Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers T > Headlines for Tenders 2011 > News item |
NorRock holders to receive Partners units in exchange for preferreds
By Angela McDaniels
Tacoma, Wash., Oct. 17 - NorRock Realty Finance Corp. agreed to be acquired by Partners Real Estate Investment Trust, and the holders of NorRock preferred shares are expected to receive C$23.75 of Partners units per preferred, according to a joint news release from the companies.
The number of units will be 13.72824 per preferred. This is equal to C$23.75 divided by C$1.73, the implied issue price per Partners unit.
Alternatively, holders can choose to receive 12.71676 Partners units and C$1.75 in cash per preferred.
In each case, holders will also receive accrued dividends in cash.
The NorRock preferreds will then be canceled.
In order to complete the merger, the companies need the affirmative vote of two-thirds of the votes cast by holders of NorRock preferreds present in person or by proxy at a NorRock shareholder meeting, which is expected to be held on Nov. 30.
NorRock is a Toronto-based mutual fund corporation that invests in mortgages and secured loans in the commercial real estate sector. Partners is a real estate investment trust based in Victoria, B.C., that invests in retail and mixed-used real estate.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.