First Capital Announces Receipt of Final Order and January 2020 Cash Distribution on REIT Units

About this update from First Capital Real Estate Investment Trust

[{"type":"text","content":"\n\n\n\nFirst Capital Announces Receipt of Final Order and January 2020 Cash Distribution on REIT Units\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, Dec. 16, 2019\n\n\n\n/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES/\n TORONTO, Dec. 16, 2019 /CNW/ - First Capital Realty Inc. (the \"Company\") (TSX: FCR), one of Canada's leading developers, owners and operators of mixed-use urban real estate in Canada's most densely populated centres, is pleased to announce that it has received a final order of the Ontario Superior Court of Justice (Commercial List) approving the Company's previously announced plan of arrangement under Section 182 of the Business Corporations Act (Ontario) (the \"Arrangement\") to convert the Company from a corporation to a real estate investment trust named First Capital Real Estate Investment Trust (the \"REIT\").\nThe Arrangement is expected to become effective on December 30, 2019. Under the terms of the Arrangement, each outstanding common share of the Corporation is expected to be exchanged for one unit of the REIT (each, a \"REIT Unit\"), unless a qualifying shareholder validly elected to receive exchangeable Class B limited partnership units (\"Exchangeable LP Units\") in a partnership controlled by the REIT in exchange for its common shares. The deadline for the Company to receive valid elections for Exchangeable LP Units, together with all requisite supporting documentation, was 5:00 p.m. (Toronto Time) on December 6, 2019 The Company received valid elections representing less than the maximum number of Exchangeable Units available for issuance (on a fully exchanged basis) and therefore there will be no pro ration of the Exchangeable Units. Holders of Exchangeable LP Units will be entitled to exchange their Exchangeable LP Units for REIT Units on a one-for-one basis at any time on or before December 29, 2023, at which time any remaining outstanding Exchangeable LP Units will be automatically exchanged for REIT Units on a one-for-one basis i...

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