TORONTO, June 27, 2014 /CNW/ - Orange Capital, LLC ("Orange Capital") announced today that it is withdrawing its five (5) nominees (the "Nominees") from consideration for election to the board of trustees (the "Board") of Partners Real Estate Investment Trust (TSX: PAR.UN) ("Partners REIT") at the upcoming annual and special meeting of unitholders of Partners REIT to be held on July 15, 2014 (the "Meeting").
The previously announced premium tender (the "Premium Tender") to acquire up to 10% of the outstanding units of Partners REIT at a price of $5.00 per unit in cash remains open until 5:00 p.m. (Toronto time) on Monday June 30, 2014, unless the Premium Tender is extended, varied or withdrawn. It is Orange Capital's current intention to take up and pay for all units deposited to the Premium Tender if the 10% minimum tender condition is met.
Consistent with the withdrawal of the Nominees, Orange Capital is waiving the condition that previously required participants in the Premium Tender to provide Orange Capital authority to vote the proxy for units deposited by the unitholder in accordance with the Premium Tender.
Orange Capital refers unitholders to its press release dated June 9, 2014 for important clarifications related to the Premium Tender, and also the Premium Tender offer dated May 28, 2014 that has been mailed to unitholders and is filed on SEDAR at www.sedar.com.
ABOUT ORANGE CAPITAL
Orange Capital is a New York based investment firm. The firm is a value-oriented investor in event-driven securities. Orange Capital was co-founded in 2005 by Daniel Lewis and Russell Hoffman. Prior to founding the firm, Orange Capital's portfolio manager, Daniel Lewis, was a director with Citigroup's Global Special Situations Group.
Unitholders are reminded that the Premium Tender is for a maximum of 2,604,956 units. If more than 2,604,956 units are deposited in accordance with the Premium Tender and not withdrawn at the time of take up of the deposited units, then deposited units to be purchased from each depositing unitholder will be determined on a pro rata basis. In this circumstance, a depositing unitholder will have less than all of their units taken up under the Premium Tender and, if the Premium Tender is significantly over-subscribed, only a small portion of their deposited units will be taken up.
If you have any questions with respect to the Premium Tender, or need assistance in depositing your units, please contact the depositary and information agent for the Premium Tender:
Kingsdale Shareholder Services
Toll Free (North America): 1-855-682-9437
Outside North America Call Collect: 1-416-867-2272
SOURCE Orange Capital, LLC