Legacy Hotels Real Estate Investment Trust Announces Pro Rata Distribution
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Legacy Hotels Real Estate Investment Trust Announces Pro Rata Distribution
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Category: Worldwide
This is a press release selected by our editorial committee and published online for free on 2007-09-06
Legacy Hotels Real Estate Investment Trust ("Legacy" or the "Trust") (TSX:LGY.UN) today announced a pro rata distribution of $0.06882 per unit to unitholders of record as of September 14, 2007. Payment will be made on or about September 18, 2007.
The pro rata distribution is in accordance with the offer by LGY Acquisition LP (the "Offeror") to purchase the units of the Trust for $12.60 in cash per unit (the "Offer"). The Offer is scheduled to expire at 8:00 p.m. (Toronto time) on September 13, 2007, unless the Offer is extended, or withdrawn. Subject to the Minimum Tender Condition and other customary closing conditions described in the take-over circular, the closing of the proposed transaction is expected to occur on or about September 18, 2007. The Offeror has agreed not to take-up the deposited Units under the Offer until after the distribution record date of September 14, 2007.
As previously announced, Legacy's Board of Trustees has unanimously determined that the Offer is in the best interests of Legacy and its unitholders and unanimously recommends that the Trust's unitholders accept the Offer and deposit their units to the Offer.
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