TORONTO, March 19, 2013 /CNW/ - KEYreit (TSX: KRE.UN) today advised
unitholders not to take any action at this time with respect to the
revised offer by Huntingdon Capital Corp. announced March 15, 2013
("Huntingdon's Revised Offer"), in order to allow KEYreit to complete
its value maximization process.
As previously disclosed, KEYreit is continuing to strongly pursue its
process to maximize value for unitholders. The Board remains confident
that given the additional time granted by the Ontario Securities
Commission last week and discussions with other parties that are
currently taking place, it will be able to present unitholders with a
superior alternative to Huntingdon's Revised Offer of $7.50 per unit.
"KEYreit's Special Committee is discussing potential value maximizing
alternatives with other parties and will review, consider and evaluate
Huntingdon's bid in that context," said Donald Biback, Chairman of the
board of trustees (the "Board") and member of the Special Committee.
"Following the Special Committee's review, and before the expiry of
Huntingdon's Revised Offer, the Board will provide a recommendation to unitholders."
KEYreit advises its unitholders not to tender to Huntingdon's Revised Offer before the Board provides its recommendation, which will be
included in a Notice of Change to Trustees' Circular that will be
mailed to unitholders and posted on the KEYreit website and on SEDAR in
the coming days.
Unitholders who have tendered units and who wish to obtain advice or
assistance in withdrawing their units are urged to contact their broker
or Kingsdale Shareholder Services Inc., the information agent retained
by KEYreit, at 1-888-518-1562.
KEYreit (TSX: KRE.UN) is Canada's premier small-box retail property
owner with 226 properties in nine provinces across Canada. KEYreit's
properties are well located and geographically diverse across Canada
with the majority of all properties containing long-term quadruple net
To find out more about KEYreit (TSX: KRE.UN), visit our website at www.keyreit.com.
This press release contains certain information or statements that may
constitute forward-looking information within the meaning of securities
laws, which reflect the current view of KEYreit with respect to
KEYreit's objectives, plans, goals, strategies, future growth, results
of financial and operating performance and business prospects and
opportunities. In some cases, forward-looking information can be
identified by the use of terms such as "may", "will", "should",
"expect", "plan", "anticipate", "believe", "intend", "estimate",
"forecast", "predict", "potential", "continue" or other similar
expressions concerning matters that are not historical facts. In
particular, forward-looking information included in this press release
includes, but is not limited to, statements with respect to KEYreit's
value maximizing process, KEYreit's ability to lease vacant property
units, execute planned acquisitions, collect minimum rents, diversify
its tenant base, undertake land intensification projects, refinance
loans and mortgages at their maturity, complete accretive acquisitions,
and maintain or grow monthly cash distribution levels, and also with
respect to the timing of such events. Forward-looking information
should not be read as guarantees of future events, performance or
results, and will not necessarily be accurate indications of whether,
or the times at which, such events, performance or results will be
achieved. All of the statements and information in this press release
containing forward-looking information are qualified by these
Forward-looking statements are based on information available at the
time they are made, underlying estimates and assumptions made by
management and management's good faith belief with respect to future
events, performance and results, and are subject to inherent risks and
uncertainties surrounding future expectations generally which could
cause actual results to differ materially from what is currently
expected. Such risks and uncertainties include, but are not limited to,
KEYreit's value maximizing process, reliance on key tenants, risks
associated with investment in real property, competition, reliance on
key personnel, financing and refinancing risks, distributions,
environmental matters, tenant risks, risks related to current economic
conditions and other risk factors more particularly described in
KEYreit's most recent Annual Information Form available on SEDAR at www.sedar.com. Additional risks and uncertainties not presently known to KEYreit or
that KEYreit currently believes to be less significant may also
adversely affect KEYreit.
KEYreit cautions readers that the list of factors is not exhaustive and
that should certain risks or uncertainties materialize, or should
underlying estimates or assumptions prove incorrect, actual events,
performance and results may vary significantly from those expected.
There can be no assurance that the actual results, performance, events
or activities anticipated by KEYreit will be realized or, even if
substantially realized, that they will have the expected consequences
to, or effect on, KEYreit. The reader should not place undue importance
on forward-looking information and should not rely upon this
information as of any other date.
KEYreit disclaims any intention or obligation to update or revise any
forward-looking information, whether as a result of new information,
future events or otherwise, except as required under applicable
For further information:
KEYreit unitholders, please contact:
Kingsdale Shareholder Services Inc.
1-888-518-1562 toll-free in North America
1-416-867-2272 outside of North America (collect calls accepted)
Media, please contact:
Longview Communications Inc.
Alan Bayless 604-694-6035, firstname.lastname@example.org
Olena Lobach 416-649-8009, email@example.com