TORONTO, Aug. 9 /CNW/ - Public Storage Canadian Properties (the "Partnership") announced that it has mailed a Management Information Circular (the "Circular") for the Special Meeting (the "Meeting") of unitholders the Partnership ("Unitholders") scheduled for September 8, 2010. The Meeting was called at the request of PS Canada Company ULC ("PS Canada") following the successful completion of the offer by PS Canada and certain of its wholly-owned subsidiaries (collectively, the "Offeror") dated May 28, 2010 (the "Offer") to acquire all units of the Partnership ("Units") not already held by PS Canada, SG Canadian Investors ULC and their respective affiliates.
At the Meeting, Unitholders will be asked to consider and vote on an extraordinary resolution (the "Extraordinary Resolution") amending the provisions in the Agreement of Limited Partnership of the Partnership dated December 2, 1998, as amended (the "Partnership Agreement") in order to permit PS Canada to effect a compulsory transfer of all units of the Partnership not held by PS Canada, SG Canadian Investors ULC and their respective affiliates to certain wholly-owned subsidiaries of PS Canada for $20.00 cash per Unit (the "Consideration"), to provide that no distributions will be made in 2010 to Unitholders in respect of the financial quarters ending September 30, 2010 or December 31, 2010 and to revise provisions for the allocation of net income of the Partnership for the financial year ending December 31, 2010.
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. As a result, approval of the Extraordinary Resolution at the special meeting is assured based on the current number of issued and outstanding Units. It is expected that implementation date for the compulsory transfer contemplated by the Extraordinary Resolution will occur on September 30, 2010.
Unitholders who hold their Units through an intermediary, such as a securities broker, investment dealer, bank, financial institution, trustee or custodian, or in the name of a clearing agency of which the Intermediary is a participant should contact their intermediary to ensure that their Units are surrendered and that they receive the Consideration. Registered holders of Units are encouraged to complete and return the letter of transmittal which is enclosed with the Circular, together with their Unit certificates and other required documentation as soon as possible so that payment of the Consideration may be made to them as soon as practical following the implementation date.
Further details of the matters to be considered at the Meeting, including the text of the Extraordinary Resolution, are set out in the Circular. Unitholders are encouraged to review the Circular relating to the Meeting in its entirety. Unitholders may obtain a free copy of the Circular and related documents filed with the Canadian securities authorities through www.sedar.com.
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.
SOURCE PUBLIC STORAGE CANADIAN PROPERTIES
For further information: For further information: PS Canada Company ULC, Vincent Chan, (877) 774-5730