WINNIPEG, MB, June 27,
2024 /CNW/ - Lanesborough Real Estate Investment
Trust ("LREIT") (TSXV: LRT.UN) announces today that on
June 27, 2024, at the annual general
and special meeting (the "Meeting") of holders
("Unitholders") of trust units of LREIT, the special
resolution of Unitholders to approve the previously announced
proposal to sell eleven properties and a vacant land investment
property, representing all or substantially all of the assets of
LREIT, to 7254751 Manitoba Ltd. ("725") for aggregate
consideration of $41,683,800
(collectively, the "Sale Transaction") was not approved. Due
to the fact that the resolution to approve the Sale Transaction was
not approved by Unitholders, the special resolution to approve the
previously announced proposal to wind-up and terminate LREIT was
not considered at the Meeting.
As the Sale Transaction was not approved by Unitholders, the
Sale Transaction will not proceed and the asset purchase agreements
between LREIT and 725 will be terminated.
In light of the results of the Meeting, management of LREIT will
be considering the options available to it and will provide an
update in due course.
At the Meeting the Unitholders approved the re-election of the
independent trustees of LREIT and the appointment of MNP LLP as
auditor of LREIT.
ABOUT LREIT
LREIT is a real estate investment trust, which is listed on the
TSX Venture Exchange under the symbol LRT.UN (Trust Units). For
further information on LREIT, please visit our website at
www.lreit.com.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as the term is defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Certain statements contained in this press release are
"forward-looking statements" that reflect the expectations of
management regarding LREIT. Readers are cautioned not to place
undue reliance on forward-looking information. All statements other
than statements of historical fact contained herein are
forward-looking statements. Forward- looking statements are often,
but not always, identified by the use of words such as "seek",
"anticipate", "plan", "continue", "estimate", "expect", "may",
"will", "project", "predict", "potential", "targeting", "intend",
"could", "might", "should", "believe" and similar expressions. Such
forward-looking statements reflect management's current beliefs and
are based on information currently available to management.
Forward- looking statements involve significant risks and
uncertainties. A number of factors that could cause actual results
to differ materially from the results discussed in forward-looking
statements are discussed in LREIT's management discussion and
analysis for the three month period ended March 31, 2024 available on SEDAR+ at
www.sedarplus.ca. Although the forward-looking statements
contained herein are based upon what management believes to be
reasonable assumptions, LREIT cannot assure investors that actual
results will be consistent with these forward-looking
statements.
The forward-looking statements contained herein are expressly
qualified in their entirety by this cautionary statement.
Forward-looking statements are made as of the date hereof, or such
other date specified in such statements, and neither LREIT nor any
other person assumes any obligation to update or revise such
forward-looking statements to reflect new information, events or
circumstances, except as expressly required by applicable
securities law.
SOURCE Lanesborough Real Estate Investment Trust