OTCPK:SMMCF - Post by User
Post by
junglejameson Feb 17, 2023 8:52am
196 Views
Post# 35291682
all done except for the pay-out
all done except for the pay-out - most likely the cash will not flow to Summit shareholders until at least 2 days after the delisting so maybe by Feb 23 it will show-up in our accounts. Sad to see this one go (I already hold lots of DIR)
TORONTO and SINGAPORE, Feb. 17, 2023
TORONTO and SINGAPORE, Feb. 17, 2023 /CNW/ - Summit Industrial Income REIT ("Summit" or the "REIT") (TSX: SMU.UN), GIC and Dream Industrial REIT ("DIR") (TSX: DIR.UN) today announced the closing of the previously-announced transaction pursuant to which a joint venture (the "Joint Venture") between GIC and DIR acquired Summit in an all-cash transaction valued at C$5.9 billion, including the assumption of certain debt (the "Arrangement"). On closing of the Arrangement, unitholders of the REIT (the "Unitholders") received cash consideration of C$23.50 per unit of the REIT (the "Units") by way of a special distribution and a redemption of Units.
With the completion of the Arrangement, the Units are expected to be delisted from the Toronto Stock Exchange at close of business on or about February 21, 2023. The REIT intends to apply to cease to be a reporting issuer under applicable Canadian securities laws.