OneREIT Completes Plan of Arrangement
Toronto, Ontario, October 4, 2017 – OneREIT (TSX: ONR.UN) announced today that it has completed its previously announced plan of arrangement (the “Plan of Arrangement”) involving, among others, OneREIT, Smart Real Estate Investment Trust (“SmartREIT”) and Strathallen Acquisitions Inc. The OneREIT units are expected to be delisted from the Toronto Stock Exchange at the close of trading on October 5, 2017 and after the date hereof will represent a right to obtain the cash consideration under the Plan of Arrangement of $4.275 per OneREIT unit upon tender of a letter of transmittal and certificates, if any, representing such units to AST Trust Company (Canada) (the “Depository”). The cash and non-cash consideration payable under the Plan of Arrangement for OneREIT units tendered to the Depository prior to closing is expected to be paid in the ordinary course shortly after the date hereof.
OneREIT’s 5.45% Convertible Unsecured Subordinated Debentures due June 30, 2018 (the “5.45% Debentures”) and 5.50% Extendible Convertible Unsecured Subordinated Debentures due June 30, 2020 (the “5.50% Debentures”) have been assumed by SmartREIT and shall trade under the stock symbols “SRU.DB.A” and “SRU.DB.B”, respectively, commencing on October 6, 2017. The adjusted conversion price of the 5.45% Debentures and the 5.50% Debentures into SmartREIT units is $51.56 and $58.01 (each, a “New Conversion Price”), respectively, such that the number of SmartREIT units to be issued for each $1,000 principal amount of 5.45% Debentures or 5.50% Debentures so converted will be $1,000 divided by the applicable New Conversion Price, subject to adjustment in accordance with the terms of the 5.45% Debentures or the 5.50% Debentures, as applicable.
OneREIT will apply to cease to be a reporting issuer in all of the provinces and territories of Canada.
For further information, please contact:
Vice President, Corporate Affairs
Smart Real Estate Investment Trust
Phone: (905)-326-6400 ext. 7864