TSX:ONR.UN - Post Discussion
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TimeBuilder on Sep 20, 2017 11:03am
FYI: NR...Re:Exchange Ratio
Today`s NR for your viewing PLEASURE..... OneREIT Announces Exchange Ratio for Plan of Arrangement
Wednesday, September 20, 2017
OneREIT Announces Exchange Ratio for Plan of Arrangement
08:58 EDT Wednesday, September 20, 2017
TORONTO, ONTARIO--(Marketwired - Sept. 20, 2017) - OneREIT (TSX:ONR.UN) announced today the exchange ratio with respect to OneREIT's previously announced plan of arrangement involving, among others, OneREIT, Smart Real Estate Investment Trust ("SmartREIT") and Strathallen Acquisitions Inc. (the "Transaction").
As previously disclosed, as consideration for each OneREIT unit redeemed in connection with the Transaction, OneREIT unitholders are entitled to elect to receive $4.275 per unit in cash (the "Cash Consideration") or such number of SmartREIT units (the "Non-Cash Consideration") based upon an exchange ratio (the "Exchange Ratio") calculated by dividing $4.20 by a reference price (the "Reference Price"). The Reference Price was calculated using the volume weighted average trading price of the SmartREIT units on the Toronto Stock Exchange (the "TSX") for the five trading days from and including September 13 to and including September 19, 2017 (the "VWAP"), subject to a minimum of $30.51 and maximum of $32.73. The VWAP has been calculated to be $29.99. Accordingly, the Reference Price has been set at the minimum of $30.51 which results in an Exchange Ratio equal to approximately 0.13766 of a SmartREIT unit for each OneREIT unit. Based on the closing price of the SmartREIT units on the TSX on September 19, 2017, the value of the Non-Cash Consideration is equal to approximately $4.128 per OneREIT unit.
For instructions regarding the procedure for making an election, please refer to the management information circular of OneREIT dated August 23, 2017 under the heading "Procedure for the Delivery of Securities and Payment of Consideration - Available Elections and Procedure". The circular has been mailed to unitholders and is also be available on SEDAR under OneREIT's profile at www.sedar.com. Please note that a valid election must be made prior to 5:00 pm (Toronto time) on September 21, 2017. Unitholders who do not make a valid election prior to such deadline will be deemed to have elected to receive Cash Consideration.
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