TORONTO, May 31, 2012 /CNW/ - GT Canada Medical Properties Real Estate Investment Trust (TSX-V: MOB.UN) ("GT Canada") announced that NorthWest Value Partners Inc. ("NorthWest") has taken up all units of GT Canada tendered to date to NorthWest's offer to acquire all of GT Canada's outstanding units for $1.87 per unit (the "Offer"). In total, 17,647,614 units representing approximately 87% of the issued and outstanding units and approximately 65% of the fully diluted units of GT Canada have been taken up by NorthWest. In accordance with the support agreement (the "Support Agreement") dated April 16, 2012 entered into between GT Canada and NorthWest, NorthWest has extended the Offer for 10 days to allow unitholders who have not yet tendered the opportunity to do so. The Offer, will expire at 11:59 p.m. (Toronto time) on June 11, 2012. Further to the GT Canada Trustees Circular dated April 27, 2012, GT Canada unitholders who have not yet tendered their units are recommended do so prior to June 11, 2012.
Resignation of Trustees and Officers.
In accordance with the terms of the Support Agreement, all nine members of GT Canada's Board of Trustees resigned today following the approval of this press release and were replaced by a smaller Board consisting of three Trustees nominated by NorthWest. The Board of GT Canada will now consist of Messrs. Paul Dalla Lana and two independent Trustees, Robert Baron and Bernard Crotty. Similarly, Andrew Shapack, CEO of GT Canada has ceased to be an officer and has been replaced by Mr. Dalla Lana as CEO and Brian Wilson, CFO of GT Canada has ceased to be an officer and has been replaced by Kursat Kacira.
Neither the TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) has approved or disapproved the contents of this press release.
SOURCE GT Canada Medical Properties Real Estate Investment Trust