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TORONTO, April 10, 2015 /CNW/ - Daniel Drimmer announced today that pursuant to the initial public offering (the "Offering") of Starlight U.S. Multi-Family (No. 4) Core Fund (the "Fund"), D.D. Acquisitions Partnership (3300 Bloor St West, Suite 1801, West Tower, Toronto, ON M8X 2X2), an entity controlled by Mr. Drimmer, acquired beneficial ownership of 400,00 class C limited partnership units of the Fund (the "Class C Units") at a price of C$10.00 per Class C Unit for an aggregate subscription price of C$4,000,000. Mr. Drimmer also acquired control over 1,200 class U limited partnership units of the Fund (the "Class U Units") pursuant to the Offering at a price of US$10.00 per Class U Unit. Pursuant to the limited partnership agreement of the Fund, the Class C Units are convertible into Class A Units of the Fund but may not be sold or converted for a period of four months after the closing date of the Offering.
Upon completion of the Offering, the Class C Units beneficially owned by Mr. Drimmer represented approximately 80% of all issued and outstanding Class C Units and the Class U Units controlled by Mr. Drimmer represented approximately 0.3% of all issued and outstanding Class U Units. The Class C Units beneficially owned by Mr. Drimmer represent approximately 20.7% of all issued and outstanding Class A Units, on a partially-diluted basis assuming that the Class C Units currently beneficially owned by Mr. Drimmer were converted into Class A Units in accordance with the limited partnership agreement of the Fund. Prior to the Offering, Mr. Drimmer owned one Class C Unit, which was the only issued and outstanding limited partnership unit of the Fund and was redeemed for its subscription price in connection with the Offering.
The indirect investment in the Class C Units by Mr. Drimmer is intended to further align the interests of Mr. Drimmer with those of the Fund's other unitholders. Mr. Drimmer intends to retain, throughout the term of the Fund, 100% of his aggregate beneficial interest in such Class C Units (and/or Class A Units received upon the conversion of any such Class C Units) and may, subject to applicable laws, from time to time acquire additional securities of the Fund. However, Mr. Drimmer may, in his discretion, cause D.D. Acquisitions Partnership to sell only up to 25% of its aggregate currently-held interest in the Class C Units, in such manner as permitted by the limited partnership agreement of the Fund and applicable laws, including the rules of the TSX Venture Exchange and National Policy 46-201 – Distribution Requirements of the Canadian Securities Administrators.
For further information and to obtain a copy of the early warning report to be filed under applicable Canadian securities laws in connection with the foregoing matters, please see the Fund's profile on SEDAR at www.sedar.com.
SOURCE Starlight U.S. Multi-Family (No. 4) Core Fund
For further information: Daniel Drimmer, (416) 234-8444