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OR FOR DISSEMINATION IN THE UNITED STATES/
TORONTO, Sept. 30, 2016 /CNW/ - (TSXV: CHK.P) Campar Capital Corporation (the "Corporation"), a capital pool company listed on the TSX Venture Exchange (the "Exchange"), is pleased to announce that it has completed its previously announced Qualifying Transaction, as defined under Exchange Policy 2.4 – Capital Pool Companies.
As previously announced, the Corporation's Qualifying Transaction involved the indirect acquisition of an approximate 80% interest in a 276-unit Class "A" apartment community located in San Antonio, Texas from arm's length sellers. A filing statement with further details regarding the Corporation's Qualifying Transaction is available under the Corporation's profile on SEDAR at www.sedar.com.
The Corporation would like to remind shareholders of the upcoming special meeting of the Corporation, to be held on October 6, 2016 at 10:00 a.m. (Toronto time) to vote on the previously announced arrangement transaction (the "Arrangement") whereby the Corporation would consolidate its assets with those of Starlight U.S. Multi-Family Core Fund, Starlight U.S. Multi-Family (No. 2) Core Fund, Starlight U.S. Multi-Family (No. 3) Core Fund and Starlight U.S. Multi-Family (No. 4) Core Fund by way of a statutory plan of arrangement to create Starlight U.S. Multi-Family (No. 5) Core Fund ("Fund5") and enlarge the combined real estate portfolio of Fund5 further with the addition of a minimum of three additional properties also located in attractive sun-belt markets following the successful completion of a planned public offering of units of Fund5.
Certain shareholders of the Corporation have entered into voting and support agreements pursuant to which 62.27% of the shareholders of the Corporation have agreed to vote IN FAVOUR of the Arrangement and the directors of the Corporation have unanimously recommended that shareholders of the Corporation vote IN FAVOUR of the Arrangement.
More information regarding the Arrangement can be found in the Corporation's joint management information circular dated September 7, 2016, which is available under the Corporation's profile on SEDAR at www.sedar.com.
About Campar Capital Corporation
The Corporation is a real estate investment company focused on investments in the U.S. multi-family real estate sector. The Corporation owns an 80% interest in one U.S. multi-family residential property located in Texas.
Cautions Regarding Future Plans and Forward Looking Information
This press release contains forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Examples of such statements include statements concerning the upcoming meeting of shareholders of the Corporation, the Arrangement and a planned public offering of units of Fund5. Accordingly, readers should not place undue reliance on forward-looking statements. The factors identified above are not intended to represent a complete list of the factors that could affect the Corporation.
Completion of the Arrangement is subject to a number of conditions, including but not limited to, TSXV acceptance and shareholder approval. Where applicable, the Arrangement cannot close until the required shareholder approval is obtained. There can be no assurance that the Arrangement will be completed as proposed or at all.
The TSXV has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release. Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Campar Capital Corporation
For further information: please contact: Daniel Drimmer, Chief Executive Officer, at Tel: (416) 234-8444, firstname.lastname@example.org; or Martin Liddell, Chief Financial Officer, at Tel: (416) 234-8444, email@example.com