TORONTO--(BUSINESS WIRE)--Starlight Investments Capital LP ("Starlight Capital" or the "Investment Manager") is pleased to announce that Starlight Hybrid Global Real Assets Trust (the “Trust”) (NEO: SCHG.UN) has finalized the pricing for its up to $20,000,000 non-brokered private placement (the “Offering”), as announced on May 6, 2019. The Offering issue price per Series C Unit of the Trust has been determined to be $10.28.
Subject to customary closing conditions, including the approval of the Aequitas NEO Exchange Inc., the Offering is expected to close on or about June 28, 2019. The securities issued in connection with the Offering will be subject to a four month hold period, in accordance with applicable securities laws.
The net proceeds of the Offering will be used to purchase securities for the Trust’s portfolio in accordance with the Trust’s investment objectives and investment strategy and for general operating purposes.
The Trust also announced that Daniel Drimmer will step down from the board of trustees effective June 28, 2019. Mr. Drimmer resigned in order to proactively manage the number of public company directorships that he holds in accordance with the guidance provided by the Institutional Shareholder Services and Canadian Coalition for Good Governance. Mr. Drimmer will serve as a special advisor to the Trust and he will also remain on the board of directors of the Manager and Investment Manager of the Trust.
In accordance with the Trust’s Amended and Restated Declaration of Trust dated December 13, 2018, the remaining trustees of the Trust have appointed Glen Hirsh as a trustee to fill the vacancy created by Mr. Drimmer’s resignation, with a term of office to expire upon the termination of the Trust.
Mr. Hirsh is the Chief Operating Officer of Starlight Investments. Mr. Hirsh most recently held the position of Vice-President, Strategy and Finance at Oxford Properties and previously was Managing Director and Head of the Real Estate Investment Banking Group at National Bank Financial. Mr. Hirsh has 20 years of experience in the real estate and financial services sectors and is recognized as a leader in providing strategic advice to public and private companies, structuring capital markets transactions and executing equity and debt financings. Mr. Hirsh is a Chartered Professional Accountant and holds the Chartered Financial Analyst designation and a Bachelor of Commerce degree from McGill University.
About Starlight Capital and Starlight Investments
Starlight Capital is an independent asset management firm offering mutual funds, exchange-traded funds and structured products. Our goal is to deliver superior risk adjusted returns to investors through a disciplined investment approach, Focused Business Investing. Starlight Capital is a wholly-owned subsidiary of Starlight Investments. Starlight Investments is a privately-held, full service, real estate investment and asset management company. The firm manages over $11.0 billion of assets on behalf of institutional joint ventures as well as publicly listed REITs, closed end funds and investment funds and is driven by an experienced team of over 200 professionals. Please visit us at www.starlightcapital.com and connect with us on LinkedIn.
This press release is not an offer of securities for sale in the United States, and the securities described in this press release may not be offered or sold in the United States absent registration or an exemption from registration. The securities have not been and will not be registered under the United States Securities Act of 1933. The Aequitas NEO Exchange does not accept responsibility for the adequacy or accuracy of this release.
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “scheduled”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” occur or be achieved. Forward-looking information includes, without limitation, statements with respect to the completion of the proposed Offering.
By its nature, forward-looking information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. Known and unknown risk factors, many of which are beyond the control of the Trust could cause actual results to differ materially from the forward-looking information in this press release. Accordingly, readers should not place undue reliance on forward-looking information. The Trust does not undertake to update or revise any forward-looking information, except in accordance with applicable securities laws.