Tuesday, April 24, 2018
Vancouver, BC – April 24, 2018: Pure Multi-Family REIT LP (“Pure Multi-Family” or the “REIT”) (TSXV: RUF.U, RUF.UN, RUF.DB.U; OTCQX: PMULF) announced that yesterday, pursuant to the advance notice provisions of its amended and restated limited partnership agreement, it received notice of seven director nominees for election at its upcoming special and annual general meeting of unitholders (the “Unitholder Meeting”), which is currently scheduled for May 24, 2018.
The Board of Pure Multi-Family confirms that the REIT has already proposed a full complement of seven experienced directors and recommends that unitholders vote in favour of the REIT’s nominees. The REIT’s nominees are Fraser Berrill, Stephen Evans, Maurice Kagan, Robert King, John O’Neill, James Redekop and Sherry Tryssenaar. Biographical information regarding each of the nominees is available at pages 7 to 13 of the REIT’s Management Information Circular dated April 9, 2018 and is available on SEDAR at sedar.com. Information regarding how to vote for the REIT’s nominees is also described in the Management Information Circular. Pure Multi-Family has engaged Laurel Hill Advisory Group as its proxy solicitation agent.
K2 Principal Fund L.P. (“K2”), which advised that it owns approximately 0.71% of the class A units of the REIT, put forward the following nominees: Joseph Beard, Charles Connor, Tanya Covassin, Dean Perrin, Laurence Rose, Josef Vejvoda and Robert Wolf. K2 describes itself in the notice as a broadly diversified Canadian and U.S. investment fund that employs a variety of strategies including event driven opportunities, structured products arbitrage, distressed securities, long/short equities and other opportunities. The dissident nominees have not advised whether they intend to provide a dissident proxy circular. Prior to receipt of the notice yesterday, the REIT had minimal communications with K2 which focussed on its potential sale.
On April 5, 2018, Pure Multi-Family announced that it had initiated a formal process to explore the potential sale of the REIT. As part of the comprehensive sale process, the REIT has entered into confidentiality agreements with multiple interested parties. The process is being overseen by the special committee of independent directors. The Board is committed to maximizing unitholder value through this process.
The REIT’s total unitholder returns since its initial public offering in 2012 have been approximately 115% (in US$) placing it near the top of all Canadian REITs. Pure Multi-Family has also internalized asset and property management at nominal cost to the REIT, up-tiered the quality of the portfolio through recycling capital and value-enhancing investment and reduced leverage.
About Pure Multi-Family REIT LP
Pure Multi-Family is a Canadian based, publically traded vehicle which offers investors exclusive exposure to attractive, institutional quality U.S. multi-family real estate assets.
For more information, please contact:
Laurel Hill Advisory Group
North America Toll Free: 1-877-452-7184
Collect Calls Outside North America: 1-416-304-0211
Pure Multi-Family REIT LP
Vice President, Investor Relations
Certain statements in this news release may constitute “forward-looking information” within the meaning of applicable securities laws. Forward-looking information involves known and unknown risks, uncertainties and other factors, and it may cause actual results, performance or achievements or industry results, to be materially different from any future results, performance or achievements or industry results expressed or implied by such forward-looking information. Forward-looking information generally can be identified by the use of terms and phrases such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “feel”, “intend”, “may”, “plan”, “predict”, “project”, “subject to”, “will”, “would”, and similar terms and phrases, including references to assumptions. Some of the specific forward-looking information referred to in this news release includes, but is not limited to, a statement that the Unitholder Meeting is currently scheduled for May 24, 2018.
The forward-looking information contained in this news release are based on certain key expectations and assumptions made by Pure Multi-Family, including: the existence of highly credible parties willing and capable of participating in the sale process; and reasonably stable economies in the markets in which Pure Multi-Family operates.
Although Pure Multi-Family believes that the expectations and assumptions on which the forward-looking information are based are reasonable, undue reliance should not be placed on the forward-looking information because Pure Multi-Family can give no assurance that they will prove to be correct. Since forward-looking information addresses future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, without limitation, the risk that the strategic review process may not result in a transaction and those factors that can be found under “Risk Factors” in Pure Multi-Family’s Annual Information Form dated March 21, 2018 and under “Risks and Uncertainties” in Pure Multi-Family’s Management’s Discussion and Analysis dated March 7, 2018, both of which are available on SEDAR at sedar.com.
The forward-looking information contained in this news release represent Pure Multi-Family’s expectations as of the date hereof, and are subject to change after such date. Pure Multi-Family disclaims any intention or obligation to update or revise any forward-looking information except as required by law.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (as that term is defined in policies of the TSX Venture Exchange) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE.