NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
MISSISSAUGA, Ontario, March 23, 2020 (GLOBE NEWSWIRE) -- (TSXV: MWI.UN) Maplewood International Real Estate Investment Trust (the “REIT”), announced today that as a result of the REIT’s successful closing of the sale of its sole investment property in the Netherlands, as announced in the press release dated March 20, 2020, the Board of Trustees has declared a special cash distribution of $0.70 per unit (the “Special Distribution”), which will be paid on or around April 8, 2020 (the “Payment Date”) to unitholders of record on March 31, 2020 (the “Record Date”).
As the Special Distribution represents a distribution greater than 25% of the value of the units of the REIT (the “Units”), it is subject to the “Due Bill” trading requirements of the TSX Venture Exchange (the “TSXV”). Accordingly, the TSXV has required that the Units trade on a “Due Bill” basis from March 30, 2020, until the close of trading on the Payment Date (the “Due Bill Period”). This means that sellers who sell Units during the Due Bill Period shall also sell their entitlement to the Special Distribution to the respective purchasers of such Units. The Units will commence trading on an ex-distribution basis (i.e. without an attached “Due Bill” entitlement to the Special Distribution) from the opening of trading on April 9, 2020 (i.e. the next trading day after the Payment Date). The Due Bills will be redeemed on April 10, 2020, once all trades with attached Due Bills entered during the Due Bill Period have been settled.
It is expected that the REIT will no longer continue to satisfy the continued listing requirements of the TSXV subsequent to the payment of the Special Distribution. Accordingly, listing of the Units may be transferred from the TSXV to NEX.
About Maplewood International REIT
Maplewood International REIT is a Canadian based growth-oriented international real estate investment trust, established to invest in high-quality income producing commercial real estate outside of Canada. The REIT’s geographic focus is on the investment grade countries of Europe, with an initial target market of the Netherlands.
Forward-Looking Information
This press release contains forward-looking information within the meaning of applicable securities legislation. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the REIT’s control that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. Our ability to complete the Special Distribution is subject to a number of risks, including those associated with Covid-19; global and local economic and business conditions; and interest rate and currency rate fluctuations. All forward-looking information in this press release speaks as of the date of this press release. The REIT does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise. Additional information about these assumptions and risks and uncertainties is contained in the REIT’s filings with securities regulators, which have been filed on SEDAR and can be viewed at www.sedar.com under the REIT’s profile.
The TSXV has neither approved nor disapproved the contents of this press release.
Neither the TSXV nor its Regulation Services Provider (as that term is defined under the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
For additional information, please contact:
Kursat Kacira, Chief Executive Officer
Tel: (647) 282-8324; E-mail: kkacira@maplewoodreit.com