., Dundee Securities Ltd., and Manulife Securities Incorporated.
This offering is only made by prospectus. The prospectus contains important detailed information about the securities being offered. Copies of the prospectus may be obtained from one of the above-noted agents. Investors should read the prospectus before making an investment decision.
SOURCE: North American REIT Income FundFor further information:
please call Raj Lala, President, Propel Capital at 416-572-2364 or visit www.propelcapital.ca