TSX-V:IIP
TORONTO, Dec. 7 /CNW/ - InterRent Real Estate Investment Trust (the "REIT") wishes to disclose summary details of certain transactions effected in connection with its recently completed conversion into a REIT by way of plan of arrangement. Full particulars of the REIT conversion and plan of arrangement may be found in the information circular of InterRent International Properties Inc dated November 24, 2006. which may be accessed at www.sedar.com.
Issued and Outstanding REIT Units
The REIT currently has issued and outstanding approximately 6,061,219 REIT Units, including Class B limited partnership units of InterRent Holdings Limited Partnership ("Class B LP Units"), which are exchangeable for REIT Units on a one-for-one basis. Holders of common shares of InterRent International Properties Inc. (the corporate predecessor to the REIT) are able, pursuant to the plan of arrangement, to exchange such common shares for REIT units on a 10 for 1 basis.
Securities Issued in Connection with Acquisitions
The REIT issued the following securities in connection with acquisitions effected in connection with the REIT conversion:
1. The REIT issued approximately 8,883 units (at an effective issue
price of $5.52 per unit) as consideration to former holders of
Silvercreek Parkway Guelph Limited Partnership that elected to
receive REIT units in lieu of a cash payment;
2. The REIT issued approximately 847,149 Class B LP Units (at an
effective issue price of $5.52 per unit) as consideration to former
holders of Park Place Equities 2000 Limited Partnership.
In addition, immediately prior to the completion of the REIT conversion, InterRent International Properties Inc. issued: i) 400,000 common shares to the former shareholder of Adelaide Development Corp. as partial consideration for such acquisition; and ii) 200,000 common shares to the former shareholders of MPM Canada Residential Property Management Inc., as partial consideration for such acquisition, in each case, at an effective issue price of $0.52 per share.
Securities Issued in Satisfaction of Debt
The REIT issued approximately 240,385 units (at an effective issue price of $5.20 per unit) in satisfaction of a loan made from Jilani Group Inc. in the amount of $1,250,000 to InterRent International Properties Inc.
This news release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "anticipated", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". InterRent is subject to significant risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward looking statements contained in this release. A full description of these risk factors can be found in InterRent's publicly filed information which may be located at www.sedar.com. InterRent cannot assure investors that actual results will be consistent with these forward looking statements and InterRent assumes no obligation to update or revise the forward looking statements contained in this release to reflect actual events or new circumstances.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
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