Melcor REIT says Glass Lewis recommends unitholders vote for arrangement

Melcor Real Estate Investment Trust announced that Glass Lewis & Co. has recommended unitholders of the REIT vote FOR the previously announced plan of arrangement with Melcor Developments (MODVF), whereby, among other steps, the outstanding trust units of the REIT will be redeemed in exchange for $4.95 per unit held, through a series of steps outlined in the management information circular mailed to Unitholders, filed under the REIT’s profile on SEDAR+ and on the REIT’s website. “The recommendation from Glass Lewis is a welcome endorsement of the Arrangement and reinforces the findings of the Independent Committee that the Arrangement is the best alternative available to the REIT” said Richard Kirby, Chair of the independent committee of trustees of the board of trustees. “We know proxy advisory firms are deeply aware of the importance of a rigorous process and safeguards for minority Unitholders and are pleased that they’ve recognized the steps we’ve taken to achieve this outcome for Unitholders, in recommending their subscribers vote in favour of the Arrangement.”