Business
InterRent announces special meeting of shareholders to consider proposal to reorganize into a real estate investment trust
InterRent announces special meeting of shareholders to consider proposal to reorganize into a real estate investment trust.
About this update from Interrent Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\n\nTORONTO, Oct. 6 /CNW/ - InterRent International Properties Inc.\n(\"InterRent\") (TSX:V-IIP) today announced that its Board of Directors has\napproved management's proposal to reorganize its business into a real estate\ninvestment trust.\nThe Board has called a special meeting of its shareholders to be held on\nNovember 24, 2006 to approve the proposed reorganization by way of plan of\narrangement under the Business Corporations Act (Ontario). The special meeting\nwill be held at 2:00 p.m. (EST) at the Albany Club, 91 King Street East,\nToronto. The record date for the determination of shareholders entitled to\nreceive notice of and vote upon matters considered at the special meeting will\nbe October 17, 2006. The notice of special meeting and the management\ninformation circular describing the proposed reorganization will be mailed to\nInterRent's shareholders on or about October 30, 2006. Following this date,\nthese materials will be made available for review at www.sedar.com.\nConcurrently with the completion of the reorganization into a real estate\ninvestment trust, InterRent expects to complete its previously announced\nacquisition of the 479 suite Silverstone portfolio, resulting in a total of\n1,709 suites in the combined entity immediately prior to the reorganization.\nThe details of the combined portfolio are contained in the information\ncircular to be mailed in connection with the special meeting.\nThe completion of the reorganization is subject to a number of conditions\nwhich will be specified in the information circular, including the receipt of\nshareholder approval, all applicable regulatory approvals, including the\napproval of the TSX Venture Exchange and the receipt of an interim and final\norder of the Ontario Superior Court of Justice in relation to the plan of\narrangement.\nMichael Newman, President and CEO of InterRent, commenting on the\nbusiness combination with Silverstone, and concurrent reorganization into a\nREIT stated; \"This transaction when completed, will provide a substantial\nplatform of quality multi residential real estate with a market value of over\n$100 million, from which to grow into a significant force within Canada's REIT\nindustry. We believe that the Corporation's conversion to a REIT structure\nwill provide InterRent's shareholders, and Silverstone's limited partners,\n...