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TORONTO, June 6, 2019 /CNW/ - Tricon Capital Group Inc.
("Tricon" or the "Company", TSX: TCN) and Starlight U.S.
Multi-Family (No. 5) Core Fund (the "Fund", TSXV: STUS.A, STUS.U)
are pleased to announce the voting results from the special meeting
of Fund unitholders (the "Fund Meeting") and the special meeting of
Tricon shareholders (the "Tricon Meeting"), each held on
June 6, 2019.
At the Fund Meeting, Fund unitholders voted in favour of a
resolution (the "Arrangement Resolution") approving Tricon's
acquisition of, among other things, all of the issued and
outstanding units of the Fund by way of a plan of arrangement under
the Business Corporations Act (Alberta) (the "Transaction"). The Arrangement
Resolution required approval by at least two-thirds of the votes
cast by Fund unitholders as well as a simple majority of the votes
cast by disinterested Fund unitholders, in each case, voting as a
single class.
The Arrangement Resolution was approved by the affirmative vote
of approximately 99% of all votes represented at the Fund Meeting,
and by approximately 98.3% of the votes cast by disinterested Fund
unitholders represented at the Fund Meeting.
At the Tricon Meeting, Tricon shareholders voted in favour
of a resolution approving the issuance of Tricon common shares as
contemplated by the Transaction. This resolution was approved by
the affirmative vote of approximately 99.6% of the votes
represented at the Tricon Meeting.
Completion of the Transaction remains conditional on approval by
the Court of Queen's Bench (Alberta) (the "Court") and certain other
customary closing conditions. The application for the final order
from the Court is scheduled to be heard on June 7, 2019.
Assuming that these conditions to closing are satisfied or
waived, the Transaction is expected to be completed on or
around June 11, 2019.
In order to facilitate completion of the Transaction,
inter-class conversions by Fund unitholders will not be permitted
after June 7, 2019.
About Tricon Capital Group Inc.
Tricon is a residential real estate company primarily focused on
rental housing in North America,
with approximately $5.9 billion
(C$7.9 billion) of assets under
management. Tricon invests in a portfolio of single-family rental
homes, multi-family rental apartments and for-sale housing assets,
and manages third-party capital in connection with its investments.
Since its inception in 1988, Tricon has invested in real estate and
development projects valued at approximately $20 billion. More information about Tricon is
available at www.triconcapital.com.
About Starlight U.S. Multi-Family (No. 5) Core Fund
The Fund is a limited partnership formed under the Limited
Partnerships Act (Ontario) for
the primary purpose of indirectly acquiring, owning and operating a
portfolio of diversified income producing rental properties in the
U.S. multi-family real estate market. The Fund currently owns 23
properties, consisting of 7,289 suites with an average year of
completion of 2012.
For the Fund's complete consolidated financial statements and
management's discussion and analysis ("MD&A") and any other
information relating to the Fund, please visit www.sedar.com.
Further details regarding the Fund's unit performance and
distributions, market conditions where the Fund's properties are
located, performance by the Fund's properties and a capital
investment update are also available in the Fund's May 2019 Newsletter which is available on the
Fund's profile at www.starlightus.com.
This press release contains forward-looking statements and
information relating to expected future events, including
statements regarding the closing of the Transaction,. Such
forward-looking information is typically indicated by the use of
words such as "will", "may", "expects" or "intends".
The forward-looking statements and information contained in
this press release include, without limitation, statements
regarding the Transaction and associated equity issuance by the
Company; and the conditions to, and expected timing for, closing
the Transaction. Such forward-looking information and
statements involve risks and uncertainties and are based on Company
and Fund management's current expectations, intentions and
assumptions in light of its understanding of relevant current
circumstances. If unknown risks arise, or if any of the assumptions
underlying the forward-looking statements prove incorrect, actual
results may differ materially from management expectations as
projected in such forward-looking statements. Examples of such
risks and uncertainties include, but are not limited to, the
occurrence of any event, change or other circumstances that could
give rise to the termination of the arrangement agreement in
respect of the Transaction; the outcome of any legal proceedings
that may be instituted against the Company or the Fund related to
such arrangement agreement; the inability to complete the
Transaction due to the failure to satisfy the conditions to closing
of the Transaction (including the failure to receive court approval
of the proposed plan of arrangement); and other risk factors
described in the Company's and the Fund's continuous disclosure
materials from time to time, available on SEDAR at
www.sedar.com. Accordingly, although the Company and the
Fund believe that the anticipated future results, performance or
achievements expressed or implied by the forward-looking statements
and information are based upon reasonable assumptions and
expectations, the reader should not place undue reliance on
forward-looking statements and information. The Company and
the Fund disclaim any intention or obligation to update or revise
any forward-looking statements, whether as a result of new
information, future events or otherwise, unless required by
applicable law.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
SOURCE Starlight U.S. Multi-Family (No. 5) Core Fund