Election and Transaction Update
The deadline for Unitholders to elect the form of consideration under the Transaction, including to receive units of a new high-yield multi-residential fund is
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
Report on Voting Results
Transaction
A total of 38,558,226 Units were represented at the Unitholder meeting (the “Meeting”), being 55.75% of Northview’s issued and outstanding Units. The resolution approving the Transaction (the “Arrangement Resolution”) was required to be passed by: (i) the affirmative vote of at least two-thirds (66 2/3%) of the votes cast by Unitholders, voting as a single class, present in person or represented by proxy at the Meeting and entitled to vote, and (ii) a simple majority of the votes cast by disinterested Unitholders, voting as a single class, present in person or represented by proxy at the Meeting excluding for this purpose the votes attached to Units held by Starlight and its affiliates. The detailed results of voting on the Arrangement Resolution are provided below:
Votes For | Votes Against | |
Arrangement Resolution (All Unitholders) | 38,020,244 (99.69%) | 117,076 (0.31%) |
Arrangement Resolution (All Unitholders, excluding Starlight and its Affiliates) | 28,980,212 (99.60%) | 117,076 (0.40%) |
Annual General Meeting Agenda Items
Unitholders also voted in favour of all trustees nominated at the Meeting. Detailed results of the election of trustees are provided below:
Trustee Nominee | Votes For | Votes Withheld |
38,040,610 (99.75%) | 96,710 (0.25%) | |
37,715,300 (98.89%) | 422,020 (1.11%) | |
36,545,824 (95.83%) | 1,591,496 (4.17%) | |
38,003,553 (99.65%) | 133,767 (0.35%) | |
37,174,072 (97.47%) | 963,248 (2.53%) | |
38,042,074 (99.75%) | 95,246 (0.25%) | |
38,011,019 (99.67%) | 126,301 (0.33%) | |
Valéry Zamuner | 37,994,724 (99.63%) | 142,596 (0.37%) |
At the Meeting, Unitholders also voted to approve: (i) the appointment of
Votes For | Votes Withheld or Against | |
Appointment of Auditors | 38,490,491 (99.82%) | 67,735 (0.18%) |
Executive Compensation | 37,911,570 (99.41%) | 225,750 (0.59%) |
CAUTIONARY AND FORWARD-LOOKING STATEMENTS
This media release contains forward-looking statements including, but not limited to, statements relating to the expected completion of the Transaction and timing thereof. These statements are not guarantees of future events and will not necessarily be accurate indications of whether, or the times at which, such events will occur. Forward-looking statements are based on information available at the time they are made, underlying estimates and assumptions made by management and management's good faith belief with respect to future events and are subject to inherent risks and uncertainties surrounding future expectations generally, which could cause actual results to differ materially from what is currently expected. Such risks and uncertainties include, but are not limited to, risks that are inherent in the nature of the Transaction, including failure to satisfy the conditions to the completion of the Transaction and the failure of not obtaining the required regulatory, lender and
CORPORATE PROFILE
Northview is one of
INVESTORS
Mr.
President and Chief Executive Officer
(403) 531-0720
Mr.
Chief Financial Officer
(403) 531-0720
Mr.
Chief Operating Officer
(403) 531-0720
SOLICITATION AGENT FOR THE PURCHASERS
Unitholders with questions regarding the making of their election to receive Fund units may contact:
North American Toll-Free: 1-888-637-5789
Email at contact@shorecrestgroup.com
www.shorecrestgroup.com
MEDIA
Mr.
(416) 649-8006
nvu@longviewcomms.ca
Source: Northview Apartment REIT
2020 GlobeNewswire, Inc., source