TORONTO, ONTARIO -- (Marketwire) -- 02/22/13 -- Harvest Portfolios Group Inc. (the "Manager"), the manager of Australian REIT Income Fund (the "Fund") is pleased to announce the Exchange Ratios (as defined below) for the Exchange Option as provided for in the preliminary prospectus of the Fund dated January 30, 2013 (the "Prospectus").
Prospective purchasers were able to purchase Class A Units or Class F Units (collectively, the "Units") either by (i) cash payment or (ii) an exchange (the "Exchange Option") of select exchange eligible securities (the "Exchange Eligible Securities") of the issuers (each an "Exchange Issuer") listed in this News Release. The number of Units issuable in exchange for an Exchange Eligible Security (the "Exchange Ratio") deposited by a prospective purchaser pursuant to the Exchange Option was determined by dividing the volume weighted average trading price of such securities on the Toronto Stock Exchange during the three consecutive trading days ending on, and including February 22, 2013 (the "Pricing Period"), as adjusted to reflect distributions declared by the applicable Exchange Issuer that will not be received by the Fund, by $12.00. The Exchange Ratios were rounded down to four decimal places. Fractional Units will not be issued by the Fund. Allocation of cash in respect of fractional Units to purchasers who have authorized the deposit of Exchange Eligible Securities through CDS will be at the discretion of the CDS Participant.
A prospective purchaser of Units was required to deposit its Exchange Eligible Securities with the Exchange Agent through CDS prior to 5:00 p.m. (Toronto time) on February 22, 2013.
The table below sets out the names of those Exchange Eligible Securities that were deposited prior to the February 22, 2013 deadline, the securities of which may be accepted by the Fund pursuant to the Exchange Option and includes the applicable Exchange Eligible Security's TSX ticker symbol, CUSIP number, volume weighted average trading price during the Pricing Period and the applicable Exchange Ratio.
---------------------------------------------------------------------------- Volume Weighted TSX Average Ticker CUSIP Trading Exchange Exchange Eligible Securities Symbol Number Price Ratio---------------------------------------------------------------------------- Allied Properties Real Estate Investment Trust AP.UN 019456102 34.3974 2.8570---------------------------------------------------------------------------- Artis Real Estate Investment Trust AX.UN 04315L105 16.0346 1.3287---------------------------------------------------------------------------- Boardwalk Real Estate Investment Trust BEI.UN 096631106 66.1649 5.5000---------------------------------------------------------------------------- Brookfield Canada Office Properties BOX.UN 112823109 29.2600 2.4302---------------------------------------------------------------------------- Brookfield Office Properties Inc. BPO 112900105 17.0972 1.4131---------------------------------------------------------------------------- BTB Real Estate Investment Trust BTB.UN 11777P300 4.6223 0.3824---------------------------------------------------------------------------- Calloway Real Estate Investment Trust CWT.UN 131253205 29.0652 2.4114---------------------------------------------------------------------------- Canadian Apartment Properties Real Estate Investment Trust CAR.UN 134921105 25.7092 2.1347---------------------------------------------------------------------------- Canadian Real Estate Investment Trust REF.UN 13650J104 46.2162 3.8410---------------------------------------------------------------------------- Chartwell Seniors Housing Real Estate Investment Trust CSH.UN 16141A103 10.8371 0.8993---------------------------------------------------------------------------- Cominar Real Estate Investment Trust CUF.UN 199910100 22.6185 1.8749---------------------------------------------------------------------------- Crombie Real Estate Investment Trust CRR.UN 227107109 14.5021 1.2023---------------------------------------------------------------------------- Dundee Real Estate Investment Trust D.UN 265270207 37.4582 3.1063---------------------------------------------------------------------------- First Capital Realty Inc. FCR 31943B100 19.1673 1.5973---------------------------------------------------------------------------- First Service Corporation FSV 33761N109 31.5198 2.6267---------------------------------------------------------------------------- H&R Real Estate Investment Trust HR.UN 404428203 22.7694 1.8881---------------------------------------------------------------------------- InnVest Real Estate Investment Trust INN.UN 45771T132 4.4096 0.3647---------------------------------------------------------------------------- Killam Properties Inc. KMP 494104870 12.9646 1.0764---------------------------------------------------------------------------- Morguard Real Estate Investment Trust MRT.UN 617914106 18.8642 1.5654---------------------------------------------------------------------------- NorthWest Healthcare Properties Real Estate Investment Trust NWH.UN 667495105 13.2849 1.1015---------------------------------------------------------------------------- Northern Property Real Estate Investment Trust NPR.UN 66562P105 31.8491 2.6435---------------------------------------------------------------------------- Partners Real Estate Investment Trust PAR.UN 70214B118 7.7719 0.6432---------------------------------------------------------------------------- Primaris Retail Real Estate Investment Trust PMZ.UN 74157U109 27.0538 2.2457---------------------------------------------------------------------------- Riocan Real Estate Investment Trust REI.UN 766910103 27.6949 2.2981---------------------------------------------------------------------------- Temple Hotels Inc. TPH 879854107 5.8707 0.4855----------------------------------------------------------------------------
The Manager reserves the right to accept or reject any security under the Exchange Option for any reason, including, without limitation, an unfavourable relationship between the Exchange Ratio and the prevailing trading price or rating of an Exchange Eligible Security prior to the Closing. If, for any reason, at the discretion of the Manager, the Exchange Eligible Securities deposited pursuant to the Exchange Option are not acquired by the Fund, the holders of such securities will be notified of such fact as soon as practicable following the Closing or the termination of the Offering, as the case may be, and such securities will be re-credited to their accounts through CDS and the CDS Participants. The Manager's interpretation of the terms and conditions of the Exchange Option will be final and binding. The Manager also reserves the right to waive any conditions of the Exchange Option, other than the Maximum Ownership Level, and to accept or reject, in whole or in part, any deposit of securities made pursuant to the Exchange Option.
The syndicate of agents for the Offering is being co-led by BMO Capital Markets, CIBC and Macquarie Private Wealth Inc., and includes Scotiabank, National Bank Financial Inc., TD Securities Inc., Canaccord Genuity Corp., Desjardins Securities Inc., GMP Securities L.P., Raymond James Ltd., All Group Financial Services Inc., Burgeonvest Bick Securities Limited and MGI Securities Inc. (collectively, the "Agents").
Certain statements included in this news release constitute forward-looking statements, including, but not limited to, those identified by the expressions "expect", "intend", "will" and similar expressions to the extent they relate to the Fund and/or the Manager. The forward-looking statements are not historical facts but reflect the Fund's and/or the Manager's current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Although the Fund and/or the Manager believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. The Fund and/or the Manager undertakes no obligation to update publicly or otherwise revise any forward-looking statement or information whether as a result of new information, future events or other such factors which affect this information, except as required by law.
A preliminary prospectus dated January 30, 2013 containing important information relating to these securities has been filed with securities commissions or similar authorities in each of the provinces and territories of Canada. The Prospectus is still subject to completion or amendment. Copies of the Prospectus may be obtained from any of the Agents. There will not be any sale or any acceptance of an offer to buy the securities until a receipt for the final prospectus has been issued.
For additional information or a copy of the Prospectus, please contact your registered financial advisor.
Contacts:
Harvest Portfolios Group Inc.
Michael Kovacs
1-866-998-8298
mkovacs@harvestportfolios.com
