Collingwood Investments Incorporated Becomes Insider of PRO Real Estate Investment Trust
OXFORD, NS, April 14, 2021 /CNW/ - This press release is being disseminated as required by National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in connection with the acquisition of securities of PRO Real Estate Investment Trust (the "REIT") by Collingwood Investments Incorporated ("Collingwood").
Collingwood announced today that, pursuant to a subscription agreement dated March 15, 2021, it acquired 8,264,463 trust units of the REIT (the "Units") as of April 14, 2021 (the "Acquisition Date") at a price of $6.05 per unit for a total consideration of $50,000,001.15, resulting in it beneficially owning 9,286,163 Units. Collingwood received a capital commitment fee equal to 3% of the gross proceeds upon closing. Together with Matthew Bragg, a related party, Collingwood now exercises control and direction over an aggregate of 9,465,463 Units, representing approximately 19.6% of the Units and special voting units issued and outstanding as of the Acquisition Date. Prior to the closing, Collingwood, together with Mr. Bragg, beneficially owned and exercised control over 1,201,000 Units representing approximately 3.0% of the Units and special voting units issued and outstanding prior to the Acquisition Date.
The acquisition was made for Collingwood's own investment purposes. Subject to market conditions, Collingwood may increase or decrease its direct and indirect beneficial ownership of the REIT's securities.
For further information or to receive a copy of the early warning report filed by Collingwood (which is available under the REIT's SEDAR profile at www.sedar.com), please contact David Hoffman as noted below.
SOURCE Collingwood Investments Incorporated
David Hoffman, Vice-President, Collingwood Investments Incorporated, [email protected], 902.447.2100
Share this article