17:36:21 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Killam Properties Inc (2)
Symbol KMP
Shares Issued 54,826,295
Close 2014-09-09 C$ 10.46
Market Cap C$ 573,483,046
Recent Sedar Documents

Killam investor KingSett to acquire 691,488 shares

2014-09-09 18:54 ET - News Release

Mr. Colin Baryliuk of KingSett reports

KINGSETT REAL ESTATE GROWTH LP NO. 5 ACQUIRES COMMON SHARES OF KILLAM PROPERTIES INC.

In connection with the announcement by Killam Properties Inc. that Killam has entered into a joint venture with affiliates of KingSett Capital Inc. and AIMCo Realty Investors LP, a limited partnership managed by Alberta Investment Management Corp. on behalf of certain of its clients, in respect of the proposed acquisition of Kanata Lakes Apartments II, KingSett Real Estate Growth LP No. 5 has entered into a subscription agreement dated Sep. 9, 2014, with Killam pursuant to which KSLP5 has agreed to acquire 691,488 common shares of Killam on a private placement basis, representing approximately 1.3 per cent of the outstanding common shares, at a price of $10.12 per common share, for an aggregate purchase price of $7-million.

The private placement is subject to the satisfaction of certain conditions, including the approval of the Toronto Stock Exchange, and is expected to close by the end of September, 2014. For purposes of applicable Canadian securities laws, KSLP5 is deemed to have acquired and to beneficially own the common shares issuable pursuant to the private placement.

After giving effect to the completion of the private placement, KSLP5 will beneficially own and have control and direction over a total of 6,002,988 common shares, representing approximately 10.8 per cent of the outstanding common shares. For these purposes, KSLP5 is acting jointly or in concert with ARI LP in connection with the transactions described herein, and, accordingly, common shares beneficially owned, or over which control or direction is exercised, by ARI LP are deemed to be, and have been, aggregated with common shares beneficially owned by KSLP5. Each of KSLP5 and ARI LP will have a 50-per-cent pro rata beneficial ownership interest in these common shares.

The common shares will be acquired for investment purposes. In connection with the private placement and pursuant to the subscription agreement entered into by KSLP5 and Killam, KSLP5 will have the right to subscribe for an additional number of common shares having a value of $4.5-million in connection with, and conditional upon, the completion of other potential transactions among the parties.

The purchase of the common shares pursuant to the private placement will be exempt from the prospectus requirements since each of KSLP5 and ARI LP is an accredited investor in accordance with Section 2.3 of National Instrument 45-106 (prospectus and registration exemptions).

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