Pure Multi-Family REIT LP Adopts Unitholders' Rights Plan
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
VANCOUVER, Feb. 24, 2014 /CNW/ - Pure Multi-Family REIT LP ("Pure Multi") (TSXV: RUF.U) (TSXV: RUF.DB.U) (OTCQX: PMULF) is pleased to announce that the board of directors of Pure Multi-Family REIT (GP) Inc., the governing general partner of Pure Multi, has adopted a unitholders' rights plan (the "Rights Plan") dated February 20, 2014, subject to unitholder ratification and regulatory acceptance. The Rights Plan is designed to ensure the fair treatment of unitholders in the event of any take-over bid or any other attempt to acquire a controlling interest in Pure Multi and to give Pure Multi adequate time to identify alternative value enhancing transactions.
Pure Multi is not adopting the Rights Plan in response to, or in anticipation of, any specific take-over bid for the outstanding units of Pure Multi. The Rights Plan is similar to other security holder rights plans adopted by other Canadian listed issuers.
Subject to the terms of the Rights Plan, until the occurrence of certain specified events, the rights will trade with the class A units (the "Units") and the class B units of Pure Multi. The rights become exercisable only when a person (including a related party and/or joint actor of such person) acquires or announces its intention to acquire twenty percent (20%) or more of the outstanding Units without complying with the "permitted bid" provisions of the Rights Plan. "Permitted Bids" must, among other requirements more fully described in the Rights Plan, be made to all Pure Multi's unitholders on identical terms and must remain open for acceptance for a minimum of 60 days, subject to extension to allow all unitholders to tender to the bid.
The Rights Plan is subject to acceptance by the TSX Venture Exchange and must be ratified by the unitholders within six months of the effective date of the Rights Plan.
About Pure Multi-Family REIT LP
Pure Multi is a Canadian based, publically traded vehicle which offers investors exclusive exposure to U.S. multi-family real estate assets. Pure Multi's units are USD denominated and allow investors the opportunity to buy into under-valued American hard assets.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
SOURCE Pure Multi-Family REIT LPFor further information:
Director of Investor Relations
Pure Multi-Family REIT LP
Suite 910, 925 West Georgia Street
Vancouver, BC V6C 3L2
Phone: (604) 681-5959 or (888) 681-5959