- Sandpiper Commences Legal Proceedings to Ensure All Unitholders Have a Say On Sweetheart Internalization and Future of The REIT On a Timely Basis
VANCOUVER, BC / ACCESSWIRE / October 16, 2017 / Sandpiper Group ("Sandpiper") has increased its position in Agellan Commercial Real Estate Investment Trust ("Agellan" or the "REIT") (TSX: ACR.UN) to 12%, further underscoring its commitment to inevitable change at the REIT with over 36% of the outstanding units in support of Sandpiper.
In addition, Sandpiper is filing a Notice of Application today in the Ontario Superior Court against Agellan and its current Board of Trustees (the "Board"). Sandpiper will be asking the court to order Agellan and the Board to hold the meeting of unitholders rightfully requisitioned by Sandpiper on a timely basis to ensure all unitholders have a say on the internalization of the external manager. The Board has so far denied unitholders a say and unbelievably pushed the requisitioned meeting date out until April 17, 2018 - 161 days past the reasonable November 7, 2017 date that Sandpiper requested, and 210 days after Sandpiper's requisition was submitted.
"Despite the current Board's unnecessary and unacceptable delay tactic designed to slip their sweetheart internalization through and slow the inevitable change we and the unitholders who support us intend to bring to the REIT, we remain resolute in our belief that a better Agellan is possible with the right leadership in place," said Samir Manji, CEO of Sandpiper Group. "If the current Board was as confident in its support as it claims, we would be having this meeting sooner rather than later."
Early Warning Report Disclosure
The units of Agellan ("Units") are being acquired for investment purposes.
As a result of purchases of Units on the Toronto Stock Exchange, the aggregate number of Units held by all of Sandpiper's managed funds on October 16, 2017 was 3,940,346, representing 12.0% of all issued and outstanding Units. Between September 18, 2017 and October 16, 2017, the Acquiror acquired 656,726 Units in the open market under the facilities of the Toronto Stock Exchange (the "TSX"). The aggregate consideration paid to acquire the Units that are the subject of the accompanying Early Warning Report filed by Sandpiper is $7.8 million, being 656,726 Units at an average price of $11.91 per Unit.
Sandpiper is located at 1670 - 200 Burrard Street, Vancouver, BC, V6C 3L6. For further information or to obtain a copy of the Early Warning Report filed by Sandpiper, contact: Renzo Barazzuol, President, Sandpiper Group at (604) 558-4885.
About Sandpiper:
Sandpiper is a Vancouver-based private equity firm focused on investing in real estate through direct property investments and securities. For more information about Sandpiper, visit www.sandpipergroup.ca.
SOURCE: Agellan Commercial Real Estate Investment Trust