HALIFAX, NS, Dec. 21, 2012 /CNW/ - Summit Industrial Income REIT (the "REIT") announced today that it proposes to consolidate all of its outstanding units on the basis of a consolidation ratio of one post-consolidation unit for 12 pre-consolidation units (with the number of pre-consolidation units being a whole number of units). Following the consolidation, the number of outstanding units will be reduced from 82,717,645 as of December 21, 2012 to approximately 6,893,137 units. Management of the REIT is of the view that both the number of units outstanding and the current market price of the units limit the ability of the REIT to attract significant investors. Management believes that a higher anticipated unit price may meet investing guidelines for certain institutional investors and investment funds that are currently prevented under their investing guidelines from investing in the units at current price levels. A special meeting of unitholders will be held on January 16, 2013 in order to approve the proposed unit consolidation, which is subject to both unitholder approval, and acceptance by the TSX Venture Exchange.
About Summit II
Summit Industrial Income REIT is an open‐ended mutual fund trust focused on growing and managing a portfolio of light industrial properties across Canada. Summit II's units are listed on the TSX Venture Exchange and trade under the symbol SMU.UN.
Caution Regarding Forward Looking Information
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends", "goal" and similar expressions are intended to identify forward-looking information or statements. More particularly and without limitation, this news release contains forward looking statements and information concerning the proposed consolidation. The forward-looking statements and information are based on certain key expectations and assumptions made by Summit II, including obtaining unitholder approval of the proposed consolidation. Although Summit II believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward looking statements and information because Summit II can give no assurance that they will prove to be correct. By its nature, such forward-looking information is subject to various risks and uncertainties, which could cause the actual results and expectations to differ materially from the anticipated results or expectations expressed. These risks and uncertainties include, but are not limited to, tenant risks, current economic environment, environmental matters, general insured and uninsured risks and Summit II being unable to obtain any required financing and approvals. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date hereof, and to not use such forward looking information for anything other than its intended purpose. Summit II undertake no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
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: Summit Industrial Income REIT
For further information:
Paul Dykeman, CEO at (902) 448-8044