First Capital Realty Announces Completion of $742 Million Share Repurchase and Changes to its Board of Directors

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[{"type":"text","content":"\n\n\n\nFirst Capital Realty Announces Completion of $742 Million Share Repurchase and Changes to its Board of Directors\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, April 16, 2019\n\n\n\n/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES/\n TORONTO, April 16, 2019 /CNW/ - First Capital Realty Inc. (\"FCR\" or the \"Company\") (TSX: FCR), one of the largest owners, developers and operators of necessity-based real estate located in Canada's most densely populated urban centres, announced today the completion of the previously announced share repurchase transaction and changes to its board of directors (the \"Board\"). \nShare Repurchase Transaction Closing \nThe Company has completed the previously announced share repurchase transaction between FCR and a subsidiary of Gazit-Globe Ltd. (together with its affiliates, \"Gazit\") pursuant to which FCR has purchased for cancellation 36,000,000 common shares of FCR (the \"Repurchased Shares\") at a price of $20.60 per Repurchased Share, for gross proceeds to Gazit of approximately $742 million (the \"Share Repurchase Transaction\"). \nAs previously announced, Gazit recently completed the sale of 22,000,000 common shares of FCR (the \"Offered Shares\") on a bought deal basis to a syndicate of underwriters led by RBC Capital Markets (\"RBC\") at a price of $20.60 per Offered Share on April 11, 2019 (the \"Secondary Offering Closing Date\"), of which $10.30 per Offered Share was paid on the Secondary Offering Closing Date to Gazit for gross proceeds to Gazit of approximately $226 million (the \"First Instalment Proceeds\"). The First Instalment Proceeds were placed into escrow and released to Gazit (net of the applicable underwriting fee) upon closing of the Share Repurchase Transaction today. The Offered Shares were sold by Gazit on an instalment receipt (the \"Instalment Receipts\") basis. The previously announced use of due bills in connection with trades of Instalment Receipts through the facilities of the Toronto Stock Exchan...

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