Dream Unlimited acquires 460,957 units of Dream Impact
Dream Unlimited acquires 460,957 units of Dream Impact
2022-10-14 17:53 ET - News Release
Also News Release (C-MPCT) Dream Impact Trust
Ms. Deborah Starkman reports
DREAM UNLIMITED CORP.'S INTEREST IN DREAM IMPACT TRUST DEEMED TO HAVE INCREASED
Dream Unlimited Corp.'s Dream Asset Management Corp. (DAM) has acquired 460,957 units of Dream Impact Trust (TSX: MPCT.UN) in lieu of asset management fees payable to DAM pursuant to the management agreement in respect of Dream Impact, representing approximately 0.7 per cent of the issued and outstanding units. Prior to the acquisition, DAM and its joint actors owned 19,900,992 units representing approximately 30.1 per cent of the issued and outstanding units and, following the acquisition, DAM and its joint actors own 20,361,949 units representing approximately 30.8 per cent of the issued and outstanding units. The units beneficially owned by DAM and its joint actors prior to and after the acquisition on Oct. 13, 2022, include 53,062 units that are issuable to Michael J. Cooper, the chief responsible officer of DAM, pursuant to the terms of vested deferred trust units owned by Mr. Cooper under the deferred unit incentive plan of MPCT in respect of which Mr. Cooper has elected to defer their issuance but which Mr. Cooper is deemed to beneficially own.
Pursuant to a letter agreement between DAM, Dream Impact and Dream Impact Master LP, DAM has agreed to accept the delivery of units in satisfaction of the management fees payable to DAM pursuant to the management agreement for the period from Jan. 1, 2021, to Dec. 31, 2021, in order to increase DAM's ownership stake in Dream Impact and to preserve the business's cash to support the cash distributions by Dream Impact while Dream Impact seeks to increase the market value of the units by offering to purchase units. DAM intends to evaluate its investment in units on a continuing basis and either may acquire units or decrease its holdings of units in the future. DAM is a wholly owned subsidiary of Dream, which is controlled by Michael Cooper, president and chief responsible officer. DAM acts as the asset manager for Dream Impact and Dream Impact Master LP.
This press release is being issued pursuant to the requirements of National Instrument 62-103 -- The Early Warning System and Related Take-Over Bid and Insider Reporting Issues of the Canadian Securities Administrators. A copy of the report to be filed by DAM in connection with the transactions described herein will be available on Dream Impact's SEDAR profile, and can also be obtained by contacting Robert Hughes, general counsel, Dream Unlimited, at 416-365-3535.
DAM's head office and Dream Impact's head office are located at suite 301, State Street Financial Centre, 30 Adelaide St. East, Toronto, Ont., M5C 3H1.