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TORONTO, Nov. 27, 2018 (GLOBE NEWSWIRE) — TSXV:PT and PT.U – Pine Trail Real Estate Investment Trust (the “REIT”) announced today that it has declared a distribution of $0.00048 per trust unit (TSXV:PT) for the abridged 24-day period November 6 to November 30, 2018 (the “Distribution”). The Distribution will be paid on December 17, 2018 to unitholders of record as at November 30, 2018. The 24-day period covered by this Distribution commenced immediately following the completion of the REIT’s Qualifying Transaction (as defined in the policies of the TSX Venture Exchange) on November 6, 2018 and concluded at month-end. As a result, the Distribution amount has been pro-rated accordingly.
The REIT is also announcing the implementation of a distribution reinvestment plan (“DRIP”), which allows holders of trust units of the REIT (“Units”) the opportunity to acquire additional Units at a 3% discount to the weighted average closing price of the Units for the last five trading days preceding the applicable distribution payment date on which trades of the Units were recorded. The TSX Venture Exchange has initially approved the issuance of a total of 3,438,430 Units pursuant to the DRIP, which represents 10% of the total issued and outstanding Units, the maximum permissible by the TSX Venture Exchange. The REIT will determine for each distribution payment date the amount of new equity, if any, that will be made available under the DRIP on that date. No assurances can be made that new Units will be made available under the DRIP on a regular basis, or at all. The DRIP can provide an efficient and cost-effective way for the REIT to issue additional equity to existing unitholders. The current participation rate of unitholders, including insiders of the REIT, in the DRIP is not currently known to the REIT. Holders of the Trust will be asked to approve the adoption of the DRIP at the annual meeting of the Trust.
FOR FURTHER INFORMATION, PLEASE CONTACT: David Luu, CFO and Corporate Secretary Phone: (416) 583-5513
The TSXV has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release. Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain 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 and events to differ materially from those that are disclosed in or implied by such forward-looking information. The forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement and the “Forward-Looking Statements” in the filing statement of the REIT dated October 31, 2018, available under the REIT’s profile on SEDAR at www.sedar.com (the “Filing Statement”). All forward-looking statements in this press release are made as of the date of this press release. The REIT does not undertake to update any such forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law. Additional information about these assumptions and risks and uncertainties is contained in the Filing Statement under “Risk Factors”.