TORONTO, April 23, 2012 /CNW/ - NorthWest Value Partners Inc. ("NorthWest") is pleased to announce that it has filed its offer and a take-over bid circular dated April 20, 2012 and related documents in connection with its previously announced offer (the "Offer") to acquire 100% of the trust units (the "Units") of GT Canada Medical Properties REIT (TSX-V: MOB.UN) ("GT Canada") at a price of $2.05 per Unit in cash (the "Offer Price"), subject to downward adjustment if and to the extent required (on a pro rata basis) to adjust for any dilution resulting from the issuance of Units upon any exercise of rights ("Rights") issued pursuant to GT Canada's rights offering announced on March 12, 2012 (the "Rights Offering"). If all of the Rights are exercised, the Offer Price shall be $1.87 per Unit in cash. Upon GT Canada informing NorthWest of the number of Rights exercised pursuant to the Rights Offering, NorthWest intends to disseminate a press release confirming the Offer Price within the range established by NorthWest. The Offer is unanimously recommended by the Board of Trustees of GT Canada. NorthWest will be mailing its offer and the April 20, 2012 take-over bid circular to GT Canada unitholders as a final unitholder list becomes available.
Subject to the satisfaction of the terms and conditions thereof, the Offer is open for acceptance until 11:59 pm (Toronto time) on May 25, 2012, unless the Offer is extended or withdrawn. Pursuant to the terms and conditions of the Offer, NorthWest has covenanted to extend the Offer for an additional ten (10) days if all of the conditions are satisfied or waived at the Initial Expiry Time.
The details of the Offer are contained in the take-over bid circular. The Offer and take-over bid circular and related documents and the directors' circular have been filed on SEDAR. Shareholders may obtain a copy of the take-over bid circular, letter of transmittal and notice of guaranteed delivery at the SEDAR web site under GT Canada's profile at www.sedar.com. The Depositary for the Offer is Computershare Investor Services Inc. Inquiries should be directed to 1-800-564-6253 or [email protected].
The Offer represents a 61.4% premium to the closing price of $1.27 per Unit on the TSXV on April 13, 2012, the last trading day prior to the announcement of the Offer (assuming that no Units are issued upon the exercise of Rights), and a premium of 17.0% to GT's September 30, 2011 fully-diluted book value per Unit, which reflects fair market value under IFRS.
This news release is for information purposes only and is not a substitute for the filed Offer and takeover bid circular. There can be no assurance that the conditions of the Offer will be satisfied, or that the transaction will be completed as proposed or at all. NorthWest will issue further news releases in respect of the Offer as circumstances warrant.
About NorthWest Value Partners Inc.
NorthWest Value Partners Inc. ("NorthWest") is a private real estate investment firm based in Toronto, Canada. Since 1992, NorthWest has established an exceptional track record of successfully acquiring, developing, operating and building value in real estate across Canada and internationally. NorthWest has a significant focus in healthcare real estate including founding NorthWest Healthcare Properties REIT which is focused on the Canadian market and NorthWest International Healthcare Properties which is focused on international markets, including Australia/New Zealand, Brazil and Germany. Currently, NorthWest has investments in C$2.5 billion of healthcare real estate assets and developments and is focused on accretively growing its portfolio in each of these markets.
For further information:
Paul Dalla Lana, President (416) 366-8300