Northview Apartment REIT Announces Receipt of Final Order
Deadline for electing the form of consideration is Friday June 5, 2020 at 3:00 pm (Mountain Time)
CALGARY, Alberta, May 29, 2020 (GLOBE NEWSWIRE) -- Northview Apartment Real Estate Investment Trust (“Northview”) (TSX:NVU.UN) announced today that the Court of Queen’s Bench of Alberta has granted a final order approving its previously announced 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”).
The deadline for holders (“Unitholders”) of Trust Units and Special Voting Units (“Units”) to elect the form of consideration under the Transaction, including to receive units of a new high-yield multi-residential fund (the “Fund”) is Friday, June 5, 2020 at 3:00 pm (Mountain Time). This deadline was extended to ensure Unitholders have enough time to adequately review materials. Unitholders seeking to elect to receive units of the Fund should contact their broker, investment advisor or other intermediary through which they hold their Units to ensure that their election is received prior to the election deadline.
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.
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 CMHC consents and approvals for the Transaction (or to do so in a timely manner). The anticipated timeline for completion of the Transaction may change for a number of reasons, including the inability to secure necessary regulatory or other approvals in the time assumed or the need for additional time to satisfy the conditions to the completion of the Transaction. A comprehensive discussion of other risk factors that impact Northview are more particularly described in Northview’s most recent Annual Information Form available on SEDAR at www.sedar.com. Additional risks and uncertainties not presently known to Northview or that Northview currently believes to be less significant may also adversely affect Northview. Readers are cautioned that the above list of factors is not exhaustive and that should certain risks or uncertainties materialize, or should underlying estimates or assumptions prove incorrect, actual events may vary significantly from those expected. There can be no assurance that the actual events or activities anticipated by Northview will be realized or, even if substantially realized, that they will have the expected consequences to, or effect on, Northview. Readers, therefore, should not place undue importance on forward-looking information. Further, forward-looking statements speak only as of the date on which such statements are made. Northview disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required under applicable securities laws.