FREDERICTON, NB, Dec. 11, 2013 /CNW/ - Plazacorp Retail Properties Ltd. ("Plazacorp" or the "Company") (TSX: PLZ) is pleased to announce that it has received shareholder approval of the plan of arrangement to convert to a real estate investment trust ("REIT"). Approval was given at a special meeting of the Company's shareholders held today in Fredericton, New Brunswick. Approximately 94.90% of the votes cast at the meeting by the holders of common shares of the Company, or 51,486,629 common shares, were voted in favour of the plan of arrangement.
Plazacorp expects the REIT conversion to be effective as of January 1, 2014. The REIT conversion is subject to the granting of the final order by the Court of Queen's Bench of New Brunswick, the approval of the Toronto Stock Exchange and the satisfaction or waiver of other customary conditions.
Plazacorp is a leading retail property owner and developer, particularly in Eastern Canada. Plazacorp has an entrepreneurial focus with strong "value-add" capabilities. Plazacorp's current portfolio includes interests in approximately 341 properties totaling approximately 6.6 million square feet across Canada and additional lands held for development. Plazacorp's properties include a mix of strip plazas, stand-alone small box retail outlets and enclosed shopping centres, anchored by approximately 90% national tenants. Total assets have reached almost $1 billion. Plazacorp is fully internalized, therefore providing shareholders directly with the synergies that come with an internalized management structure. Plazacorp has proven its strong "value-add" capabilities to develop, redevelop and acquire retail real estate throughout Canada. Plazacorp has a strong track record of generating growth in distributions, having increased its distributions twelve times over the past 11 years.
CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Plazacorp to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements contained in this press release. Examples of such statements include the completion of the REIT conversion. Such forward-looking statements are based on a number of assumptions that may prove to be incorrect, including, but not limited to, the ability of the REIT to satisfy the conditions necessary to complete the REIT conversion, including the requirements of the Toronto Stock Exchange. There can be no assurances that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. These cautionary statements qualify all forward-looking statements attributable to Plazacorp and persons acting on its behalf. Unless otherwise stated, all forward-looking statements speak only as of the date of this press release and Plazacorp undertakes no obligation to update such statements except as required by law. The factors identified above are not intended to represent a complete list of the factors that could affect Plazacorp and the REIT. Additional information about these assumptions and risks and uncertainties are more fully described in the Company's regulatory filings that can be obtained on SEDAR at www.sedar.com.
SOURCE: Plazacorp Retail Properties Ltd.
For further information:
Visit our website at: www.plaza.ca
Or contact: Michael Zakuta, President and Chief Executive Officer, at (514) 457-0997 or Floriana Cipollone, Chief Financial Officer, at (416) 848-4583