Partners REIT: Partners REIT Unitholders Approve Plan of Arrangement with McCowan and Associates Ltd.

TORONTO, Dec. 05, 2019 (GLOBE NEWSWIRE) -- Partners Real Estate Investment Trust (the "REIT" or "Partners") (TSX:PAR) announced today that the plan of arrangement pursuant to which McCowan and Associates Ltd. ("MAA") will, among other things, acquire all of the outstanding units of the REIT (each, a "Unit"), except for the 9,229,704 Units (representing approximately 20.03% of the outstanding Units) held by MAA, for a price of $0.78 in cash per Unit (the "Arrangement") was approved by its holders of Units ("Unitholders") at a special meeting of Unitholders held on December 5, 2019 (the "Meeting").The Arrangement required approval by the affirmative vote of: (i) at least two-thirds of the votes cast by Unitholders; and (ii) at least a majority of the votes cast by Unitholders excluding those Unitholders whose votes were required to be excluded pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"), being all Unitholders other than MAA and certain of its related parties, in each case present in person or represented by proxy at the Meeting.Of the votes cast at the Meeting with respect to the Arrangement, a total of 35,688,969 Units were voted in favour of the Arrangement, representing approximately 97.14% of the votes cast on the special resolution approving the Arrangement. In addition, a total of 26,459,265 Units, representing approximately 96.19% of the votes cast on the special resolution approving the Arrangement, excluding those Unitholders whose votes were ...Full story available on Benzinga.com