8881723 Canada Inc. announces completion of take-over bid of BLF REIT and that it will proceed to compulsory acquisition
BROSSARD, QC, Aug. 5, 2014 /CNW Telbec/ - BLF Real Estate Investment Trust ("BLF" or the "REIT") (TSXV: BLF.UN) and 8881723 Canada Inc. (the "Offeror"), a corporation controlled by a personal holding entity of Mathieu Duguay and the Fonds immobilier de solidarité FTQ, announces that as of 5:00 p.m. (Montreal Time) on August 1, 2014, an additional 110,794 units of BLF have been deposited pursuant to the extension of the offer to purchase all the units of BLF for Cdn$7.50 per unit (the "Offer"). The Offeror has taken up and accepted for payment all such additional units of BLF which represent, together with the 3,129,352 units of BLF owned by the Offeror, its affiliates or joint actors, approximately 97.33% of BLF's outstanding units (and approximately 95.5% excluding the units held by the Offeror, its affiliates or joint actors on the date of the Offer).
Payment for such additional units will be made to the holders of units who have validly deposited their units under the Offer on or before August 6, 2014.
Since the Offeror has been successful in acquiring more than 90% of the units of BLF, excluding the units held by the Offeror, its affiliates or joint actors on the date of the Offer, it intends to acquire all remaining units of BLF by compulsory acquisition under the contract of trust of BLF. The Offeror intends to send a notice of compulsory acquisition to each holder of units of BLF who has not accepted the Offer as soon as practicable after it has paid for the units of BLF. The Offeror also intends to cause BLF to cease to be a reporting issuer under Canadian Securities legislation and to apply to delist the units from the TSX-Venture as soon as practicable.
About BLF REIT
The principal business of BLF REIT is acquiring, holding, developing, maintaining, improving, leasing, managing or otherwise dealing with income-producing multi-unit residential properties located throughout Québec. BLF REIT 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. Mathieu Duguay, Chairman of the Board, President and Chief Executive Officer - BLF REIT, T. (450) 672-5090