Leading Independent Proxy Advisors, ISS and Glass Lewis, Recommend First Capital Realty Shareholders Vote FOR Share Repurchase Resolution

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[{"type":"text","content":"\n\n\n\nLeading Independent Proxy Advisors, ISS and Glass Lewis, Recommend First Capital Realty Shareholders Vote FOR Share Repurchase Resolution\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, March 28, 2019\n\n\n\nShareholders are encouraged to vote well in advance of the voting deadline on April 8, 2019 at 10:00 AM (Eastern Time) Questions? Need help voting? Call Kingsdale Advisors at 1-866-879-7644 or by email at [email protected] TORONTO, March 28, 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, today announced that both leading independent proxy advisory firms, Institutional Shareholder Services Inc. (\"ISS\") and Glass Lewis & Co. (\"Glass Lewis\"), have recommended that the Company's shareholders vote FOR the Share Repurchase Resolution at the Special Meeting of Shareholders (the \"Meeting\") to be held on April 10, 2019.\nAs previously announced, FCR has agreed to purchase for cancellation 36 million of its common shares from a subsidiary of Gazit-Globe Ltd. (together with its affiliates, \"Gazit\") for a price of $20.60 per common share, for gross share consideration paid to Gazit of approximately $742 million (the \"Share Repurchase Transaction\"). Upon completion of the Share Repurchase Transaction and the previously announced, cross-conditional, secondary offering of FCR common shares by Gazit for a price of $20.60 per common share (the \"Secondary Offering\"), Gazit's ownership of FCR (on a non-diluted basis) would be reduced from 31.3% to approximately 9.9%. The Share Repurchase Transaction is subject to the approval of a simple majority of the votes cast by disinterested shareholders at the Meeting. \nIn reaching its recommendation, ISS stated that the Share Repurchase Transaction will \"lead to immediate NAV and FFO accretion\" and that \"current shareholders will benefit.\"\nGlass Lewis echoed ISS, noting that the Share Repurchase Tr...

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