TORONTO, March 13, 2014 /CNW/ - Orange Capital, LLC ("Orange Capital") today announced that it has updated its early warning report dated February 4, 2014 filed in respect of InnVest Real Estate Investment Trust ("InnVest").
Orange Capital, on behalf of Orange Capital Master I, Ltd. ("OCMI"), entered into a memorandum of understanding with KingSett Real Estate Growth LP No. 5, Westmont Hospitality Canada Limited, Westmont Hospitality Group, Inc. and InnVest providing for the future strategic direction and management of InnVest with a view to the best interests of its unitholders (the "MOU"). In connection with the MOU, Orange Capital has withdrawn its requisition dated February 4, 2014 for a special meeting of unitholders of InnVest (the "Meeting") to reconstitute the board of trustees of InnVest and, accordingly, the individuals nominated by Orange Capital for election as trustees of InnVest at the Meeting are no longer potentially acting jointly or in concert with Orange.
Orange Capital beneficially owns and controls 9,636,400 units of InnVest (representing approximately 10.27% of the outstanding units of InnVest), which units are held by OCMI, an investment fund managed by Orange Capital. By virtue of his role as Managing Partner of Orange Capital, Daniel Lewis has control or direction over all of the InnVest units beneficially owned by Orange Capital held through OCMI.
Orange is evaluating various means to enhance unitholder value at InnVest. Orange holds the units of InnVest for investment purposes. Depending on market and other conditions, Orange may determine, from time to time, to increase or decrease its ownership, or control and direction over, securities of InnVest.
About Orange Capital
Orange Capital is a New York based investment firm. The firm is a value-oriented investor in event-driven securities. The firm allocates across the capital structure on an opportunistic basis. Orange Capital was co-founded in 2005 by Daniel Lewis and Russell Hoffman. Prior to founding the firm, Orange Capital's portfolio manager, Daniel Lewis, was a director with Citigroup's Global Special Situations Group.
Neither the issuance of this news release nor the filing by Orange Capital of an "early warning" report required to be filed in accordance with applicable Canadian securities laws is an admission that any individual or entity named or referred to in this news release or in an "early warning" report of Orange Capital owns or controls any described securities or is a joint actor with another individual or entity named or referred to in this news release.
The address of Orange Capital and other contact information is set forth below. For further information, including to obtain a copy, once filed, of the "early warning" report required to be filed in accordance with applicable Canadian securities laws, contact Orange Capital at the address specified below.
SOURCE: Orange Capital, LLC
For further information:
Orange Capital, LLC
1370 Avenue of the Americas
New York, NY 10019
Attn: Daniel Lewis, Managing Partner