TORONTO, April 30, 2012 /CNW/ - Daniel Drimmer announced today that on April 26, 2012, his associated entities, PD Kanco LP and Starlight Investments Ltd. entered into an agreement (the "Acquisition Agreement") with TransGlobe Apartment Real Estate Investment Trust, (the "REIT") to complete certain transaction steps to be completed by it and arrange for the completion of those transaction steps to be completed by certain other transaction participants, ultimately resulting in the acquisition of all of the assets and assumption of the liabilities of the REIT at a price equivalent to $14.25 per outstanding unit of the REIT (a "Unit"). The subject transaction will involve a redemption of Units and will result in the remaining outstanding Unit(s) being owned and controlled by Mr. Drimmer. The Units are currently and posted for trading on The Toronto Stock Exchange. All capitalized terms not otherwise defined herein shall be as defined in the Acquisition Agreement.
The subject transaction is expected to close on June 29, 2012 and is subject to those conditions specified in the Acquisition Agreement (including the receipt of all required regulatory and unitholder approvals).
This press release is being issued pursuant to National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issuers which requires a report to be filed under the REIT's profile on SEDAR (www.sedar.com) containing additional information respecting the foregoing matters. A copy of such report may be obtained by contacting Daniel Drimmer at (416)-234-8444.
For further information:
The name and address of the offeror filing the report is:
401 The West Mall
Toronto, ON M9C 5J5