BOSTON, June 23, 2016 /CNW/ - Plymouth Realty Capital Corp. ("Plymouth") (TSXV: PH.P), a capital pool company as defined under Policy 2.4 – Capital Pool Companies (the "CPC Policy") of the TSX Venture Exchange (the "TSXV"), announces the transfer of its listing to the NEX Board (the "NEX") effective June 24, 2016.
The deadline for Plymouth to complete its Qualifying Transaction (as defined in the CPC Policy) was extended to May 19, 2016. Plymouth has been unable to complete its Qualifying Transaction and had previously also received the requisite shareholder approval on January 25, 2016, to transfer its listing to the NEX and to cancel 1,300,000 Seed Shares (as defined by the TSXV) held directly or indirectly by Jeffrey E. Witherell, Donna Sperounis, Plymouth Group Real Estate LLC, Bruce Brandt, Melton Horwitz, Harold M. Wolkin, Eric Spindler, Kelly C. Hanczyk, Anne Hayward, Nancy Parziale, James Connolly and Daniel Wright.
As of June 24, 2016, the trading symbol for Plymouth will change from "PH.P" to "PH.H". Plymouth continues to consider funding sources for its previously announced Qualifying Transaction. Please see the Company's press releases dated October 1, 2015 and February 18, 2016 for details of such transaction. Trading of the common shares of Plymouth will remain suspended pending further transactional updates. Plymouth's common shares commenced trading on the TSXV on October 22, 2013. Such common shares were halted on October 1, 2015 when Plymouth announced its Qualifying Transaction and has remained halted since that time.
Completion of the Qualifying Transaction is subject to a number of conditions, including but not limited to, TSXV acceptance and if applicable pursuant to TSXV requirements, majority of the minority shareholder approval. Where applicable, the Qualifying Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Qualifying Transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the Qualifying Transaction, any information released or received with respect to the Qualifying Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed Qualifying Transaction and has neither approved nor disapproved the contents of this press release.
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.
Plymouth is currently designated as a Capital Pool Company by the TSXV. The company has not commenced commercial operations and has no assets other than cash. Upon completion of its "Qualifying Transaction", Plymouth intends to carry on the business of investing in income-producing commercial real estate properties located in Canada or the United States and at an appropriate time in the future, intends to carry on such business as a real estate investment trust.
SOURCE Plymouth Realty Capital Corp.
For further information: Jeff Witherell, CEO of Plymouth Realty Capital Corp. at (617) 340-3826