Borealis Retail REIT Rights Plan.TORONTO Toronto (tərŏn`tō), city (1998 est pop. 2,400,000), provincial capital, S Ont., Canada, on Lake Ontario. Toronto is the largest city in Canada and since the 1970s has been one of the fastest-changing cities in North America, experiencing -- Borealis Retail REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :BRE (Business Rules Engine) Software that automates policies and procedures within an organization, whether legal, internal or operational. The use of a rules engine (BRE) requires placing the company rules in an external repository that can be easily reviewed rather than .UN) announced today that its Board of Trustees board of trustees Politics The posse of thugs who oversee an institution's administration. See Board of directors. has approved the adoption of a Unitholder Rights Plan.The Plan is designed to ensure the fair treatment of Borealis Retail REIT's unitholders in any transaction involving a change of control of the REIT and will provide the Board of Trustees and the REIT's unitholders with more time to evaluate any unsolicited un·so·lic·it·ed adj. Not looked for or requested; unsought: an unsolicited manuscript; unsolicited opinions. unsolicited Adjective take-over bid and, if appropriate, to seek out other alternatives to maximize unitholder value. The Rights Plan was not adopted by the Board of Trustees in response to any specific proposal to acquire control of Borealis Retail REIT and the REIT is not aware of any such proposal. Although the Rights Plan takes effect immediately, unitholders will be asked to confirm the Rights Plan at an annual and special meeting of unitholders to be held in May of 2005.If approved, the Rights Plan would be in effect until the close of the annual unitholders meeting occurring in 2008. The Rights Plan is similar to other unitholder rights plans adopted by many other Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. investment trusts and corporations. Until the occurrence of certain specific events, the rights will trade with the units of the REIT and be represented by the unit certificates for such units.The rights become exercisable only when a person, including any party related to it or acting jointly with it, acquires or announces its intention to acquire 20 percent or more of the outstanding units of the REIT without complying with the Permitted Bid provisions of the Rights Plan.Should a non-permitted acquisition occur, each right would entitle en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: each holder of units (other than the acquiring person and persons related to it or acting jointly with it) to purchase additional units of the REIT at a 50 percent discount to the market price at the time. It is not the intention of the Rights Plan to prevent take-over bids. Under the Rights Plan, a Permitted Bid is a bid made to all unitholders on identical terms and conditions that is open for at least 60 days.If at the end of 60 days at least 50 percent of the outstanding units, other than those owned by the offeror and certain related parties, have been tendered, the offeror may take up and pay for the units but must extend the bid for a further 10 days to allow all other unitholders to tender. Launched in 2003, Borealis Retail REIT owns dominant shopping centres in growing mid-size markets and regional malls in the sub-markets of large metropolitan areas.It is a TSX-listed real estate investment trust and as of December 31, 2004, it had 33,753,019 units issued and outstanding. Borealis Retail REIT (TSX:BRE.UN) |
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