Melcor Developments, Melcor REIT announce closing of arrangement

Melcor Real Estate Investment Trust and Melcor Developments (MODVF) announce that, in accordance with the previously announced plan of arrangement pursuant to the Business Corporations Act, Melcor acquired its unowned equity interest in Melcor REIT Limited Partnership for $5.50 per Class A LP Unit in cash consideration; and the REIT used the proceeds from the REIT LP Sale to repurchase and cancel all of the REIT’s outstanding participating trust units for consideration of $5.50 per Unit less any applicable withholding taxes. As previously announced, the Arrangement was approved by the REIT’s unitholders at a special meeting held on April 11, and the Court of King’s Bench of Alberta granted the final order in respect of the Arrangement on April 16. The REIT’s Units are expected to be de-listed from the Toronto Stock Exchange after the markets close on April 24, and the REIT intends to submit an application to the applicable securities regulators to cease to be a reporting issuer and to terminate its public reporting obligations after the Units have been delisted.