Independent Proxy Advisors Endorse InterRent's Arrangement Plans
Independent Recommendations for Unitholders
Recently, two highly respected independent proxy advisors, Institutional Shareholder Services Inc. ("ISS") and Glass Lewis & Co. ("Glass Lewis"), have encouraged unitholders of InterRent Real Estate Investment Trust ("InterRent" or "the REIT") to cast their votes in favor of the proposed arrangement with Carriage Hill Properties Acquisition Corp. ("the Purchaser"), which is controlled by CLV Group and GIC.
Significant Premium Offered
ISS has pointed out that the arrangement provides a premium to the trust's unit price on a date unaffected by recent market fluctuations, thus delivering certain and immediate value to the unitholders. Meanwhile, Glass Lewis cited that this transaction offers an attractive opportunity for all unitholders that results in fair value, full liquidity, and the certainty they need regarding their investments.
Voting Process Reminder
Registered unitholders should ensure they submit their proxies before the approaching voting deadline. Beneficial unitholders are advised to submit their votes according to the earlier time specified by their intermediaries.
Support from Financial Experts
In support of the arrangement, both ISS and Glass Lewis have recognized the fairness opinions provided by financial advisors, including BMO Capital Markets and National Bank Financial Markets, which were presented to the Special Committee of InterRent's Board of Trustees.
Board's Unanimous Recommendation
The Board of Trustees of InterRent unanimously recommends that all unitholders support the arrangement at the upcoming meeting. This recommendation is reinforced by the supporting opinions provided by recognized financial institutions, confirming the favorable terms of the proposed transaction.
Deadline for Voting Approaches
It is essential for unitholders to be aware of the looming deadline to cast their votes. Registered unitholders must ensure that their votes are submitted by the specified time to have their voices counted. The commitment from InterRent’s management emphasizes the importance of participating in this vital process.
About the Meeting
The shareholders' meeting is scheduled to take place soon, and many participants are poised to engage in vital discussions regarding the future of InterRent. Detailed management circulars and pertinent information are available for review, ensuring all unitholders can make informed decisions regarding their votes.
About InterRent
InterRent focuses on maximizing value for unitholders while expanding its portfolio through efficient acquisition strategies, particularly in markets with stable vacancies. The trust aims to provide sustainable cash distributions and maintain a balanced financial position.
Operational Strategy
The strategy of InterRent involves utilizing the skills of its management team to grow funds from operations and net asset value through targeted investments that promise benefits for unitholders, coupled with a commitment to a disciplined payout policy.
Partnership with CLV Group and GIC
CLV Group has a proven track record of enhancing long-term performance through outstanding service and strategic real estate management. Their collaboration with InterRent aims to create a more dynamic and effective investment portfolio.
CLV Group's Vision
Established in 1969, CLV Group aims to build robust communities and deliver strong returns for its partners. With significant assets under management, they continue their commitment to ethical investment practices across various portfolios.
About GIC's Role
As a global investment firm with a focus on long-term value, GIC has the capabilities to support initiatives that align with its investment philosophy. GIC's commitment to excellence and its expansive portfolio enable it to contribute substantially to this partnership.
Global Connections and Investments
With a presence in numerous countries and a diversified asset base, GIC leverages its global expertise to add value to its investments and create sustainable partnerships.
Frequently Asked Questions
What is the main purpose of the arrangement with CLV Group and GIC?
The arrangement aims to provide immediate value and liquidity for InterRent's unitholders while facilitating continued growth and stability for the REIT.
Why did ISS and Glass Lewis recommend voting in favor?
Both proxy advisors highlighted the attractive premium and value this arrangement offers unitholders, making it a favorable option in the current investment climate.
How can unitholders vote on the arrangement?
Unitholders are encouraged to submit their proxies ahead of the voting deadline to ensure their participation in the decision-making process.
What is the significance of the Board's unanimous recommendation?
The Board's unanimous vote emphasizes their confidence in the arrangement and the benefits it will provide to unitholders.
Where can unitholders find more information on the management circular?
Additional information is available under InterRent's SEDAR+ profile and on their official website, allowing unitholders to make informed decisions.
About The Author
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