Melcor Real Estate Investment Trust ("Melcor REIT" or the
"REIT") (TSX: MR.UN) today announces the appointment of Barry
James, FCA, FCPA, ICD.D and Brandon Kot as new Trustees of Melcor
REIT effective immediately.
Mr. James brings extensive board and financial experience to the
REIT. Mr. James qualified as a Chartered Accountant in 1983 and
became a Fellow of the Chartered Accountants in 2007. He was
admitted to the PricewaterhouseCoopers partnership in 1989 and
served as Managing Partner of the Edmonton office from 2001 to
2011. Since then, Mr. James has served on multiple boards,
including current roles as Vice-Chair and Audit Committee Chair of
ATB Financial, as well as Audit Committee Chair for Corus
Entertainment, AutoCanada Inc., and the University of Alberta
Property Trust. He also serves on several private fiduciary and
advisory boards. Mr. James will serve as Chair of the Audit
Committee.
Mr. Kot has extensive experience in the real estate market and
has established himself as a leader in Canada’s commercial mortgage
industry. Mr. Kot obtained his Bachelor of Commerce from the
University of Alberta in 2005 and is currently Managing Partner of
Canada ICI Capital Corporation, a national real estate finance
group, having worked there for almost 20 years. He is also serves
as a member of the Board of Trustees for the Stollery Children’s
Hospital Foundation and is an active member of the Real Estate
Council of Alberta and Mortgage Professionals Canada.
Ralph Young, Chairman of the REIT commented: “We are grateful to
have Mr. James and Mr. Kot accept roles on the Board of Trustees,
and we look forward to their experience and contributions
benefitting the REIT’s Board of Trustees.”
Strategic Review Update
On February 22, 2024 the REIT announced the commencement of a
strategic review process. This review process is being overseen by
an Independent Committee (“the “Independent Committee”) comprised
of members of the REIT’s Independent Trustees, specifically
including Richard Kirby, Bernie Kollman, and Barry James. Mr. Kirby
is serving as Chair of the Committee.
The Independent Committee has now appointed BMO Capital Markets
as financial advisor, and as previously disclosed, DLA Piper
(Canada) LLP has been retained as legal counsel.
There can be no assurance that the strategic review process will
result in the REIT pursuing or consummating any transaction or
alternative, nor any assurance as to its outcome or timing. The
Independent Committee has not set a completion date for the
culmination of the strategic review process and the REIT does not
intend to comment further on the review until it determines that
additional disclosure is appropriate or required.
Q1-2024 Annual Results
Melcor REIT results for the first quarter and period ended March
31, 2024 are scheduled to be released on May 8, 2024. Management
will host a conference call at 11:00am ET (9:00 am MT) on May 9,
2024.
Conference Call Details:
Canada/USA Toll Free: 1-844-763-8274
International Toll: 1-647-484-8814
Webcast & Replay:
The call will also be webcast (listen only)
https://www.gowebcasting.com/13231. A replay of the call will be
available at the same URL shortly after the call is concluded.
About Melcor REIT
Melcor REIT is an unincorporated, open-ended real estate
investment trust. Melcor REIT owns, acquires, manages and leases
quality retail, office and industrial income-generating properties
in western Canada. Its portfolio is currently made up of interests
in 38 properties representing approximately 3.15 million square
feet of gross leasable area located across Alberta and in Regina,
Saskatchewan and Kelowna, British Columbia. For more information,
please visit www.melcorREIT.ca.
Forward-Looking Information
Certain statements contained in this news release constitute
forward-looking information within the meaning of applicable
securities laws. In some cases, forward-looking information can be
identified by such terms such as "may," "might," "will," "could,"
"should," "would," "occur," "expect," "plan," "anticipate,"
"believe," "intend," "estimate," "predict," "potential,"
"continue," "likely," "schedule," or the negative thereof or other
similar expressions concerning matters that are not historical
facts. The forward-looking information in this news release
includes statements regarding, among others, the REIT’s
distribution policy and the Independent Committee’s strategic
review process.
The REIT has based these forward-looking statements on factors
and assumptions about future events and financial trends that it
believes may affect its financial condition, financial performance,
business strategy and financial needs. These assumptions include,
but are not limited to, those relating to the REIT being able to
achieve its operating results and cash flows, interest rates
remaining stable or decreasing, the REIT’s properties continuing to
perform, and the outcome of potential strategic transaction
alternatives.
Although the forward-looking statements contained in this news
release are based upon assumptions that management of the REIT
believe are reasonable based on information currently available to
management, there can be no assurance that actual results will be
consistent with these forward-looking statements. Forward-looking
statements necessarily involve known and unknown risks and
uncertainties, many of which are beyond the REIT's control,
including, among other things, the risk that the REIT’s business
will be unable to generate the income needed to sustain the new
distribution, no transaction or other changes will result from the
strategic review process and other risks identified in materials
filed under the REIT's profile at www.sedar.com from time to time.
The forward-looking statements in this news release relate only to
events or information as of the date hereof. Except as required by
applicable Canadian securities laws, the REIT undertakes no
obligation to update or revise publicly any forward-looking
statements, whether as a result of new information, future events
or otherwise, after the date on which the statements are made or to
reflect the occurrence of unanticipated events.
Contact Information:
Investor RelationsTel:
1.780.945.4795ir@melcorREIT.ca
Grafico Azioni Melcor Real Estate Inves... (TSX:MR.UN)
Storico
Da Dic 2024 a Gen 2025
Grafico Azioni Melcor Real Estate Inves... (TSX:MR.UN)
Storico
Da Gen 2024 a Gen 2025
