COUNSEL REAL ESTATE INVESTMENT TRUST ANNOUNCES PRICING OF RIGHTS OFFERING.TORONTO, ONTARIO--(BUSINESS WIRE)--JUNE 15, 1995--COUNSEL REAL ESTATE(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : REI.UN) Counsel Real Estate Investment Trust ("Counsel REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). ") today announced the pricing and timing of its previously announced rights offering. The record date for Counsel REIT's rights offering will be June 23, 1995, and each unitholder of record on that date will receive one right for each outstanding unit of Counsel REIT held. Four rights will entitle a holder to acquire one unit of Counsel REIT at a price of $9.75. The rights will expire on July 17, 1995. Counsel Corporation, the parent of Counsel Management Services Inc. ("CMSI CMSI Citicorp Mortgage Services, Inc. CMSI Checkout/Control and Monitor Subsystem Interface (NASA) "), the manager of Counsel REIT, has entered into an agreement with Counsel REIT under which Counsel Corporation, either itself or through an affiliate, will purchase units not otherwise subscribed for under Counsel REIT's rights offering. Counsel Corporation has agreed to purchase at least 482,051 units and may purchase additional units. The net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of the rights offering will be used by Counsel REIT primarily for the acquisition of additional income producing properties. Counsel Management Services Inc. manages real estate assets for Counsel REIT, other institutions and individual owners. It is a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Counsel Corporation (TSE:CXS/NASDAQ:CXSNF). CMSI's property management portfolio consists of 95 shopping centres, 12 office buildings, 10 industrial buildings and 1 recreational building. Counsel REIT's portfolio consists of 21 commercial properties well located across Canada. It includes 14 shopping centres, 3 office buildings, 3 light industrial-use properties and 1 recreational property. CONTACT: Edward Sonshine, Q.C. Chairman, President & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Counsel Management Services Inc. 416/866-3018 REPEATS: New York 212-575-8822 or 800-221-2462; Boston 617-330-5311 or |
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