BLF Real Estate Investment Trust announces the implementation of a DRIP program and the resignation of François Bourbonnais from the Board of Trustees
/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/
BROSSARD, QC, Jan. 24, 2014 /CNW Telbec/ - BLF Real Estate Investment Trust (TSXV: BLF.UN) ("BLF") announces that it has put in place a Distribution Reinvestment Plan (the "Plan") to enable Canadian resident unitholders ("Unitholders") to acquire additional units of BLF ("Units") through the reinvestment of regular monthly distributions on all or part of their Units.
"This is an opportunity for Unitholders to increase at their discretion their investment in BLF through their monthly distribution. We are proud to implement that Plan which we believe will be positive for BLF," said Mr. Mathieu Duguay, President and Chief Executive Officer of BLF.
Any Canadian resident holder of Units may enroll in the Plan at any time by duly completing an Authorization Form online or by downloading the Authorization form through Computershare Trust Company of Canada (the "Plan Agent") at the Plan Agent's self-service web portal at www.investorcentre.com and returning it to the Plan Agent. Once enrolled, participation in the Plan will continue automatically unless terminated by the unitholder.
To enroll in the Plan, beneficial owners should contact their brokers registered with CDS through which they hold their Units to provide instructions regarding their participation in the Plan.
Unitholders wishing to start acquiring Units under the Plan from the February 17, 2014 monthly distribution must enroll by 4:00 p.m. on January 27, 2014.
If the price based on the volume-weighted average of the trading prices for the five (5) trading days immediately preceding the relevant distribution date (the "Average Market Price"), is below $8.50, the Plan Agent will purchase Units on the market through the TSX Venture Exchange.
If the Average Market Price is $8.50 or above, the Plan Units will be issued directly from the treasury of BLF.
BLF reserves the right to amend, suspend or terminate the Plan at any time, but such action shall have no retroactive effect that would prejudice the interests of the Plan participants. All administrative costs associated with the operation of the Plan will be paid by BLF.
BLF has reserved for issuance with the TSX Venture Exchange 100,000 additional Units to accommodate the purchase of Units under the Plan.
Furthermore, BLF received the resignation of Mr. François Bourbonnais as a Trustee on January 20, 2014. Mr. Bourbonnais has accepted an executive position in another real estate investment trust operating in the multiresidential sector in the province of Québec and elsewhere, and therefore could no longer sit on the Board of Trustees of BLF.
"I acknowledge Mr. Bourbonnais' contribution as a Trustee and I wish him the best of luck in his new challenges" said Mr. Duguay.
The principal business of BLF is acquiring, holding, developing, maintaining, improving, leasing, managing or otherwise dealing with income-producing multi-unit residential properties located throughout Québec. BLF currently owns seven properties located in Greater Montréal, Sherbrooke and Québec City totaling 1,049 apartment units.
Neither 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 BLF Real Estate Investment TrustFor further information:
Mr. Daniel Blanchette
Chief Financial Officer - BLF
T (450) 766-2476