TORONTO--(BUSINESS WIRE)--Agellan Commercial Real Estate Investment Trust (the “REIT”) (TSX:ACR.UN) announced today that Institutional Shareholder Services, Inc. (“ISS”) and Glass, Lewis & Co., LLC (“Glass Lewis”), two leading independent proxy advisory firms, have recommended that unitholders of the REIT (“Unitholders”) vote FOR the special resolution (the “Special Resolution”) at the upcoming special meeting of Unitholders (the “Meeting”) to approve the plan of arrangement pursuant to which Elad Genesis Limited Partnership or one of its affiliates (“Elad”) will, among other things, acquire all of the outstanding trust units of the REIT (“Trust Units”), other than Trust Units already owned by Elad or its affiliates, for $14.25 per Trust Unit in cash (the “Transaction”).
“Both ISS and Glass Lewis support the unanimous recommendation of the board of trustees of the REIT that Unitholders vote in favour of the Transaction,” said Mr. Glen Ladouceur, Chair of the board of trustees of the REIT. “These independent recommendations underscore our confidence in the Transaction as one that is in the best interests of the REIT and Unitholders.”
ISS and Glass Lewis are recognized as leading independent proxy and corporate governance advisory firms whose recommendations are relied upon by many major institutional investment firms, mutual and pension funds and other institutional shareholders.
The board of trustees of the REIT unanimously recommends that Unitholders vote FOR the Special Resolution.
Your vote is very important. Unitholders should vote FOR the Special Resolution using the form of proxy or voting instruction form in advance of the voting deadline at 10:00 a.m. on Tuesday, January 8, 2019 or, if the Meeting is adjourned or postponed, 48 hours (excluding Saturdays, Sundays and holidays in the Province of Ontario) prior to the adjourned or postponed Meeting.
Unitholders who have questions about the Transaction or need assistance voting may contact Shorecrest Group, Ltd., the REIT’s proxy solicitation agent at:
Shorecrest Group, Ltd.
North
America Toll-Free: 1-888-637-5789
Collect Calls Outside North
America: 1-647-931-7454
E-mail: contact@shorecrestgroup.com
About Agellan Commercial Real Estate Investment Trust
The REIT is an unincorporated, open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario. The REIT has been created for the purpose of acquiring and owning industrial, office and retail properties in select target markets in the United States and Canada.
The REIT’s 46 properties contain 8.3 million square feet of gross leasable area, with the REIT’s ownership interest at 7.0 million square feet. The properties are primarily located in major urban markets in the United States.
Additional information about the REIT is available at www.agellancommercialreit.com or www.sedar.com.
Forward-Looking Information:
This press release contains forward-looking information within the meaning of applicable securities legislation, which reflects the REIT’s current expectations regarding future events. Forward-looking information includes, but is not limited to: statements concerning the proposed Transaction referred to in this press release; the timing for the Meeting at which the Transaction will be considered and any other statements regarding the REIT’s expectations, intentions, plans and beliefs.
Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the REIT’s control that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. These include, but are not limited to, the failure to obtain necessary approvals or satisfy the conditions to closing the Transaction; the occurrence of any event, change or other circumstance that could give rise to the termination of the Transaction; material adverse changes in the business or affairs of the REIT; either party’s failure to consummate the Transaction when required; competitive factors in the industries in which the REIT operates; interest rates; prevailing economic conditions; and other factors, many of which are beyond the control of the REIT. Additional factors and risks which may affect the REIT or its business are described in the REIT’s annual information form and the REIT’s management’s and discussion and analysis for the year ended December 31, 2017 and in the other reports filed under the REIT’s profile on www.sedar.com.
The forward-looking information contained in this press release are made as of the date of this press release and, except as expressly required by applicable law, the REIT assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.