TORONTO, Dec. 12, 2019 /CNW/ - Firm Capital American
Realty Partners Corp. (the "Company"), (TSXV: FCA.U), (TSXV:
FCA) is pleased to announce that the previously announced
conversion of the Company into an investment trust (the
"Trust") received overwhelming approval of over 99% of
the votes cast at the special meeting of shareholders held earlier
today (the "Meeting"). The total number of common shares
represented by shareholders at the Meeting was 3,329,943,
representing approximately 48% of the Company's issued and
outstanding common shares. A final report on voting results in
respect of the Meeting will be filed by the Company on SEDAR at
www.sedar.com.
As previously announced, the conversion will be effected by way
of a plan of arrangement (the "Arrangement") under the
Business Corporations Act (Ontario) and will be subject to court approval
(the "Final Order") which is expected to occur at
10:00 a.m. (Toronto time) on December 19, 2019. The Arrangement is expected to
be completed on January 1, 2020,
subject to receipt of the Final Order and final approval of the TSX
Venture Exchange.
Effective January 1, 2020, the
Trust will be named "Firm Capital American Realty Partners
Trust" and is expected to trade on the TSX Venture Exchange
under the US and Canadian ticker symbols "FCA.U" and
"FCA.UN", respectively, subject to regulatory
confirmation.
ABOUT FIRM CAPITAL AMERICAN REALTY PARTNERS CORP.
Firm
Capital American Realty Partners Corp. is a U.S. focused
multi-residential real estate investment entity that pursues real
estate and debt and equity investments through the following
platforms:
- Income Producing Real Estate Investments: Acquiring
predominantly income producing multi-residential real estate in
major cities across the United
States. Acquisitions are completed solely by the Company or
in joint-venture partnership with local industry expert partners
who retain property management responsibilities; and
- Mortgage Debt Investments: Multi-residential real
estate debt and equity lending platform in major cities across
the United States, focused on
providing all forms of bridge mortgage loans and joint venture
capital.
FORWARD LOOKING INFORMATION
Certain information in
this news release constitutes forward-looking statements under
applicable securities law. Any statements that are contained in
this news release that are not statements of historical fact may be
deemed to be forward-looking statements. Forward-looking statements
are often identified by terms such as "may", "should",
"anticipate", "expect", "intend" and similar expressions.
Forward-looking statements in this press release include statements
relating to the Arrangement and its timing. Since the completion of
the Arrangement remains subject to certain approvals, there is
no guarantee that the Arrangement will be completed.
Forward-looking statements necessarily involve known and unknown
risks, including, without limitation, risks associated with general
economic conditions; adverse factors affecting the U.S. real estate
market generally or those specific markets in which the Company
holds properties; volatility of real estate prices; inability to
access sufficient capital from internal and external sources,
and/or inability to access sufficient capital on favourable terms;
industry and government regulation; changes in legislation, income
tax and regulatory matters; the ability of the Company to implement
its business strategies; competition; currency and interest rate
fluctuations and other risks, including those described in the
Company's public disclosure documents on SEDAR at
www.sedar.com.
Readers are cautioned that the foregoing list is not exhaustive.
Readers are further cautioned not to place undue reliance on
forward-looking statements as there can be no assurance that the
plans, intentions or expectations upon which they are placed will
occur. Such information, although considered reasonable by
management at the time of preparation, may prove to be incorrect
and actual results may differ materially from those anticipated.
Forward-looking statements contained in this news release are
expressly qualified by this cautionary statement. Neither the 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.
Additional information about the Company is available at
www.firmcapital.com or www.sedar.com.
Neither the 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. Additional information about the Company is available
at www.firmcapital.com or www.sedar.com.
SOURCE Firm Capital American Realty Partners Corp.
