TORONTO, June 20, 2016 /CNW/ - InnVest Real Estate Investment Trust ("InnVest") (TSX:INN.UN) is pleased to announce that Institutional Shareholder Services Inc. ("ISS") and Glass Lewis & Co. ("Glass Lewis"), two leading independent proxy advisory firms, have recommended that InnVest's unitholders vote FOR the Plan of Arrangement (the "Arrangement") through which Bluesky Hotels and Resorts Inc. ("Bluesky") will acquire all of the issued and outstanding units of InnVest for $7.25 in cash per unit (the "Transaction").
The resolution will be considered at the upcoming Annual and Special Meeting of Unitholders of InnVest (the "Meeting") to be held on Tuesday, June 28, 2016, at 9:00 a.m. (Toronto time) at the Royal York Hotel, 100 Front Street West, Lobby Level (Imperial Room), Toronto, Ontario, Canada M5J 1E3. Holders of units as of the record date of April 29, 2016 are entitled to vote at the Meeting.
Both ISS and Glass Lewis are independent proxy advisory firms which, among other services, provide proxy voting recommendations to pension funds, investment managers, mutual funds and other institutional shareholders.
Unitholders are reminded to vote their proxy prior to the proxy voting deadline of Friday, June 24, 2016 at 9:00 a.m. (Toronto time).
InnVest's Board of Trustees recommends a vote FOR the Arrangement.
Unitholders who have any questions about the information contained in the management information circular or require assistance with voting should contact InnVest's Proxy Solicitor, Laurel Hill Advisory Group, toll-free at 1-877-452-7184 (416-304-0211 collect) or send an email to [email protected]
InnVest Real Estate Investment Trust is an unincorporated open-ended real estate investment trust which owns a portfolio of 109 hotels across Canada representing over 14,500 guest rooms operated under internationally recognized brands. InnVest also holds a 50% interest in Choice Hotels Canada Inc., one of the largest franchisors of hotels in Canada.
InnVest's units and convertible debentures trade on the Toronto Stock Exchange (the "TSX") under the symbols INN.UN, INN.DB.E, INN.DB.F and INN.DB.G.
SOURCE InnVest Real Estate Investment Trust
For further information: Investors: Drew Coles, Chief Executive Officer, Tel (416)-607-7100; or Chantal Nappert, Vice President Finance and Investor Relations, Tel: (416) 607-2331, Website: www.innvestreit.com; Media Inquiries: Riyaz Lalani, Bayfield Strategy, Inc., Tel: (416) 907-9365, [email protected]; Randi Rahamim, Navigator Ltd., Tel: (416) 307-2093, [email protected]