First Capital REIT Sets the Record Straight: Activist Ewing Morris Being Directed By Dori Segal

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[{"type":"text","content":"\n \n \n \n First Capital REIT Sets the Record Straight: Activist Ewing Morris Being Directed By Dori Segal\n \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.prnml40{\nMARGIN-LEFT:3.33em !IMPORTANT\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n OSC Complaint Made; Activist Ewing Morris Potentially Violated Multiple Securities Laws\n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n Oct. 7, 2022\n \n \n /CNW/ - First Capital REIT (\"First Capital\" or the \"REIT\") (TSX: FCR.UN) issued the following statement in response to the recently issued letter by\n \n Ewing Morris\n \n & Co. Investment Partners Ltd. (\"\n \n \n Ewing Morris\n \n \n \"), a unitholder who has partnered with the REIT's departed trustee and former CEO,\n \n Dori Segal\n \n (together, the \"\n \n Segal Group\n \n \").\n \n \n The Board of Trustees of First Capital, together with its advisors, continues to take steps to create and deliver increased value for its unitholders, including delivering on the reinstatement of the REIT's full distribution, which was promised to occur within two years of it being reduced, and the REIT's recently announced enhanced capital allocation and portfolio optimization plan.\n \n \n To support this process, the Board regularly solicits unitholder views and is open to constructive input that has the potential to benefit First Capital and all unitholders.  The views expressed by the Segal Group are, however, disingenuous, selective and entirely self-interested.\n \n \n \n The Segal Group is Conflicted\n \n \n \n \n Ewing Morris\n \n has been attempting to raise capital through a two-year term special purpose vehicle to acquire an interest in First Capital with the objective of running a proxy contest – a project referred to by\n \n Ewing Morris\n \n as \"Project Degel\". Details of the Segal Group, and their plans for the REIT, became known to First Capital because\n \n Ewing Morris\n \n made the \"Project Degel\" solicitation materials publicly available on its own website.  The demands of the Segal Group should be taken with ca...

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