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Sandpiper Calls on Artis REIT to Cease Plans for Retail REIT Spin-Off
Sandpiper Calls on Artis REIT to Cease Plans for Retail REIT Spin-Off Canada Ne...
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[{"type":"text","content":"\n\n \n \n \n Sandpiper Calls on Artis REIT to Cease Plans for Retail REIT Spin-Off\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 \n \n \n \n \n \n Canada NewsWire\n \n \n VANCOUVER, BC, Oct. 26, 2020\n \n \n \n \n \n \n Sandpiper calls on the trustees of Artis to acknowledge that unitholder approval of the board's proposed retail REIT spin-off is highly unlikely\n \n \n \n \n Sandpiper continues to receive significant, unsolicited unitholder support and confirms that unitholders representing over 35% of the units outstanding are in favour of replacing five incumbent trustees with Sandpiper's five highly qualified trustees and rejection of the retail REIT spin-off\n \n \n \n \n \n VANCOUVER, BC\n \n ,\n \n Oct. 26, 2020\n \n /CNW/ - Sandpiper Group, together with its affiliates (\"Sandpiper\"), calls on the trustees and management of Artis REIT (\"Artis\" or the \"REIT\") to acknowledge that unitholder approval of the board's and management's proposal to create a retail REIT is highly unlikely and the special meeting related to the retail REIT spin-off is not proceeding.\n \n \n \"We believe the exercise management has undertaken and that the board of trustees has permitted has been a complete waste of unitholders' time and money. In our view, the 66 2/3 approval that is required is impossible to achieve,\" said\n \n Samir Manji\n \n , Sandpiper's CEO.\n \n \n Added Mr. Manji, \"We look forward to the election of our five highly qualified nominees to the board of trustees to provide the thoughtful and strategic leadership that has been lacking and that all Artis unitholders, who are the true owners of the REIT, rightly deserve. If the trustees of Artis want to demonstrate that they are truly committed to representing the best interests of unitholders, they would allow the owners of Artis to have their say on the future of the REIT now rather than delaying the special meeting requisitioned by Sandpiper until\n \n February 23, 2021\n \n . We request the trustees to move the\n \n February 23, 2021\n \n date to\n \n December 2020\n \n as this is the right thing to do f...