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Slate Retail REIT Announces Results of Its Substantial Issuer BidSlate Retail REIT (TSX: SRT.U) (TSX: SRT.UN) (the "REIT"), an owner and operator of U.S. grocery-anchored real estate, announced today the results of its substantial issuer bid to purchase (the "Offer") for cancellation up to 4,210,526 Class U units, (the "Class U Units") at a purchase price per Class U Unit of C$12.54 (the "Purchase Price"). The Offer expired at 5.00 p.m. Eastern time on February 20, 2019. Based on the final count by TSX Trust Company, the depositary for the Offer (the "Depositary"), a total of 336,563 Class U Units were properly tendered to the Offer and not withdrawn. In accordance with the terms and conditions of the Offer, the REIT has taken up and will purchase for cancellation all of the Class U Units properly tendered and not withdrawn for an aggregate purchase price of C$4.2 million, excluding fees and expenses relating to the Offer. "As a result of the Offer, we are extremely pleased with the feedback we received from many of our institutional and long-term unitholders who expressed their support for our business and the REIT's strategy. Specifically, at the Purchase Price the overwhelming majority of the REIT's investors were not sellers of their units," commented Greg Stevenson, the REIT's Chief Executive Officer. "We remain thankful for the support of our fellow unitholders and continue to believe that at prevailing market prices the REIT's units represent a significant investment opportunity." Highlights
The REIT will make payment for the Class U Units tendered and accepted forpurchase by tendering the aggregate purchase price to the Depositary on or before February 26, 2019 in accordance with the Offer and applicable laws and the Depositary will effect payment to unitholders promptly thereafter. Payment for Class U Units will be made in cash, without interest. Any Class U Units invalidly tendered or tendered and not purchased will be returned to the tendering unitholder promptly by the Depositary. The full terms and conditions of the Offer are described in detail in the offer to purchase and issuer bid circular of the REIT dated January 16, 2019, as well as the related letter of transmittal and notice of guaranteed delivery, which are available under the REIT's SEDAR profile at www.sedar.com.
Forward Looking Statements These forward-looking statements are not guarantees of future events or performance and, by their nature, are based on the REIT's current estimates and assumptions, which are subject to significant risks and uncertainties. The REIT believes that these statements are made based on reasonable assumptions; however, there is no assurance that the events or circumstances reflected in these forward-looking statements will occur or be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements including, but not limited to the risks that are more fully discussed under the "Risk Factors" section of the annual information form of the REIT for the year ended December 31, 2017.
About Slate Retail REIT (TSX: SRT.U / SRT.UN)
About Slate Asset Management L.P.
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