First Capital Board Conditionally Approves REIT Conversion

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[{"type":"text","content":"\n\n\n\nFirst Capital Board Conditionally Approves REIT Conversion\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\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, July 9, 2019\n\n\n\nTORONTO, July 9, 2019 /CNW/ - First Capital Realty Inc. (\"FCR\") announced that its Board of Directors has unanimously approved the proposed reorganization of FCR into a real estate investment trust to be named First Capital Real Estate Investment Trust, subject to receipt of a fairness opinion from FCR's independent financial advisor. The proposal to convert FCR to a REIT structure is the result of an extensive review of FCR's business. The Board of Directors intends to recommend, in an information circular describing the proposed reorganization, that shareholders vote in favour of the plan of arrangement. A copy of the fairness opinion will be included in the information circular.\nAdam Paul, President and CEO of FCR, said, \"Today's announcement marks an important milestone in our conversion into a REIT bringing us closer to achieving the benefits of conversion we previously outlined. 2019 continues to be an exceptional year for First Capital and we look forward to providing our quarterly update later this month on our super urban strategy which includes our disposition activities.\"\nFirst Capital REIT's annual distribution is expected to remain consistent with FCR's current annual dividend of $0.86 per common share. The REIT intends to make monthly distributions in place of the quarterly dividends currently paid by FCR, initially of $0.0716 per REIT unit per month, or $0.86 per REIT unit on an annualized basis. \nDetails of the Arrangement\nThe proposed reorganization will be effected pursuant to a statutory plan of arrangement under the Ontario Business Corporations Act (the \"Arrangement\") and, among other approvals, will be subject to shareholder approval at a special meeting expected to be held in early December 2019 (the \"Special Meeting\"). The Arrangement is subject to the approval of 66 2/3 per cent of the votes cast by holders of FCR's common shares, including common shares represented by ...

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