Northview Apartment REIT Announces Unitholder Election Results for Transaction Consideration
GlobeNewswire - Mon Jun 15, 4:00PM CDT
Northview Apartment Real Estate Investment Trust ("Northview") (TSX:NVU-UN.TO) announced today that holders ("Unitholders") of its Trust Units and Special Voting Units ("Units") have elected to receive an aggregate of 5,358,351 Class C Units of the Northview Canadian High Yield Residential Fund ("High Yield Fund Units") as consideration under the proposed plan of arrangement pursuant to which Northview will be acquired by affiliates of Starlight Group Property Holdings Inc. ("Starlight") and KingSett Capital Inc. ("KingSett", and collectively, the "Purchasers") for consideration of $36.25 per Northview Trust Unit (the "Transaction"). This represents a total aggregate value of $66.979 million of the consideration in the Transaction being elected to be received in High Yield Fund Units, including the election of Starlight to receive 2,402,430 High Yield Fund Units.
All Unitholders who elected on or prior to the June 5, 2020 deadline to receive greater than 0.5655 High Yield Fund Units on a tax-deferred basis will receive the full number of elected High Yield Fund Units without proration.
Unitholders who did not file an election on or prior to the June 5, 2020 deadline are deemed to have elected to receive all cash consideration for their Units.
Management continues to work closely with its advisors and the Purchasers to complete the Transaction. The Transaction is expected to close in the third quarter of 2020. The primary factor which will influence the timing of the closing of the Transaction is the Purchasers obtaining consents from CMHC and certain of Northview's lenders. For additional details regarding the Transaction, see Northview's management information circular for the Transaction, available under Northview's profile on SEDAR at www.sedar.com.