TORONTO, Dec. 23 /CNW/ - Timbercreek Asset Management Ltd. (the
"Manager"), on behalf of Timbercreek Global Real Estate Fund (the
"Fund"), is pleased to announce the conversion ratio for the automatic
conversion of the class I units of the Fund ("Class I Units") into
class B units of the Fund ("Class B Units") on December 29th, 2010 (the "Conversion Event").
The ratio upon which Class I Units will be converted into Class B Units
is 1.01 (the ''Class I Conversion Ratio'') which is calculated by
dividing the Net Asset Value ("NAV") per Class I Unit by the NAV per
Class B Unit. Holders of Class I Units will continue to be holders of
record up to but not including the date of the Conversion Event and
will be entitled to receive distributions in respect of such securities
up to that date. The number of Class B Units issuable pursuant to the
Conversion Event will be rounded down to the nearest whole number of
Class B Units. No fractional Class B Units will be issued pursuant to
the Conversion Event, nor will any cash consideration be paid in lieu
After the Conversion Event, the certificates held by a holder of Class I
Units will immediately be deemed to be cancelled, without any further
action required on the part of the unitholder, and that number of Class
B Units into which the Class I Units are converted, based on the Class
I Conversion Ratio, will be registered, in the name of CDS or its
nominee, on the Register of the Fund maintained by the Fund's transfer
agent and registrar (the "Register"). The unitholder's ownership of
Class B units after the Conversion Event will be evidenced solely and
conclusively by the Register and no certificate shall be issued
therefor. The Fund will advise each unitholder on the timing and
process of the surrendering of Class I Unit certificates to the Fund
and the recordation of beneficial ownership of the Class B Units.
Following the Conversion Event, the NAV associated with the Class I
Units will be added to the NAV for the Class B Units.
Class B Units- CA 88708W117 8
Class I Units- CA 88708W208 5
About the Fund
The Fund, an investment fund formed under the laws of the Province of
Ontario and which is managed by the Manager, was established to invest
in a globally diversified portfolio of premier real estate securities
including common equity, preferred shares and debt of both public and
private real estate investment trusts and real estate companies in
Canada, United States, United Kingdom, Continental Europe, Japan,
Australia, Hong Kong and other countries. The Manager has engaged FSX
Securities Canada Inc. (the "Global Investment Advisor") to provide
portfolio management services to the Fund. Through the Manager's
partnership with the Global Investment Advisor, the Fund will be
supported by a team of real estate analysts based in Toronto, New York,
London and Hong Kong that are strictly dedicated to analyzing and
investing in real estate securities.
SOURCE Timbercreek Asset Management Inc.
For further information:
Timbercreek Asset Management Inc.
Vice- President, Investor Relations & Corporate Governance