CANMARC announces hearing on rights plans
CANMARC Real Estate Investment Trust ("CANMARC" or the "REIT") (TSX: CMQ.UN) announced today that the Bureau de décision et de révision (Québec) (the "Bureau") will hold a hearing on January 19, 2012 in response to an application made by Cominar Real Estate Investment Trust and certain of its affiliated entities (collectively, "Cominar") for an order to cease trade CANMARC's unitholder rights pla
- (1888PressRelease) January 06, 2012 - CANMARC is preparing its submissions to the Bureau to oppose Cominar's application, which follows Cominar's hostile take-over bid for all of CANMARC's units. CANMARC firmly maintains that the Rights Plans were, and still are, in the best interests of CANMARC and its unitholders, and are needed in order to provide the board of trustees of the REIT sufficient time to explore all strategic alternatives in CANMARC's best interests.
CANMARC continues to advise its unitholders not to tender to Cominar's inadequate bid, which is subject to a number of conditions that have yet to be satisfied, and to withdraw any units that have already been tendered. By tendering to Cominar's inadequate bid, unitholders may forego an opportunity to benefit from a possible value-enhancing alternative.
A full description of the reasons for the recommendation of the board of trustees of CANMARC can be found in the trustees' circular of CANMARC dated December 12, 2011, available on CANMARC's website at www.canmarc.ca and on SEDAR at www.sedar.com. CANMARC unitholders are advised to read the trustees' circular in full, as it contains important information regarding the board of trustees' recommendation to reject the Cominar offer.
Unitholders who have tendered their units to the offer and who wish to obtain advice or assistance in withdrawing their units are urged to contact their broker or Phoenix Advisory Partners, the information agent retained by CANMARC, at one of the telephone numbers listed below.
About CANMARC Real Estate Investment Trust
CANMARC (www.canmarc.ca) is an unincorporated open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Quebec. Managed internally, CANMARC owns a portfolio of Canadian income-producing commercial properties, consisting of retail and office properties with certain industrial properties. In total, CANMARC properties comprise approximately 8.8 million square feet of commercial gross leasable area and 464 multi-family residential units located in Quebec, Atlantic Canada, Western Canada and Ontario.
James W. Beckerleg
President and Chief Executive Officer
CANMARC Real Estate Investment Trust
514-931-2591
Gordon G. Lawlor, CA
Chief Financial Officer
CANMARC Real Estate Investment Trust
514-931-2591
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