WINNIPEG, Dec. 12, 2012 /CNW/ - Temple Real Estate Investment Trust (TSX: TR.UN) ("Temple REIT") announced today that, subsequent to the previously announced conversion of Temple REIT from a trust to a corporation called Temple Hotels Inc. ("New Temple"), New Temple will commence a Dividend Reinvestment Plan (the "DRIP").
Under the terms of the DRIP, eligible shareholders of New Temple (the "Shareholders") may elect to automatically reinvest all or a portion of their regular monthly dividends into additional common shares (the "Shares") of New Temple without incurring any commissions, service charges or brokerage fees under the DRIP. Shareholders who elect to reinvest dividends under the DRIP will receive Shares at a price (the "Average Market Price") equal to the weighted average closing price of the Shares for the five trading days preceding the dividend payment date. With each reinvestment, Shareholders will receive a bonus dividend equal to 4% of the amount reinvested (the "Bonus Dividend"), which will also be reinvested into Shares at the Average Market Price.
Shareholders who participate in the DRIP may also elect to purchase additional Shares by way of additional cash payment, without incurring any commissions, service charges or brokerage fees. A Shareholder must invest a minimum amount of $1,000 with each cash purchase request and, subject to the terms and conditions of the DRIP, may invest up to $10,000 with each cash purchase request. Shares purchased by way of additional cash payment will be purchased at the Average Market Price, but will not receive any Bonus Dividend of Shares.
Shares may be purchased under the DRIP commencing with the dividend to be made by New Temple in February 2013 to Shareholders of record on January 31, 2013. Shares purchased through the DRIP will be issued directly from New Temple's treasury. The common shares of New Temple will trade on the TSX under the symbol "TPH".
Registered Shareholders may enroll in the DRIP by completing an enrollment form and submitting the completed form to CIBC Mellon Trust Company at the address set out in the DRIP. Beneficial Shareholders are encouraged to contact their broker or other intermediary for enrollment information. The DRIP is subject to certain limitations and restrictions and interested parties are encouraged to review the full text of the DRIP. The DRIP and the enrollment form will be available on Temple REIT's website at www.treit.ca.
Temple REIT is a real estate investment trust, which is listed on the Toronto Stock Exchange under the symbols TR.UN (trust units), TR.DB.B, TR.DB.C, TR.DB.D and TR.DB.E (convertible debentures). The objective of Temple REIT is to provide Unitholders with stable cash distributions from investment in a diversified portfolio of hotel properties and related assets. For further information on Temple REIT, please visit our website at www.treit.ca.
The Toronto Stock Exchange has not reviewed or approved the contents of this press release and does not accept responsibility for the adequacy or accuracy of this press release.
SOURCE: Temple REIT
For further information:
Arni Thorsteinson, Chief Executive Officer, or Gino Romagnoli, Investor Relations
Tel: (204) 475-9090, Fax: (204) 452-5505, Email: [email protected]