Ronald E. Smith, FCA, ICD.D - Trustee of PROREIT
Ronald Smith is a Corporate Director and experienced Board Member with an extensive background in finance, human resources and management consulting across a wide spectrum of industries and enterprises. He currently serves on the Board of AuRico Gold Inc. (formerly Gammon Gold Inc.) and Innovative Properties Inc., two TSX listed entities. For ten years he was also a member of the Canada Pension Plan Investment Board, which manages over $170 Billion of CPP funds. Over the last 30 years, he has served on Boards and Audit Committees of six Canadian public companies. He also served on various not-for-profit boards and committees, including the Acadia University Board of Governors where he was chair from 2004 to 2009 and the national board of The Arthritis Society where he is currently treasurer. From 2000 to 2004, he was Senior Vice President and Chief Financial Officer of Emera Inc, a publicly-traded Nova Scotia based energy company. From 1987 to 1999, Mr. Smith was Chief Financial Officer of MTT, a publicly-traded telecommunications company and, prior thereto, had a 16 year career at Ernst & Young in the financial recovery and insolvency practice including real estate, construction and financial services. He is a member of the Institute of Corporate Directors and is a Fellow of the Institute of Chartered Accountants of Nova Scotia.
One-Time Grant of Deferred Trust Units
As previously announced in the Company's information circular dated February 15, 2013, in connection with the initial appointment of the trustees and executive officers of PROREIT, with a view of aligning their interests with those of unitholders, PROREIT made a special one-time grant of deferred trust units ("DUs") to the following trustees and executive officers: (i) Gerard A. Limoges (11,667 DUs); (ii) Gordon G. Lawlor (33,333 DUs) (iii) James W. Beckerleg (50,000 DUs); (iv) John Levitt (11,667 DUs); (v) Ronald E. Smith (10,000 DUs); and (vi) Vitale A. Santoro (10,000 DUs).
The one-time grant of DUs became effective on closing of the Arrangement following the approval of the long term incentive plan of PROREIT by the Shareholders at the Meeting. The Company's information circular is available on SEDAR at www.sedar.com.
PROREIT is an unincorporated open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario.
This news release may contain forward-looking information within the meaning of applicable securities legislation. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond PROREIT's control that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information.
PROREIT's objectives and forward-looking statements are based on certain assumptions, including that (i) PROREIT will receive financing on favourable terms; (ii) the future level of indebtedness of PROREIT and its future growth potential will remain consistent with PROREIT's current expectations; (iii) there will be no changes to tax laws adversely affecting PROREIT's financing capacity or operations; (iv) the impact of the current economic climate and the current global financial conditions on PROREIT's operations, including its financing capacity and asset value, will remain consistent with PROREIT's current expectations; (v) the performance of PROREIT's investments in Canada will proceed on a basis consistent with PROREIT's current expectations; and (vi) capital markets will provide PROREIT with readily available access to equity and/or debt.
The forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement. All forward-looking statements in this press release are made as of the date of this press release. PROREIT, except as required by applicable securities legislation, does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise. Additional information about these assumptions and risks and uncertainties is contained in PROREIT's filings with securities regulatory authorities, which are available on SEDAR at www.sedar.com.
PRO Real Estate Investment Trust
James W. Beckerleg
President and Chief Executive Officer
PRO Real Estate Investment Trust
Gordon G. Lawlor, CA
Chief Financial Officer
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