MONTREAL,QC, July 31, 2015 /CNW Telbec/ - (TSXV: NEL.UN) Nobel Real Estate Investment Trust (the "REIT" or "Nobel REIT") announced today that the trustees of Nobel REIT have resolved to proceed with a consolidation of its trust units ("Trust Units") and its special voting units (along with the corresponding class B limited partnership units of Nobel REIT Limited Partnership) (collectively, the "Class B Units" and, together with the Trust Units, the "Units") on a one for five basis (the "Consolidation").
Following the completion of the Consolidation, each holder of Units will receive one post-consolidation unit for every five Units held by them as of the record date for the Consolidation such that, following the completion of the Consolidation, the total number of Trust Units and Class B Units currently issued and outstanding will be altered from 52,256,667 and 360,000 to 10,451,333 and 72,000, respectively. No fractional post-consolidation units will be issued. Any fractional Units resulting from the Consolidation will be rounded down to the nearest whole Unit. The exercise price and number of Trust Units issuable upon the exercise of any outstanding options or warrants will be proportionally adjusted upon the implementation of the proposed Consolidation.
The Board of Trustees of Nobel REIT considers it advisable to consolidate the Units in order to enhance liquidity for existing and potential unitholders which will assist Nobel REIT in raising additional funds for further acquisitions. Approval for the proposed Consolidation remains subject to the approval of the TSX Venture Exchange.
Letters of transmittal providing for the proposed Consolidation are expected to be delivered to all holders of Units shortly following the date hereof by the REIT's transfer agent and registrar, Computershare Investor Services Inc. Pursuant to the REIT's amended and restated declaration of trust and the rules of the TSX Venture Exchange, the trustees of the REIT are authorized to proceed with the proposed Consolidation without the need to obtain the approval from the REIT's unitholders.
An additional news release will be issued as soon as practicable to announce the anticipated effective date of the Consolidation. The REIT will not be changing its name or its trading symbol following the completion of the Consolidation.
About Nobel REIT
Nobel REIT is an unincorporated open-ended real estate investment trust governed by the laws of the Province of Québec. Nobel REIT has been created for the purpose of acquiring and owning income producing properties. The REIT will focus on acquiring commercial retail, mixed-used retail, and industrial and suburban office properties in the primary and secondary markets in the Province of Québec. Nobel REIT currently owns fifteen properties located in Québec, comprising 694,535 square feet of gross leasable area.
Disclaimer – Safe Harbour Forward-Looking Statements
Forward-looking statements contained in this press release involve known and unknown risks, uncertainties and other factors that may cause actual results, performance and achievements of Nobel REIT to be materially different from any future results, performance or achievements expressed or implied by the said forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Nobel Real Estate Investment Trust
For further information: Louis Lemire, CPA, CA, Chief Financial Officer, Nobel Real Estate Investment Trust, 1185, Chemin du Tremblay, Suite 230, Longueuil, QC, J4N 1R4, Tel: 450-655-4338; Renmark Financial Communications Inc., Barry Mire: [email protected], Tel.: (416) 644-2020, www.renmarkfinancial.com