Done Deal.....@ $32.50Copy NR ...for your viewing PLEASURE....sad to see this one GO...
Brookfield Canada Office Properties Unitholders Approve Going Private Transaction With Brookfield Property Partners
Wednesday, June 28, 2017
Brookfield Canada Office Properties Unitholders Approve Going Private Transaction With Brookfield Property Partners
14:10 EDT Wednesday, June 28, 2017
BROOKFIELD NEWS, June 28, 2017 (GLOBE NEWSWIRE) -- Brookfield Canada Office Properties (“BOX”) (TSX:BOX.UN) (NYSE:BOXC) announced today that it has received unitholder approval for the redemption (the “Redemption”) by BOX of all of the issued and outstanding trust units (the “Trust Units”) of BOX not already owned by Brookfield Property Partners L.P. (“BPY”) and its subsidiaries for cash consideration of $32.50 per Trust Unit and related amendments to the Declaration of Trust of BOX in order to affect the Redemption (collectively, the “Transaction”). Approval was given at an annual and special meeting of BOX unitholders held in Toronto, Ontario on June 28, 2017 (the “Meeting”).
At the Meeting, approximately 98.1% of the votes cast by all BOX unitholders, and 84.4% of votes cast by BOX unitholders other than unitholders whose votes were required to be excluded for the purposes of “minority approval” under Multilateral Instrument 61-101 — Protection of Minority Security Holders in Special Transactions, were voted in favour of the Transaction.
The closing of the Transaction is subject to the satisfaction of certain other closing conditions customary in a transaction of this nature. Assuming that these conditions are satisfied, it is expected that the closing of the Transaction will occur on June 30, 2017.
At the Meeting, unitholders also elected the incumbent trustees to the board of trustees and re-appointed Deloitte LLP as auditors of BOX.
Further information regarding the Meeting and the Transaction are contained in BOX’s management information circular, which is available on SEDAR at www.sedar.com, on EDGAR at www.sec.gov and on BOX’s website at www.brookfieldcanadareit.com. A copy of BOX’s Schedule 13E-3 going private transaction statement is also available on EDGAR at www.sec.gov.
In connection with the Transaction, there will be no special distribution paid to BOX unitholders. As previously announced, the remaining regular monthly distribution payable on July 14, 2017 will be paid to holders of record on June 29, 2017.
Also in connection with the Transaction, the distribution reinvestment plan of BOX will be terminated. BOX’s registered unitholders who currently participate in the plan will receive payment for their trust units held in the plan at the time they receive the redemption price payable pursuant to the Redemption upon the deposit of a validly completed and duly signed letter of transmittal as described in BOX’s management information circular. Beneficial unitholders should carefully follow the instructions provided to them by their intermediary and should contact their intermediary for assistance.