Collingwood Investments Incorporated Subscribes for Additional Units in PRO Real Estate Investment Trust
OXFORD, NS, October 6, 2021 / CNW / – This press release is issued pursuant to National Instrument 62-103 The Early Warning System and Related Takeover Bid and Insider Reporting Issues in connection with the acquisition of securities of PRO Real Estate Investment Trust (the “REIT”) from Collingwood Investments Incorporated (” Collingwood “).
Collingwood announced today that under a subscription agreement dated September 27, 2021, in connection with a public offering (the “Public Offering”) and a simultaneous private placement (the “Private Placement”) of the REIT, it has acquired 2,085,744 trust shares in the REIT (the “Shares”) October 6, 2021 (the “Purchase Date”) at a price of $ 6.85 per unit, for an overall consideration of $ 14,287,346.40 resulting in beneficial ownership of 11,371,907 units. Collingwood Receive a capital provision fee of 2% of gross proceeds upon completion.
Along with Matthew Bragg, a related person, Collingwood will now exercise control and management of a total of 11,551,207 units following the completion of the Public Offering and Private Placement (the “Completion”), which corresponds to approximately 19.11% of the issued and outstanding shares and special shares with voting rights as of the acquisition date. Before closing, Collingwood, along with Mr. Bragg, owned and exercised control of 9,465,463 units, representing approximately 19.6% of the units and special units issued and outstanding prior to the acquisition date.
The acquisition was made for Collingwoods own investment purposes. Depending on market conditions, Collingwood may increase or decrease its direct and indirect beneficial ownership of the REIT’s securities.
For more information or to receive a copy of the early warning report from Collingwood (which is available under the REIT’s SEDAR profile at www.sedar.com), please contact David Hoffmann as stated below.
SOURCE Collingwood Investments Incorporated
For more information: David Hoffman, Vice President, Collingwood Investments Incorporated, [email protected], 902.447.2100