PIRET was privatized on May 24, 2018.
On January 9, 2018 the Trust announced that it had entered into an arrangement agreement with an affiliate of Blackstone Property Partners, pursuant to which Blackstone will acquire all of the outstanding trust units of PIRET for $8.10 per Unit in an all-cash transaction valued at $3.8 billion including debt. The full press release can be found here: January 9, 2018 press release.
The proposed transaction required approval by at least two-thirds of the Unitholders of the Trust. The Trust mailed a management information circular and certain related documents to Unitholders in connection with the meeting to consider and vote on the transaction, copies of which have been filed on SEDAR at www.sedar.com and is available below.
The Unitholder meeting was held on March 23, 2018 to consider the transaction. Approximately 99.66% of the Units represented at the meeting, in person or by proxy, were voted in favour of the special resolution approving the Transaction. The full press release with regards to the voting results can be found here: March 23 2018 press release.
Closing occurred on May 24, 2018. The Units ceased trading on the Toronto Stock Exchange (the “TSX”) at the close of trading May 24, 2018. Please see May 24 2018 press release for more details.
|January 8, 2018||Announcement of Transaction|
|January 24, 2018||Record Date for Special Meeting of Unitholders|
|February 13, 2018||Receipt of Interim Order|
|February 26, 2018||Commissioner of Competition issued an Advance Ruling Certificate approving the Transaction|
|February 28, 2018||Mailing of materials related to the Special Meeting of Unitholders|
|March 21, 2018||Proxy voting cut off|
|March 23, 2018||Special Meeting of Unitholders
11am (Toronto time) at the offices of Goodmans LLP
333 Bay Street, Suite 3400, Toronto, OntarioVote Results: 99.66% in Favour
|March 29, 2018||Final order approving Plan of Arrangement issued by the Supreme Court of British Columbia|
|April 11, 2018||Investment Canada Act approval|
|May 24, 2018||Closing and delisting, cash proceeds are estimated to arrive in investor accounts within 2-3 business days|
Transaction Announcement Press Release
Management Information Circular
Unitholders Approve Transaction Press Release
Court Approval for Arrangement Press Release
Investment Canada Act Approval Press Release
Anticipated Closing Update Press Release
Closing Press Release
This web page does not provide full disclosure of all material facts relating to the Proposed Privatization. Readers of this web page should read the Management Information Circular and any amendment for disclosure of those facts, especially risk factors, before making a decision on how to vote with respect to the Proposed Privatization. The completion of the Proposed Privatization is subject to a number of conditions as fully described in the Arrangement Agreement and the Management Information Circular and there can be no assurance that the Proposed Privatization will be completed.
UNITHOLDERS OF THE TRUST SHOULD NOTE THAT ALL INFORMATION ON THIS WEBSITE IS QUALIFIED IN ITS ENTIRETY BY THE ARRANGEMENT AGREEMENT AND THE MANAGEMENT INFORMATION CIRCULAR AND THE INFORMATION CONTAINED THEREIN. UNITHOLDERS OF THE TRUST ARE STRONGLY ADVISED TO READ THE INFORMATION CIRCULAR BECAUSE IT CONTAINS IMPORTANT INFORMATION.
This web page is neither an offer to purchase nor a solicitation of an offer to sell any securities of the Trust. This web page must not be relied upon in connection with any investment decision.