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UrbanStar Glendale Manor Inc. and US Glendale Manor P2 Inc. Announce Successful Issuer Bid and Take-Over Bid

Newsfile Corp.
·2 mins read

Calgary, Alberta--(Newsfile Corp. - October 8, 2020) - UrbanStar Glendale Manor Inc. (the "Issuer") and US Glendale Manor P2 Inc. ("Glendale 2") announce today the initial results of the their bid to purchase (the "Offer") all of the Class B Non-voting Common Shares of the Issuer ("Class B Shares") and all of the Issuer's debentures due September 28, 2020 (the "2020 Debentures" each $950 principal amount of 2020 Debentures and 10 Class B Shares being a "Unit"), the initial deposit period of which expired at 4:00 p.m.(Calgary time) on October 7, 2020 (the "Initial Expiry Time").

Based on reports from Alliance Trust Company, the depositary for the Offer, as at the Initial Expiry Time 80,868 Class B Shares (approximately 57.8% of the outstanding Class B Shares) and an aggregate of $8,120,983 principal amount of 2020 Debentures (approximately 61.1% of the aggregate principal amount of 2020 Debentures) have been properly tendered pursuant to the Offer and not withdrawn.

All of the conditions to the Offer have been satisfied or waived and the Issuer has taken up and accepted for purchase all 2020 Debentures and Class B Shares properly deposited and not withdrawn under the Offer. As of the initial expiry period, an aggregate of $7,602,583 principal amount of 2020 Debentures and 80,868 Class B Shares were properly deposited, and not withdraw, pursuant to the 2022 Debenture Alternative and an aggregate of $518,400 principal amount 2020 Debentures were properly deposited, and not withdrawn, pursuant to the Class B Share Alternative (as those terms are defined in the Issuer Bid circular dated July 24, 2020, in respect of the Offer (the "Circular"). Payment for such deposited and taken-up securities will be made on or before October 13, 2020.

Pursuant to National Instrument 62-104 - Take-Over Bids and Issuer Bids, the initial deposit period during which 2020 Debentures and Class B Shares may be deposited under the Offer has been extended for the mandatory 10-day extension period and accordingly the Offer will remain open for acceptance until 4:00 p.m. (Calgary time) on October 18, 2020.

Contact Information: Any questions or requests for assistance may be directed to the Issuer at 1043 19 Avenue SE, Calgary, Alberta T2G 1M1; 403-984-4050 or invest@urbanstarcapital.com. Additional information can be found in the Circular and the Notice of Change and Variation thereto dated September 1, 2020, copies of which are available on the Issuer's profile at www.sedar.com.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/65568