Business
Edgefront Realty Corp. extends due diligence completion deadline on $43M of property acquisitions
Shareholders meeting adjourned to later date TORONTO , June 28, 2013 /CNW/ - Edgefro...
About this update from Nexus Industrial Reit
[{"type":"text","content":"\n\n\nShareholders meeting adjourned to later date\n\n\nTORONTO, June 28, 2013 /CNW/ - Edgefront Realty Corp. (\"Edgefront\" or\n the \"Corporation\") (TSXV: ED) announces today that it and the vendors\n of the Ajax properties (the \"Ajax Properties\") and the\n Cambridge/Oakville properties (the \"Chairman Properties\") have agreed\n to extend the due diligence completion deadlines under the purchase\n agreements respecting such properties.  As previously announced,\n Edgefront has entered into purchase agreements to acquire the Ajax\n Properties and the Chairman Properties for total purchase prices of\n $29.5 million and $13.75 million, respectively.  Edgefront has however\n opted not to proceed with the previously announced acquisition of the\n three properties located in Nova Scotia and has terminated the purchase\n agreements respecting such properties.\n\n\nIn addition, the special meeting of Edgefront shareholders held on June\n 14th was adjourned until a later date to be determined by the board. \n Edgefront shareholders will be notified of the new date for such\n special shareholders meeting once it has been determined as well as any\n new developments on the proposed acquisition of the Ajax Properties and\n the Chairman Properties and other future property acquisitions, and any\n necessary financing to complete all such acquisitions.\n\n\nAbout Edgefront\n\n\nEdgefront is a growth oriented, diversified real estate company focused\n on increasing shareholder value through the acquisition, ownership and\n management of commercial real estate assets initially located in\n secondary markets. It is the intention of Edgefront to expand its\n business of purchasing, owning and operating real estate assets and to\n raise funds in the marketplace in order to convert Edgefront into a\n real estate investment trust having an external asset management\n structure, subject to receipt of all necessary approvals, including\n that of the TSXV.\n\n\nCompletion of Arrangement remains subject to TSXV approval.  There can\n be no assurance that the Arrangement will be completed as proposed or\n at all.\n\n\nThe TSXV has in no way passed upon the merits of the Arrangement and has\n neither approved nor disapproved the contents of this press release. \n Neither the TSXV nor its Regulation Services Provider (as that ...