Dream Unlimited Corp. (TSX:DRM) (“Dream”)has announced that Dream Asset Management Corporation (“DAM”) acquired 73,000 units (“Units”) of Dream Impact Trust (TSX:MPCT.UN)(“Dream Impact”) in lieu of asset management fees payable to DAM pursuant to the management agreement in respect of Dream Impact (“Management Agreement”), representing approximately 0.4% of the issued and outstanding Units. Prior to the acquisition, DAM and its joint actors owned 6,199,280 Units representing approximately 35.2% of the issued and outstanding Units and, following the acquisition, DAM and its joint actors own 6,272,280 Units representing approximately 35.7% of the issued and outstanding Units. The Units beneficially owned by DAM and its joint actors prior to and after the acquisition on January 9, 2024, include 16,644 Units that are issuable to Mr. 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 January 1, 2021 to December 31, 2023, 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 Mr. 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 (“NI 62-103”) 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 at www.sedarplus.ca, and can also be obtained by contacting Mr. Robert Hughes, General Counsel, Dream Unlimited Corp. 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 Street East, Toronto, Ontario M5C 3H1.
About Dream Unlimited Corp.
Dream is a leading developer of exceptional office and residential assets in Toronto, owns stabilized income generating assets in both Canada and the U.S., and has an established and successful asset management business, inclusive of $24 billion of assets under management across four Toronto Stock Exchange listed trusts, our private asset management business and numerous partnerships. We also develop land, residential and income generating assets in Western Canada. Dream expects to generate more recurring income in the future as its urban development properties are completed and held for the long term. Dream has a proven track record for being innovative and for our ability to source, structure and execute on compelling investment opportunities.
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