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BOTH LEADING INDEPENDENT PROXY ADVISORS RECOMMEND FIRST CAPITAL UNITHOLDERS VOTE IN FAVOUR OF THE ARRANGEMENT
First Capital REIT ("First Capital" or the "REIT") (TSX: FCR.UN) is pleased to announce that both leading independent proxy advisory firms, Institutional Shareholder Services Inc. ("ISS") and Glass, Lewis & Co. ("Glass Lewis"), have issued reports recommending that the holders (the "Unitholders") of First Capital units (the "REIT Units") vote IN FAVOUR of the previously announced plan of arrangement (the "Arrangement") pursuant to the arrangement agreement dated April 16, 2026 (the "Arrangement
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TORONTO, June 15, 2026 /CNW/ - First Capital REIT ("First Capital" or the "REIT") (TSX: FCR.UN) is pleased to announce that both leading independent proxy advisory firms, Institutional Shareholder Services Inc. ("ISS") and Glass, Lewis & Co. ("Glass Lewis"), have issued reports recommending that the holders (the "Unitholders") of First Capital units (the "REIT Units") vote IN FAVOUR of the previously announced plan of arrangement (the "Arrangement") pursuant to the arrangement agreement dated April 16, 2026 (the "Arrangement Agreement") between, among others, the REIT, KingSett Real Estate Growth LP No. 8 and Choice Properties Real Estate Investment Trust ("Choice Properties") (TSX: CHP.UN). Pursuant to the terms of the Arrangement Agreement, Unitholders will be entitled to receive, for each REIT Unit held, a combination of $19.24 in cash and 0.3186 of a unit (each whole unit, a "Choice Unit") in the capital of Choice Properties (collectively, the "Arrangement Consideration per Unit"). ISS recommends that Unitholders vote IN FAVOUR of the Arrangement, concluding that "[t]he strategic rationale is sound, and unitholders are being offered cash and stock at a premium. The cash portion of the consideration provides immediate liquidity and certainty of value, while [unitholders] also receiv[e] equity in a more diversified, scaled entity, with increased liquidity, and stronger financial position." The Board of Trustees of First Capital unanimously recommends that Unitholders vote their REIT Units IN FAVOUR of the special resolution of Unitholders approving the Arrangement (the "Arrangement Resolution"). Meeting Details The special meeting of Unitholders (the "Meeting") will be held on Tuesday, June 23, 2026, at 10:00 a.m. (Toronto time) in a hybrid format, in person at the offices of Stikeman Elliott LLP, 5300 Commerce Court West, 199 Bay Street, Toronto, Ontario, Canada, M5L 1B9 and online, via audio webcast at https://meetings.lumiconnect.com/400-262-504-961 (case sensitive password: firstcapitalspecial2026). Further details on how to attend the Meeting can be found in First Capital's management information circular dated May 21, 2026 (the "Circular") section entitled "GENERAL PROXY MATTERS – VOTING...
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