Lakeview Hotel REIT announces results of the special meeting of the holders of the 6.5% Series C Convertible Redeemable Subordi
22 2월 2012 - 3:53AM
PR Newswire (Canada)
/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO
U.S NEWS WIRE SERVICES/ WINNIPEG, Feb. 22, 2012 /CNW/ - Lakeview
Hotel Real Estate Investment Trust ("Lakeview REIT" or the "Trust")
announced today that the previously announced meeting of the
holders (the "Debentureholders") of 6.5% Series C Convertible
Redeemable Subordinated Debentures (the "Debentures") was held
today. The Trustees are pleased to announce that the
Debentureholders have approved all resolutions (the "Extraordinary
Resolution") which were placed before them by the Trustees at the
meeting as more specifically set out in Schedule "A" to the
Management Information Circular (the "Circular") dated January 20,
2012 which was previously filed on SEDAR. The amendments will allow
the Trust to focus on its current business strategy and to maintain
an adequate working capital position. Keith Levit, the
President of the Trust, stated "We believe that these amendments
are in the best interests of debentureholders by providing them
with an increasing coupon over time along with the issuance of
warrants providing debentureholders with the potential to
participate in the growth in the value of the REIT." The
Extraordinary Resolution authorizes the Trust to make certain
amendments to the trust indenture governing the Debentures,
including, among other things: -- Extendingthe maturity date of the
Debentures from June 30, 2012 to June 30, 2017; -- Changingthe
payment of interest from being calculated and payable semi-annually
at the rate of 6.5% per annum to being calculated and payable
semi-annually in arrears at the rate of: (i) 6.5% per annum,
payable semi-annually in arrears on June 30, 2012, December 31,
2012, June 30, 2013 and December 31, 2013; (ii) 7.5% per annum,
payable semi-annually in arrears on June 30, 2014, December 31,
2014, June 30, 2015 and December 31, 2015; and (iii) 8.0% per
annum, payable semi-annually in arrears on June 30, 2016, December
31, 2016 and June 30, 2017. The effective date for the foregoing
amendments is anticipated to be March 2, 2012. As a result of the
meeting the Trustees have declared a special distribution on the
outstanding Debentures. Each holder of Debentures (a
"Debentureholder") will receive 384 trust unit purchase warrants
(the "Warrants") for each Debenture held by them. The
Warrants will be issued on March 2, 2012, to Debentureholders of
record as of the close of business on March 1, 2012. Each
Warrant entitles the holder thereof to purchase one trust unit of
Lakeview REIT at an exercise price of $0.65 until March 2, 2017
when the Warrants will expire. Lakeview REIT has made
application to the TSX Venture Exchange to list the Warrants.
The listing of the Warrants is subject to approval by the TSX
Venture Exchange as more particularly described in the
Circular. There are currently $18,000,000
principal amount of Debentures issued and outstanding. Each
Debenture has a face value of $1,000.00. The Debentures are
listed on the TSX Venture Exchange under the trading symbol
"LHR.DB.C". Lakeview REIT is a real estate investment trust, which
is listed on the TSX Venture Exchange under the symbol
"LHR.UN". Lakeview REIT receives income from ownership,
management and licensing of hotel properties. For further
information on Lakeview REIT please visit our website
www.lakeviewreit.com. Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release. Lakeview Hotel Real
Estate Investment Trust CONTACT: Keith Levit, President, or Avrum
Senensky, Executive VicePresidentTel: (204) 947-1161, Fax: (204)
957-1697,Email asenensky@lakeviewhotels.com
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