/NOT FOR DISSEMINATION IN THE U.S. OR THROUGH U.S. NEWSWIRES/
TORONTO, June 6, 2014 /CNW/ - ELAD Canada Inc. ("ELAD") announced today that it has been issued and has acquired indirect ownership and control of an aggregate of 3,510,126 common shares of Regal Lifestyle Communities Inc. (the "Company") (TSX: RLC). The common shares were acquired by ELAD Genesis Limited Partnership, an indirect wholly owned subsidiary of ELAD ("Genesis"), at a per share price of CAD$7.36 by way of a private placement (the "Share Acquisition") in connection with the previously announced sale by Genesis to the Company of a portfolio of seven multi-unit retirement communities located in the Province of Québec (the "Acquisition Portfolio") for an aggregate purchase price of approximately CAD$160 million in cash, the assumption by the Company of approximately CAD$104.8 million in mortgages secured against the Acquisition Portfolio and the issuance of the common shares.
As a result of the Share Acquisition, ELAD owns or controls, directly or indirectly, an aggregate of 3,510,126 common shares of the Company, representing approximately 11.41% of the Company's issued and outstanding common shares.
ELAD completed the Share Acquisition for investment purposes only. ELAD has no current intention of acquiring ownership of, or control or direction over, any additional common shares of the Company but reserves the right to acquire additional common shares of the Company, to sell all or any portion of its holdings of such common shares, or to enter into other transactions with respect to the common shares of the Company owned by ELAD.
SOURCE: ELAD Canada Inc.
For further information: Please contact Amnon Safran, Chief Executive Officer, by telephone at (416) 223-0075 or via email at [email protected]