HALIFAX, NS, Jan. 21, 2013 /CNW/ - Summit Industrial Income REIT (the "REIT") announced today that it has received the approval of the TSX Venture
Exchange to consolidate its outstanding units on the basis of one
post-consolidation unit for every 12 pre-consolidation units (with the
number of pre-consolidation units being a whole number of units) (the "Consolidation"). The REIT also announced today that the effective date of the
Consolidation will be January 28, 2013.
As previously disclosed, the Consolidation was approved by a special
meeting of unitholders held on January 16, 2013. Following the
consolidation, the number of outstanding units will be reduced from
82,717,645 as of December 21, 2012 to approximately 6,893,110 units.
About Summit II
Summit Industrial Income REIT is an open‐ended mutual fund trust focused on growing and managing a portfolio of
light industrial properties across Canada. Summit II's units are listed
on the TSX Venture Exchange and trade under the symbol SMU.UN.
Caution Regarding Forward Looking Information
This news release contains forward-looking statements and
forward-looking information within the meaning of applicable securities
laws. The use of any of the words "expect", "anticipate", "continue",
"estimate", "objective", "ongoing", "may", "will", "project", "should",
"believe", "plans", "intends", "goal" and similar expressions are
intended to identify forward-looking information or statements. More
particularly and without limitation, this news release contains forward
looking statements and information concerning the proposed
consolidation. The forward-looking statements and information are based
on certain key expectations and assumptions made by Summit II,
including obtaining unitholder approval of the proposed consolidation.
Although Summit II believes that the expectations and assumptions on
which such forward-looking statements and information are based are
reasonable, undue reliance should not be placed on the forward looking
statements and information because Summit II can give no assurance that
they will prove to be correct. By its nature, such forward-looking
information is subject to various risks and uncertainties, which could
cause the actual results and expectations to differ materially from the
anticipated results or expectations expressed. These risks and
uncertainties include, but are not limited to, tenant risks, current
economic environment, environmental matters, general insured and
uninsured risks and Summit II being unable to obtain any required
financing and approvals. Readers are cautioned not to place undue
reliance on this forward-looking information, which is given as of the
date hereof, and to not use such forward looking information for
anything other than its intended purpose. Summit II undertake no
obligation to update publicly or revise any forward-looking
information, whether as a result of new information, future events or
otherwise, except as required by law.
Neither the 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.
SOURCE: Summit Industrial Income REIT
For further information:
Paul Dykeman, CEO at (902) 448-8044