VANCOUVER, Jan. 18 /CNW/ - Huntingdon Real Estate Investment Trust ("HREIT") (TSX: HNT.UN) is pleased to announce the appointment of Mr. Gary M. Goodman as the Chairman of the Board of Trustees of HREIT effective January 14, 2010. Mr. Goodman has served as a Trustee of HREIT since January 2008 and most recently served as the Chair of the Special Committee of HREIT.
Pursuant to its initiative to internalize management in early 2010, HREIT also announced today that it will terminate the Services Agreement dated February 23, 2005 between HREIT and Shelter Canadian Properties Limited ("Shelter"). Notice of termination was delivered to Shelter on January 12, 2010, with termination to be effective 30 days thereafter. In connection with the termination of the Services Agreement, HREIT also delivered notice to Shelter that it will not renew the Property Management Agreement (the "Management Agreement") dated February 23, 2005 between HREIT and Shelter. The Management Agreement will expire on February 23, 2010.
HREIT further announced today that, pursuant to the terms of HREIT's Second Amended and Restated Declaration of Trust, which permits a subdivision or consolidation of the units from time to time by the Trustees, all of its issued and outstanding units will be consolidated on the basis of one (1) post-consolidation unit for every nine (9) pre-consolidation units held. The post-consolidation units will continue to trade on the TSX under the trading symbol "HNT.UN". The consolidation is subject to the consent of the TSX and completing applicable filings.
No fractional units will be issued. Any fractional units will be adjusted downward to the next whole post-consolidation unit. As at January 18, 2010, there were 140,775,321 units issued and outstanding that will be consolidated into a maximum of 15,641,702 units upon completion of the unit consolidation.
HREIT will send a letter of transmittal to registered HREIT unitholders for use in delivering their pre-consolidation unit certificates to CIBC Mellon Trust Company, HREIT's transfer agent. These unit certificates will be exchanged for new post-consolidation unit certificates. No action is required for units held through brokers or other financial intermediaries. Notice of the adjustment to the applicable conversion price will also be given to holders of HREIT's securities that are convertible into units.
HREIT is a real estate investment trust which is listed on the Toronto Stock Exchange under the symbols HNT.UN (Trust Units) and HNT.DB.C (Series C Convertible Debentures). HREIT owns, directly or indirectly, 85 income producing office, industrial, retail and standalone parking lot properties, including the aviation-related facilities on ground leased land at five of Canada's leading international airports, that have a total gross leaseable area of 5.7 million square feet; two land parcels held for development and one property held for sale, with other development and expansion opportunities within the portfolio. HREIT also owns Consolidated Real Estate Services Inc., a property management business.
This news release contains certain forward-looking statements. These statements, which can be identified by the use of the word "anticipated" and similar words, involve various risks and uncertainties. These forward-looking statements represent expectations of HREIT as of the date hereof, and are subject to change after such date. HREIT disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities laws.
The Toronto Stock Exchange has not reviewed or approved the contents of this press release and does not accept responsibility for the adequacy or accuracy of this press release.
SOURCE HUNTINGDON REAL ESTATE INVESTMENT TRUST
For further information: For further information: Zachary R. George, Trustee, President and Chief Executive Officer, Tel: (604) 249-5119, Fax: (604) 249-5101, Email: firstname.lastname@example.org