05:48:41 EDT Tue 19 Mar 2024
Enter Symbol
or Name
USA
CA



Pure Multi-Family REIT LP
Symbol RUF
Shares Issued 76,729,771
Close 2018-04-24 U$ 7.30
Market Cap U$ 560,127,328
Recent Sedar Documents

Pure Multi-Family dissident K2 nominates 7 to board

2018-04-24 08:17 ET - News Release

An anonymous director reports

PURE MULTI-FAMILY REIT LP ANNOUNCES RECEIPT OF NOTICE OF DISSIDENT NOMINEES AND PROVIDES UPDATE ON SALE PROCESS

Yesterday, pursuant to the advance notice provisions of its amended and restated limited partnership agreement, Pure Multi-Family REIT LP received notice of seven director nominees for election at its upcoming special and annual general meeting of unitholders, which is currently scheduled for May 24, 2018.

The board of Pure Multi-Family confirms that the REIT has already proposed a full complement of seven experienced directors and recommends that unitholders vote in favour of the REIT's nominees. The REIT's nominees are Fraser Berrill, Stephen Evans, Maurice Kagan, Robert King, John O'Neill, James Redekop and Sherry Tryssenaar. Biographical information regarding each of the nominees is available at pages seven to 13 of the REIT's management information circular dated April 9, 2018, and is available on SEDAR. Information regarding how to vote for the REIT's nominees is also described in the management information circular. Pure Multi-Family has engaged Laurel Hill Advisory Group as its proxy solicitation agent.

K2 Principal Fund LP, which advised that it owns approximately 0.71 per cent of the Class A units of the REIT, put forward the following nominees: Joseph Beard, Charles Connor, Tanya Covassin, Dean Perrin, Laurence Rose, Josef Vejvoda and Robert Wolf. K2 describes itself in the notice as a broadly diversified Canadian and U.S. investment fund that employs a variety of strategies including event-driven opportunities, structured products arbitrage, distressed securities, long/short equities and other opportunities. The dissident nominees have not advised whether they intend to provide a dissident proxy circular. Prior to receipt of the notice yesterday, the REIT had minimal communications with K2 which focused on its potential sale.

On April 5, 2018, Pure Multi-Family announced that it had initiated a formal process to explore the potential sale of the REIT. As part of the comprehensive sale process, the REIT has entered into confidentiality agreements with multiple interested parties. The process is being overseen by the special committee of independent directors. The board is committed to maximizing unitholder value through this process.

The REIT's total unitholder returns since its initial public offering in 2012 have been approximately 115 per cent (in U.S. dollars), placing it near the top of all Canadian REITs. Pure Multi-Family has also internalized asset and property management at nominal cost to the REIT, up-tiered the quality of the portfolio through recycling capital and value-enhancing investment and reduced leverage.

About Pure Multi-Family REIT LP

Pure Multi-Family is a Canadian-based, publicly traded vehicle which offers investors exclusive exposure to attractive, institutional quality U.S. multifamily real estate assets.

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