ONEREIT TRUST UNITS T.ONR.UN

ONR.UN to SRU.UN

[TimeBuilder]

Today's NR = $4.26 take out.....Time to move on......GLTA....TimeBulder

Press release from Marketwire

OneREIT to be Privatized in a Transaction Valued at $1.1B

SmartREIT and Strathallen Acquisitions Inc. enter into agreements to acquire all of the assets and liabilities of OneREIT for cash and units of SmartREIT

Friday, August 04, 2017

 

OneREIT to be Privatized in a Transaction Valued at $1.1B

08:29 EDT Friday, August 04, 2017

TORONTO, ONTARIO--(Marketwired - Aug. 4, 2017) -

Key Transaction Highlights

• The Transaction values OneREIT units on a fully diluted basis (excluding units issuable pursuant to convertible debentures) at an equivalent to $4.26 per OneREIT unit
• The Transaction represents a premium of 14.8% to the 20-day volume weighted average unit price on the TSX as at August 3, 2017 and a premium of 22.4% to the unaffected unit price on June 7, 2016, the day prior to OneREIT's announcement of a strategic review process
• OneREIT's board of trustees unanimously recommends that unitholders vote in favour of the Transaction

OneREIT (TSX:ONR.UN) announced today that it has entered into separate agreements with Smart Real Estate Investment Trust ("SmartREIT") and Strathallen Acquisitions Inc. ("Strathallen"), an affiliate of Strathallen Capital Corp., to acquire all of OneREIT's assets and assume all of its liabilities, including long-term debt and all residual liabilities, whereupon OneREIT will redeem all of its publicly traded units (the "Transaction"). The Transaction is the outcome of OneREIT's strategic review process, previously announced in June 2016. The consideration for the Transaction is comprised of cash and SmartREIT units that value OneREIT units at $4.26 per unit on a fully prorated basis. The consideration represents a premium of 14.5% to the August 3, 2017 closing price and a premium of 14.8% to the 20-day volume weighted average unit price ending August 3, 2017. As well, the consideration represents a premium of 22.4% to the unaffected unit price on June 7, 2016, the day prior to OneREIT's announcement that it would explore strategic alternatives.

Mr. Mitchell Goldhar directly or indirectly owns or exercises control over approximately 18% of the outstanding OneREIT units. Pursuant to OneREIT's Declaration of Trust, Mr. Goldhar is entitled to exercise voting rights representing an aggregate of 25% of the votes that can be cast at a OneREIT unitholder meeting. Mr. Goldhar and all of the Class B LP Unitholders (collectively, "Interested Parties") have entered into support agreements with OneREIT to vote the OneREIT voting units owned or controlled by them in favour of the Transaction. Mr. Goldhar also directly or indirectly owns approximately 22% of the units of SmartREIT (on a diluted basis).