TORONTO, July 5 /CNW/ - PS Canada Company ULC ("PS Canada"), a company indirectly controlled by B. Wayne Hughes and Tamara L. Gustavson, announced that the offer (the "Offer") by PS Canada and certain of its wholly-owned subsidiaries (the "Offeror") to acquire all of the units (the "Units") of Public Storage Canadian Properties (the "Partnership") not already owned by PS Canada or its affiliates for $20.00 in cash per Unit expired at 5:00 p.m. (Toronto time) today.
All of the conditions to the Offer having been satisfied, wholly-owned subsidiaries of PS Canada have taken up all of the Units that were deposited to the Offer prior to the expiry time for the Offer. Payment for such Units to the depositary, CIBC Mellon Trust Company, is expected to be completed by no later than July 8, 2010.
Approximately 2,391,200 Units were deposited under the Offer, representing approximately 61.1% of the Units which were not previously held by PS Canada and its affiliates. Combined with the 5,129,717 Units held by PS Canada and its affiliates prior to making the Offer, PS Canada now owns, directly and indirectly, an aggregate of approximately 7,520,917 Units, representing approximately 83.2% of the issued and outstanding Units.
In accordance with its stated purpose of acquiring 100% of the issued and outstanding Units, PS Canada will seek to have the Partnership call a special meeting of unitholders of the Partnership to consider a transaction for the purpose of enabling PS Canada to acquire the remainder of the Units not already held by the Offeror, SG Canadian Investors ULC and their respective affiliates. Units acquired under the Offer included approximately 63.7% of the Units which may be included for purposes of minority approval of such a transaction under applicable Canadian securities laws. Accordingly, the Offeror and its affiliates hold a sufficient number of Units to approve such a transaction.
The Partnership is a publicly held limited partnership that invests in self-storage facilities. More information about the Partnership is available on the Internet. The Partnership's main website is www.publicstoragecanada.com. The Partnership's investor website is www.pscinvestor.com.
This press release does not constitute an offer to purchase any securities. The offer was made only pursuant to the offer and take-over bid circular that PS Canada was distributed to Unitholders and filed with Canadian securities authorities. Unitholders may obtain a free copy of the offer and take-over bid circular and related documents filed with the Canadian securities authorities when they become available at www.sedar.com.
SOURCE PUBLIC STORAGE CANADIAN PROPERTIES
For further information: For further information: PS Canada Company ULC, David Singelyn, (877) 774-5730