YellowBrickRoad wrote: JelrakTB wrote: Where did you read about the special dividend amount? I have not seen a press release yet on their website
5/08/2019 Partners REIT Provides Update Special Distribution
The Board has declared a special cash distribution (the “Special Distribution”) to Unitholders of approximately $59 million, being $1.28 per outstanding unit (a “Unit”) of the REIT.
The record date for Unitholders entitled to receive the Special Distribution is May 16, 2019, and the payment date for the Special Distribution will be May 22, 2019 (the “Payment Date”).
The Toronto Stock Exchange (the “TSX”) has advised the REIT that “Due Bills” are to be used in connection with trades of Units through the facilities of the TSX for the period from and including May 15, 2019 until the close of trading on May 22, 2019 (the “Due Bill Period”). A Due Bill is defined in the TSX Company Manual as an instrument used to evidence the transfer of title to any dividend, distribution, interest, security or right to a listed security contracted for, or evidencing, the obligation of a seller to deliver such dividend, distribution, interest, security or right to a subsequent purchaser.
As a result, buyers of Units during the Due Bill Period will receive the Special Distribution payment, provided they continue to be holders of the applicable Unit on the Payment Date.
The Units will commence trading on an ex-distribution basis (i.e., without an attached Due Bill entitlement to the Special Distribution) commencing at the opening of trading on May 23, 2019. The Due Bill redemption date will be May 24, 2019 (“Due Bill Redemption Date”).
Monthly Cash Distribution
The Board has reviewed the appropriateness of Partners’ current regular monthly distribution and, in light of the smaller size of the REIT’s property portfolio following the recent sale of all of its Qubec retail properties and other factors, including the payment of the Special Distribution, has determined to discontinue the regular monthly cash distribution of $0.015 per Unit commencing in June 2019. The previously announced monthly distribution payable on May 15, 2019 to Unitholders of record on April 30, 2019 will be paid and will be the final regular distribution.