TSX Symbol FC.UN Trustees of Firm Capital Mortgage Investment Trust Adopt New Unitholder Rights Plan to be Effective upon the Termination of the Existing Rights Plan

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[{"type":"text","content":"\n\n\n\nTORONTO, March 30 /CNW/ - Firm Capital Mortgage Investment Trust (the\n"Trust") (TSX: FC.UN) announced that, as its existing rights plan will\nterminate on April 26, 2009, the Board of Trustees (the "Board") of the Trust\nhas adopted a Unitholder Rights Plan (the "Rights Plan") effective as of the\ntermination of the existing plan. The purpose of the Rights Plan is to provide\nall Unitholders with an equal opportunity to share in any premium paid and to\nparticipate on an equal basis upon an acquisition of control, and to allow\nboth the Unitholders and the Board adequate time to assess a take-over bid\nmade for units of the Trust and to allow a reasonable period of time for the\nBoard to explore and develop alternative courses of action in an attempt to\nmaximize Unitholder value. The Rights Plan was adopted in anticipation of the\ntermination of the existing rights plan and was not adopted in response to, or\nin anticipation of, any pending, threatened or proposed acquisition or\ntake-over bid.\n\n\nAt the Trust's annual and special meeting scheduled to occur on May 20,\n2009, Unitholders will be asked to ratify the adoption of the Rights Plan. To\nbe effective, this resolution must be passed by at least a majority of the\nvotes cast by (a) all Unitholders and; (b) all Unitholders other than (i) any\nUnitholder that, directly or indirectly, on its own or in concert with others,\nholds or exercises control over more than 20% of the outstanding voting shares\nof the Trust, if any; and (ii) the associates, affiliates and insiders of any\nUnitholders referred to in (i) above ("Independent Unitholders"). As of the\ndate hereof, the Trust believes that all Unitholders are Independent\nUnitholders. If the Rights Plan is not ratified by Unitholders, the Rights\nPlan will terminate at 5:00 p.m. (Toronto Time) on the date of the meeting. A\ncopy of the Rights Plan will be available on the SEDAR website at\nwww.sedar.com.\n\n\nAbout the Trust\n\n\nThe Trust, through its Mortgage Banker, Firm Capital Corporation, is a\nnon-bank lender providing residential and commercial short-term bridge and\nconventional real estate financing, including construction, mezzanine and\nequity investments. The Trust's investment objective is the preservation of\nUnitholders' equity, while providing Unitholders ...

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