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Granite Issues Letter to Unitholders
Granite Issues Letter to Unitholders Canada NewsWire TORONTO, May 30, 2017 ...
About this update from Granite Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\nGranite Issues Letter to Unitholders\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\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, May 30, 2017\n\n\n\n\nHighlights Granite's strong performance and prospects\nWarns unitholders of dissidents' short-term strategy, poor track records in the real estate sector and history of related party transactions\nReminds unitholders to vote only the WHITE proxy FOR Granite's nominees, well in advance of the proxy voting deadline of 10:00 a.m. (Toronto time) on Tuesday, June 13, 2017\n\n\n\nTORONTO, May 30, 2017 /CNW/ - Granite Real Estate Investment Trust (\"Granite REIT\") and Granite REIT Inc. (\"Granite GP\", and together with Granite REIT, \"Granite\") (TSX: GRT.UN; NYSE: GRP.U) has issued a letter to unitholders, urging them to protect their investment from FrontFour Capital and Sandpiper Group by voting only the WHITE proxy FOR Granite's nominees, well in advance of the proxy voting deadline of 10:00 a.m. (Toronto time) on Tuesday, June 13, 2017.\n\nThe full contents of the letter are included below:\n\nMay 30, 2017\n\nDear Granite Unitholders:\n\nEarlier this month, two dissident unitholders – FrontFour Capital and Sandpiper Group – publicly attacked Granite's track record, despite it being one of the best-performing REITs in Canada. At the time, a leading independent equity research analyst said: \n\n\"…we take issue with the far too one-sided, and in some instances, aggressive tone of the [FrontFour-Sandpiper] presentation. In this regard, the FrontFour-Sandpiper presentation seemingly fails to give management and the board credit for the many positive things that have been achieved over the past five years.\" – RBC Capital Markets (May 11, 2017).\n\nGranite further set the record straight by issuing a letter and proxy circular that highlighted how the Board and management have executed a strategy that has driven significant gains for Granite unitholders and positioned Granite for continued success in 2017 and beyond. That strategy has involved a board renewal process that beg...