Melcor REIT announces filing of information circular for special meeting

Melcor Real Estate Investment Trust announced the filing of its management information circular and related documents for the special meeting of the holders of units and special voting units of the REIT to consider a special resolution approving the previously-announced plan of arrangement under the Business Corporations Act involving the REIT, Melcor REIT GP and Melcor Developments (MODVF). The Meeting will be held at the Windsor Room, Third Floor, Manulife Place, 10180 101st Street, Edmonton, Alberta,T5J 3V5 on November 26, 2024 at 9:30 a.m. The REIT has also commenced the process of mailing the Circular and related documents to Unitholders. Under the terms of the Arrangement, Voting Unitholders will receive cash consideration of $4.95 per Unit representing a premium of 46.0% to the REIT’s closing Unit price of $3.39 on September 12, 2024, the last trading day prior to the announcement of the Arrangement, and a 61.3% premium to the 30-day volume weighted average Unit price ending September 12, 2024. Additionally, on or about the closing of the Arrangement, the REIT will cause the redemption of, and the Purchaser will pay out in cash, all principal amount of the $46.0 million of the REIT’s 5.10% convertible unsecured subordinated debentures having a maturity date of December 31, 2024, with the REIT paying any accrued but unpaid interest on the Debentures. The special resolution approving the Arrangement must be approved by: not less than 66 2/3% of the votes cast by Voting Unitholders, voting as a single class, present in person or represented by proxy and entitled to vote at the Meeting; and a simple majority of the votes cast by Voting Unitholders present in person or represented by proxy and entitled to vote at the Meeting, excluding for this purpose votes attached to 100% of the SVUs and Units held by Unitholders who are excluded pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions.