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MISSISSAUGA, Ontario, April 28, 2020 (GLOBE NEWSWIRE) -- Maplewood International Real Estate Investment Trust (the “REIT”), listed on the NEX board of the TSX Venture Exchange (the “TSXV”), announced today that it will file a management information circular (the “Circular”) in connection with a special meeting of unitholders of the REIT (the “Unitholders”) to be held on May 28, 2020, (the “Special Meeting”) to approve a special resolution of Unitholders with respect to the termination of the REIT pursuant to the terms of the REIT’s amended and restated declaration of trust dated September 9, 2013 (the “REIT Termination”). The REIT Termination will be more particularly described in the Circular, which is expected to be mailed to Unitholders in the near term. Unitholders are encouraged to read the Circular, which will be filed on SEDAR at www.sedar.com under the REIT’s profile. A copy of the REIT’s declaration of trust can be viewed at www.sedar.com under the REIT’s profile.
The REIT also announced today that it will be relying on the temporary 45-day extension to the filing deadline of its annual financial statements and management's discussion and analysis for the year ended December 31, 2019 (the “Annual Filings”) granted by the Ontario Securities Commission Instrument 51-502 Temporary Exemption from Certain Corporate Finance Requirements (the “Blanket Order”) in response to the coronavirus disease 2019 outbreak. The Blanket Order provides coordinated relief consisting of a 45-day extension for certain periodic filings required to be made on or prior to June 1, 2020 as a result of the coronavirus disease 2019 outbreak.
As per National Instrument 51-102 - Continuous Disclosure Obligations, the REIT was to file its Annual Filings by April 29, 2020. Relying on the Blanket Order affords the REIT an additional 45 days from such deadline. In the event that the REIT Termination is not approved by Unitholders at the Special Meeting, the REIT expects to file such Annual Filings on or before June 15, 2020. Since the date of the last interim financial report filed by the REIT, the REIT announced on March 6, 2020, that it had entered into a binding purchase and sale agreement with respect to the REIT’s sole investment property in the Netherlands (the “Sale”). On March 20, the REIT announced that it had completed the Sale. On March 23, 2020, the REIT announced a special distribution to Unitholders consisting of substantially all of the net proceeds from the Sale. On April 15, 2020, the REIT announced the transfer of its listing from Tier 2 of the TSXV to the NEX trading board of the TSXV. A copy of each of the new releases referenced above, as well as a material change report with respect to the Sale, can be viewed at www.sedar.com under the REIT’s profile.
The REIT acknowledges that management and other insiders are subject to an insider trading black-out policy that reflects the principles set out in section 9 of National Policy 11-207 - Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions, until the second trading day after the Annual Filings have been filed.
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 REIT Termination 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