MISSISSAUGA, ON, April 9, 2019 /CNW/ - Morguard Corporation (TSX: MRC) ("Morguard") announced today that on April 4, 2019 it acquired 21,045,702 common shares (the "Common Shares") of Temple Hotels Inc. ("Temple Hotels") in connection with Temple Hotels' previously announced rights offering (the "Rights Offering"), as described in Temple Hotels' Rights Offering Circular dated February 27, 2019.
Each of the Common Shares were acquired at an issue price of $1.75 per share or total subscription price of $36,829,978.50 for the aggregate 21,045,702 Common Shares. The Common Shares acquired by Morguard represent approximately 42.05% of the issued and outstanding Common Shares of Temple Hotels on April 4, 2019.
After the completion of the Rights Offering, Morguard owns 35,731,609 Common Shares of Temple Hotels, representing approximately 71.40% of the issued and outstanding Common Shares. Prior to the acquisition of 21,045,702 Common Shares on April 4, 2019, Morguard held 14,685,907 Common Shares of Temple Hotels, representing approximately 58.69% of the issued and outstanding Common Shares.
The Common Shares were acquired for investment purposes. Morguard and its affiliates may, from time to time, depending on market and other conditions, increase or decrease its beneficial ownership, control or direction over securities of Temple Hotels through market transactions, private agreements or otherwise.
This press release is being issued pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issuers which requires a report to be filed under the Company's profile on SEDAR (www.sedar.com) containing additional information respecting the foregoing matters. A copy of such report may be obtained by contacting Beverley Flynn at Morguard Corporation, 55 City Centre Drive, Suite 1000, Mississauga, Ontario L5B 1M3. The head office of Temple Hotels is located at 2600 Seven Evergreen Place, Winnipeg, Manitoba, R3L 2T3.
About Morguard Corporation
Morguard Corporation is a major North American real estate and property management company. It has extensive retail, office, industrial, hotel and residential holdings owned directly and through its investment in Morguard Real Estate Investment Trust, Morguard North American Residential REIT and Temple Hotels Inc. Morguard also provides real estate management services to institutional and other investors. Morguard's owned and managed portfolio of assets is valued at $21.0 billion.
For more information, visit Morguard.com.
SOURCE Morguard Corporation
For further information: Morguard Corporation, K. Rai Sahi, Chief Executive Officer, T 905-281-3800; Paul Miatello, Chief Financial Officer ,T 905-281-3800