BROSSARD, QC, July 23, 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, announced today that the bid to acquire BLF has been successful.
A total of 1,760,720 units of BLF have been validly deposited under the Offeror's previously announced offer to purchase all of the units of BLF for Cdn$7.50 per unit (the "Offer"). The Offeror has taken up and accepted for payment all of the units validly deposited under the Offer. Payment will be made to holders of units who have validly deposited their units under the Offer on or before July 25, 2014. Upon taking up and paying for the units validly deposited under the Offer, the Offeror, together with its affiliates and joint actors, will own 3,129,352 units, representing approximately 94% of BLF's outstanding voting units (and approximately 89.8% excluding the units held by the Offeror, its affiliates or joint actors on the date of the Offer).
In order to allow unitholders who have not had the opportunity to tender their units and be paid the consideration under the Offer to do so, the Offeror will grant an extension to BLF unitholders to tender their units, by extending its offer to 5:00 p.m. (Montreal time) on August 1st, 2014. A notice of extension will be mailed to the remaining BLF unitholders and filed under BLF's SEDAR profile. The Offeror has no intention of extending the Offer beyond August 1st, 2014. The Offeror intends to acquire all outstanding units not tendered by that date pursuant to rights of compulsory acquisition, if available, or pursuant to a subsequent acquisition transaction.
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 Trust
For further information: Mr. Mathieu Duguay, Chairman of the Board, President and Chief Executive Officer - BLF REIT, T. (450) 672-5090