TORONTO--(BUSINESS WIRE)--Starlight Hybrid Global Real Assets Trust (the “Trust”) announced today that the Board of Trustees of the Trust, with Glen Hirsh, an officer of a related entity of Starlight Investments Capital GP Inc., the manager of the Trust (the “Manager”), abstaining, has approved a proposal to reorganize the Trust into a private investment trust (the “Reorganization”), as described below, subject to unitholder approval. Holders (the “Unitholders”) of series A units (“Series A Units”) and series C units (“Series C Units”, and together with Series A Units, the “Units”) will be asked to vote on the proposal at a special meeting of Unitholders to be held at 1 p.m. (Toronto time) on July 28, 2021 solely as a virtual (online) meeting by way of live audio webcast (the “Meeting”). A management information circular containing information about the Meeting and the Reorganization will be mailed to Unitholders of record as of June 18, 2021.
The Manager has determined that it would be in the best interests of Unitholders to implement the Reorganization and continue with the Trust on a private basis by delisting the Series A Units from the Neo Exchange and redesignating all of the Series A Units as Series C Units to increase the Trust’s capital raising ability; amending the investment strategy and investment restrictions of the Trust to increase the Trust’s private investment limit in order to reduce public security volatility and take advantage of private investment opportunities; and making certain structural changes to the Trust appropriate for a private investment trust, including an amendment to the redemption features and management fees payable to the manager of the Trust.
If the Reorganization is approved by Unitholders and implemented, the Trust will continue to be managed by the same investment team. Although the Trust will be a private investment trust, and Units will only be offered on a private placement basis, the Manager will continue to publish the net asset value of the Units monthly, will publish interim and annual financial statements and management’s discussion and analysis, and will prepare and post other continuous disclosure filings to its website and SEDAR. Further, the Trust will continue to refer conflict of interest matters to its independent trustees.
In order for the Reorganization to become effective, it must be approved by not less than 662/3% of votes cast by Unitholders present in person or represented by proxy at the Meeting. If approved, the Reorganization is expected to be implemented on or about August 20, 2021.
Further information regarding the Reorganization will be contained in a management information circular to be filed publicly and mailed to Unitholders of record as of June 18, 2021, on or about June 30, 2021.
About Starlight Hybrid Global Real Assets Trust
The Trust’s investment objective is to provide unitholders with stable monthly cash distributions and long-term capital appreciation through exposure to institutional quality real assets in the global real estate and global infrastructure sectors. Additional information about the Trust can be found on Starlight Capital’s website at www.starlightcapital.com or www.sedar.com.
About Starlight Capital and Starlight Investments
Starlight Capital is an independent asset management firm offering mutual funds, exchange-traded funds, offering memorandum 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 $20.0 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 300 professionals. Please visit us at www.starlightcapital.com and connect with us on LinkedIn.