TORONTO, Oct. 14 /CNW/ - Canadian Trading Partners, LLC ("CTP") announced
today that it has entered into an agreement (the "Agreement") with Sentry
Select Capital Corp. ("Sentry") to acquire 2,380,000 units ("Units") of
InStorage Real Estate Investment Trust ("InStorage") at a price of $3.75 per
Unit, for an aggregate purchase price of $8,925,000. CTP is an affiliate of
Canada TKG-StorageMart Partners, L.P., which currently owns, operates and
develops storage facilities in Canada.
As a result of this transaction, CTP exercises control or direction over
an aggregate of 4,763,900 Units representing approximately 19.57% of the
issued and outstanding Units.
The Units have been acquired for investment purposes. CTP is currently
considering offering to acquire additional Units but may at any time
reconsider and change its plans. CTP, alone or together with joint actors, may
further purchase, hold, vote, trade, dispose or otherwise deal in the Units at
times, and in such manner, as it deems advisable.
The Agreement provides that if CTP or any of its affiliates either
commences a take-over bid to acquire Units pursuant to a take-over bid
circular or enters into any agreement to acquire all or substantially all the
assets of InStorage or to engage in any other merger or combination agreement
with InStorage within 180 days of this transaction, in either case at a price
per Unit greater than $3.75, CTP will pay to Sentry a sum per Unit purchased
today from Sentry equal to the amount by which the consideration paid per Unit
under such take-over bid, acquisition, merger or combination exceeds $3.75.
For further information:
For further information: Stephen Dulle, Chief Financial Officer,
Canadian Trading Partners, LLC, 2407 Rangeline Street, Columbia, Missouri,
65202, Tel. No.: (573) 449-0091