TORONTO, March 28, 2013 /CNW/ - TransGlobe Apartment Real Estate
Investment Trust (TSX: TGA.DB) (the "REIT") announced today that it has
filed an application with the Ontario Securities Commission for relief
from the requirements of National Instrument 51-102 - Continuous Disclosure Obligations. If granted, the relief will apply in all provinces and territories in
Canada, but will require the alternative disclosure described below.
On June 29, 2012 the REIT completed a privatization transaction pursuant
to an acquisition agreement with Starlight Investments Ltd. and PD
Kanco LP (the "Privatization"). Upon completion of the Privatization,
the only outstanding trust unit of the REIT was privately held and the
trust units of the REIT were subsequently delisted from the Toronto
Stock Exchange (the "TSX").
On June 29, 2012, the REIT also defeased its outstanding 5.40%
Extendible Convertible Unsecured Subordinated Debentures due September
30, 2018 (the "Debentures"). The Debentures were issued pursuant to a
trust indenture (the "Indenture") made as of July 29, 2011 between the
REIT and BNY Trust Company of Canada (the "Debenture Trustee"). As a
result of this defeasance, the Debentures are no longer convertible
into trust units of the REIT, and the sole entitlement of the Debenture
holders under the Indenture is, and will be, to continue to receive
interest, payable semi-annually in arrears, at a rate of 5.40% per
annum until, and to receive the repayment of principal upon, the
maturity of the Debentures. As of March 28, 2013, the Debentures remain
listed for trading on the TSX under the symbol TGA.DB.
If the relief is granted, the REIT will be exempt from its continuous
disclosure filing obligations, but will be required to provide annual
alternative disclosure that will (i) state the number of Debentures
that remain outstanding and (ii) contain a report by the Debenture
Trustee setting out the type, maturity date, face amount and coupon
rate for each security held by the Debenture Trustee.
SOURCE: TransGlobe Apartment Real Estate Investment Trust
For further information:
President, Starlight Investments Ltd.