Granite Real Estate Investment Trust and Granite REIT Inc. Complete Unwind of Stapled Unit Structure
Under the Arrangement, (i) the two components of each Stapled Unit were uncoupled, (ii) each Granite GP Share was automatically exchanged for 0.001/99.999 of a Granite REIT Unit, and (iii) the Granite REIT Units were consolidated back to the number of Stapled Units outstanding before the exchange occurred.
As a result of and immediately following the Arrangement, each Granite unitholder holds a number of Granite REIT Units equal to the number of Stapled Units held prior to completion of the Arrangement, and Granite GP has become a wholly-owned subsidiary of Granite REIT. The Stapled Units will be delisted from the
Additional “Early Warning” Disclosures Under Canadian Securities Laws
Immediately before the completion of the Arrangement, Granite REIT owned no Granite GP Shares. Immediately after the completion of the Arrangement, Granite REIT owned 62,740,097 Granite GP Shares, representing 100% of the outstanding Granite GP Shares.
As noted above, each Granite GP Share was acquired by Granite REIT in return for 0.001/99.999 of a Granite REIT Unit. The closing price of the Stapled Units (of which the value of the Granite GP Share component is estimated to be a nominal amount) on
The purpose of the transaction was to complete the Arrangement and simplify Granite’s capital structure by unwinding Granite’s previous stapled unit structure. Granite REIT’s head office address is
ABOUT GRANITE
Granite is a Canadian-based REIT engaged in the acquisition, development, ownership and management of logistics, warehouse and industrial properties in
OTHER INFORMATION
Copies of financial data and other publicly filed documents about Granite are available through the internet on the Canadian Securities Administrators’ System for Electronic Data Analysis and Retrieval + (SEDAR+) which can be accessed at www.sedarplus.ca and on the
For further information, please see our website at www.granitereit.com.
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