MONTREAL, Jan. 5, 2012 /CNW Telbec/ - CANMARC Real Estate Investment Trust ("CANMARC" or the "REIT") (TSX: CMQ.UN) announced today that the Bureau de décision et de révision (Québec) (the "Bureau") will hold a hearing on January 19, 2012 in response to an application made by Cominar Real Estate Investment Trust and certain of its affiliated entities (collectively, "Cominar") for an order to cease trade CANMARC's unitholder rights plans (the "Rights Plans"), which were adopted on May 25, 2010 and December 6, 2011.
CANMARC is preparing its submissions to the Bureau to oppose Cominar's application, which follows Cominar's hostile take-over bid for all of CANMARC's units. CANMARC firmly maintains that the Rights Plans were, and still are, in the best interests of CANMARC and its unitholders, and are needed in order to provide the board of trustees of the REIT sufficient time to explore all strategic alternatives in CANMARC's best interests.
CANMARC continues to advise its unitholders not to tender to Cominar's inadequate bid, which is subject to a number of conditions that have yet to be satisfied, and to withdraw any units that have already been tendered. By tendering to Cominar's inadequate bid, unitholders may forego an opportunity to benefit from a possible value-enhancing alternative.
A full description of the reasons for the recommendation of the board of trustees of CANMARC can be found in the trustees' circular of CANMARC dated December 12, 2011, available on CANMARC's website at www.canmarc.ca and on SEDAR at www.sedar.com. CANMARC unitholders are advised to read the trustees' circular in full, as it contains important information regarding the board of trustees' recommendation to reject the Cominar offer.
Unitholders who have tendered their units to the offer and who wish to obtain advice or assistance in withdrawing their units are urged to contact their broker or Phoenix Advisory Partners, the information agent retained by CANMARC, at one of the telephone numbers listed below.
About CANMARC Real Estate Investment Trust
CANMARC (www.canmarc.ca) is an unincorporated open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Quebec. Managed internally, CANMARC owns a portfolio of Canadian income-producing commercial properties, consisting of retail and office properties with certain industrial properties. In total, CANMARC properties comprise approximately 8.8 million square feet of commercial gross leasable area and 464 multi-family residential units located in Quebec, Atlantic Canada, Western Canada and Ontario.
This news release may contain forward-looking information within the meaning of applicable securities legislation. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the REIT's control that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, the factors discussed under "Risk Factors" in the REIT's latest annual information form and the risk that there is no guarantee that CANMARC's acquisition pipeline will materialize and lead to the contemplated acquisitions being completed.
The REIT's objectives and forward-looking statements are based on certain assumptions, including that (i) the REIT will receive financing on favourable terms; (ii) the future level of indebtedness of the REIT and its future growth potential will remain consistent with the REIT's current expectations; (iii) there will be no changes to tax laws adversely affecting the REIT's financing capacity or operations; (iv) the impact of the current economic climate and the current global financial conditions on the REIT's operations, including its financing capacity and asset value, will remain consistent with the REIT's current expectations; (v) the performance of the REIT's investments in Canada will proceed on a basis consistent with the REIT's current expectations; (vi) capital markets will provide the REIT with readily available access to equity and/or debt; and (vii) the REIT will be able to pursue its acquisition pipeline on a basis consistent with the REIT's current expectations.
The forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement. All forward-looking statements in this press release are made as of the date of this press release. The REIT, except as required by applicable securities legislation, does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise. Additional information about these assumptions and risks and uncertainties is contained in CANMARC's filings with securities regulatory authorities, including the trustees' circular dated December 12, 2011 and the latest annual information form of CANMARC, all of which are available on SEDAR at www.sedar.com.
For further information:
For further information, please contact:
| James W. Beckerleg
President and Chief Executive Officer
CANMARC Real Estate Investment Trust
| Mélanie Tardif
NATIONAL Public Relations
| Gordon G. Lawlor, CA
Chief Financial Officer
CANMARC Real Estate Investment Trust
Any questions and requests for assistance may also be directed to CANMARC's information agent:
Phoenix Advisory Partners
|North American Toll Free Phone:||1-800-398-1272|
|Banks, Brokers and collect call:||201-806-2222|
|Toll Free Facsimile:||1-888-509-6907|