Lakeview Hotel Investment Corp. Announces the Completion of the
Conversion of Lakeview Hotel Real Estate Investment Trust to a
Corporation
/NOT FOR DISSEMINATION IN THE UNITED
STATES OR FOR DISTRIBUTION TO U.S NEWS WIRE SERVICES/
WINNIPEG,
Jan. 1, 2013 /CNW/ - Lakeview
Hotel Investment Corp. (TSXV: LHR) (LHR.DB.C) (LHR.DB.D) and
(LHR.WT) (the "Corporation") is pleased to announce that
the conversion of Lakeview Hotel Real Estate Investment Trust (the
"Trust") to a corporation named Lakeview Hotel Investment
Corp. was completed effective December 31,
2012 at 11:59 p.m.
(Ottawa time), pursuant to a plan
of arrangement (the "Arrangement") under the Canada
Business Corporations Act. The Arrangement was approved by, and
a final order was received from, the Manitoba Court of Queen's Bench on
December 14, 2012.
The Corporation now directly and indirectly owns
and operates the businesses which were previously owned and
operated by the Trust and its subsidiaries prior to the closing of
the Arrangement. The senior management and trustees of the Trust
are now the senior management and directors of the Corporation.
Pursuant to the Arrangement, holders of trust units
("Units") of the Trust received one common share (a
"Share") of the Corporation for each Unit held on the
effective date. The Corporation assumed all of the covenants and
obligations of the Trust under its outstanding debentures (the
"Debentures") and entered into supplemental trust indentures
with respect to the Debentures. The Corporation assumed all of the
covenants and obligations of the Trust under its outstanding
warrants (the "Warrants") and entered into a supplemental
warrant indenture with respect to the Warrants. On the exercise of
Warrants, warrantholders are now entitled to receive Shares, rather
than Units, on the basis of one Share in lieu of each Unit which
the holder was previously entitled to receive.
Trading of the Shares is expected to commence on
or about January 2, 2013 on the TSX
Venture Exchange (the "TSXV") under the symbol "LHR", at
which time the Units, trading under the symbol "LHR.UN" will
discontinue trading. The Debentures and Warrants continue to be
listed on the TSXV under the symbols "LHR.DB.C", "LHR.DB.D" and
"LHR.WT", respectively.
About the Corporation
Lakeview Hotel Investment Corp. is a
corporation, which is listed on the TSX Venture Exchange under the
symbol "LHR". Lakeview Hotel Investment Corp. receives income
from ownership, management and licensing of hotel properties.
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
SOURCE Lakeview Hotel Investment Corp.