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 thereof.
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.
For further information:
Timbercreek Asset Management Inc.
Vice- President, Investor Relations & Corporate Governance