MISSISSAUGA, ON, June 19, 2012 /CNW/ - TransGlobe Apartment Real Estate Investment Trust (TSX: TGA.UN) (the "REIT") today announced a cash distribution of $0.060417 per trust unit of the REIT ("Trust Unit"), payable on June 29, 2012 to REIT unitholders of record as of June 28, 2012 (the "Regular Distribution").
The Regular Distribution has been pro rated in accordance with the terms of the acquisition agreement (the "Acquisition Agreement") entered into on April 26, 2012 in connection with the previously announced privatization (the "Transaction") of the REIT by Starlight Investments Ltd. and PD Kanco LP.
An annual and special meeting of the REIT unitholders will be held at St. Andrew's Club and Conference Centre, Caledonia Room, 150 King Street West, 27th Floor, Toronto on June 27, 2012 at 10:00 am (Toronto time) to consider and approve, among other things, the Transaction. The management information circular and related meeting materials for such meeting were filed on SEDAR on June 6, 2012. The closing of the Transaction is scheduled to occur on June 29, 2012, immediately following payment of the Regular Distribution, and is subject to the satisfaction or waiver of those conditions to closing specified in the Acquisition Agreement. Payment of the Regular Distribution on June 29, 2012 is not conditional on closing of the Transaction.
In connection with the Transaction, the REIT's distribution reinvestment plan was terminated on June 15, 2012, effective following payment of the REIT's previously announced May 2012 regular monthly distribution.
About TransGlobe Apartment REIT
The REIT is an unincorporated, open-ended real estate investment trust established under the laws of the Province of Ontario. The REIT owns a geographically diverse portfolio of 176 residential rental properties containing approximately 21,771 suites principally located in urban centres in Alberta, Ontario, Québec, New Brunswick and Nova Scotia.
Certain statements contained in this press release constitute forward-looking information within the meaning of applicable securities laws. Forward-looking information may relate to the REIT's future outlook and anticipated events or results and may include statements regarding the financial position, business strategy, budgets, litigation, projected costs, capital expenditures, financial results, taxes, plans and objectives of or involving the REIT. Particularly, statements regarding future results, performance, achievements, prospects or opportunities for the REIT or the real estate industry are forward-looking statements. In some cases, forward-looking information can be identified by such terms such as "may", "might", "will", "could", "should", "would", "occur", "expect", "plan", "anticipate", "believe", "intend", "estimate", "predict", "potential", "continue", "likely", "schedule", or the negative thereof or other similar expressions concerning matters that are not historical facts. Some of the specific forward-looking statements in this press release include, but are not limited to, statements with respect to the following: the Regular Distribution; the expected completion of the Transaction and the conditions thereto required to be satisfied or waived by the applicable parties; and the annual and special meeting of the REIT unitholders.
Although the forward-looking statements contained in this press release are based upon assumptions that management of the REIT believes are reasonable based on information currently available to management, there can be no assurance that actual results will be consistent with these forward-looking statements. Forward-looking statements necessarily involve known and unknown risks and uncertainties, many of which are beyond the REIT's control, which may cause actual results to differ materially from those expressed or implied by such forward-looking statements.
The forward-looking statements made in this press release relate only to events or information as of the date hereof. Except as required by applicable Canadian law, the REIT undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
For further information:
Kelly Hanczyk, Chief Executive Officer
(905) 293-9400 ext. 1970
Leslie Veiner, Chief Financial Officer
(905) 293-9400 ext. 1985