Ms. Donna Hynes reports
FORTIS INC. ACQUIRES TRUST UNITS OF SLATE OFFICE REIT
Fortis Inc. has subscribed for 4,729,729 trust units of Slate Office REIT at a price of $7.40 per trust unit for total consideration of approximately $35-million. The purchased units represent approximately 15.5 per cent of the REIT's outstanding trust units. The transaction was completed on June 30, 2015.
Under the terms of a subscription agreement, Fortis has the right to nominate one trustee to the board of the REIT and has certain registration rights in respect of the purchased units. Subject to certain exceptions, the purchased units are subject to a one-year hold period.
Fortis acquired the purchased units for investment purposes. Depending on market conditions, Fortis may, from time to time, acquire additional trust units of the REIT or other securities of the REIT or dispose of some or all of the purchased units.
We seek Safe Harbor.
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