TORONTO, May 8, 2015 /CNW/ – Slate Office REIT (the “REIT“) (TSX: SOT.UN) (TSX: SOT.WT) announced today that it has amended its deferred unit plan (the “Plan“) to limit non-employee trustee participation in the Plan. Under the amended Plan (i) the number of units of the REIT issuable to non-employee trustees under the Plan at any time may not exceed 1% of the total units that are issued and outstanding; and (ii) the aggregate value of all deferred trust units issued to any non-employee trustee within any one financial year under the Plan may not exceed CAD$150,000. Such amendments were instituted as the result of discussions with investors and their advisors regarding such plans.
The REIT believes that the Plan, taking account of the abovementioned revisions, improves its corporate governance practices and suitably restricts the participation of non-employee trustees. The board of the REIT has unanimously approved the aforementioned amendments to the Plan. Unitholders will be asked to vote to approve the adoption of the Plan, after giving effect to these amendments, at the upcoming annual and special meeting of unitholders, which is to be held at the offices of McCarthy TÃ©trault LLP, 66 Wellington Street West, Suite 5300, Toronto, Ontario on Monday, May 25, 2015 at 10:00 a.m. (Eastern Daylight Time).
Unitholders are encouraged to vote in order to support the resolutions regarding the adoption of the Plan.
About Slate Office REIT
Slate Office REIT is an open-ended real estate investment trust. The REIT’s portfolio comprises 35 strategic and well-located real estate assets located primarily across Canada’s major population centres. The REIT is focused on maximizing value through internal organic rental and occupancy growth and strategic acquisitions. More information is available at www.slateofficereit.com.
About Slate Asset Management LP
Slate Asset Management LP is a leading real estate investment platform with over $2.5 billion in assets under management. Slate is a value-oriented company and a significant sponsor of all its private and publicly-traded investment vehicles, which are tailored to the unique goals and objectives of its investors. The firm’s careful and selective investment approach creates long term value with an emphasis on capital preservation and outsized returns. Slate is supported by exceptional people, flexible capital and a proven ability to originate and execute on a wide range of compelling investment opportunities. More information is available at www.slateam.com.
SOURCE Slate Office REIT