Partners Value Investments LP and Partners Value Investments Inc. Receive Securityholder and Court Approval for Reorganization

TORONTO, Nov. 15, 2023 (GLOBE NEWSWIRE) -- Partners Value Investments LP (TSXV: PVF.UN, TSXV: PVF.PR.U) (the “Partnership”) and Partners Value Investments Inc. (TSXV: PVF.WT) (“PVII”) today announced that they have obtained a final order (the “Final Order”) from the Ontario Superior Court of Justice (Commercial List) approving the previously announced transaction with Partners Limited to be implemented by way of a court approved plan of arrangement (the “Arrangement”).

The effect of the Arrangement is to, among other things, amalgamate Partners Limited with PVII and other related entities, with the resulting entity continuing to be named Partners Value Investments Inc. (“Amalco”), under a newly formed limited partnership named Partners Value Investments L.P. (“New PVI LP”). New PVI LP will have substantially the same capital structure and unit terms as the Partnership.

Receipt of the Final Order follows the approval of the Arrangement by holders (“Equity Unitholders”) of equity limited partnership units (“Equity Units”) of the Partnership, holders (“Preferred Unitholders”) of class A preferred limited partnership units, Series 1, Series 2, Series 3 and Series 4 (“Preferred Units”) of the Partnership and holders (“Warrantholders”) of share purchase warrants of PVII (“PVII Warrants”) at the joint special meeting of the Partnership and PVII on November 9, 2023. The special resolution approving the Arrangement required the approval of at least two-thirds of the votes cast by Equity Unitholders, at least two-thirds of the votes cast by Preferred Unitholders, voting as a single class, and a simple majority of the votes cast by Equity Unitholders, excluding votes attached to certain Equity Units under the requirements of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions.

The Partnership and PVII have now received board, securityholder and court approval, all material regulatory approvals have been obtained, and the shareholders of Partners Limited have approved the Arrangement. Subject to the satisfaction or waiver of the remaining conditions to the Arrangement, it is expected the Arrangement will become effective following the close of business on November 24, 2023.

The TSXV is expected to establish special trading rules for the three trading days preceding the effective date of the Arrangement to facilitate settlement prior to the effective date of trades occurring on the TSXV during the three day period. The Equity Units and series 1 of the Preferred Units (“Preferred Units, Series 1”) are expected to be delisted from the TSXV at the close of business on November 24, 2023, while the PVII Warrants are expected to be delisted on November 27, 2023. The equity limited partnership units (“New Equity Units”) and Class A preferred limited partnership units, Series 1 (“New Preferred Units, Series 1”) of New PVI LP will commence trading on the TSXV under the symbols “PVF.UN” and “PVF.PR.U”, respectively, following the close of markets on November 24, 2023, the Class A preferred shares, Series 1 (“Amalco Preferred Shares”) of Amalco are expected to commence trading on the TSXV under the symbol “PVF.PR.V” on November 27, 2023, and the share purchase warrants (“Amalco Warrants”) of Amalco are expected to be listed on November 27, 2023 and commence trading on the TSXV under the symbol “PVF.WT” on November 29, 2023.