NexLiving Communities Announces Shareholder Approval in Connection with Devcore Group Transaction
HALIFAX, NS, April 3, 2024 /CNW/ - (TSXV: NXLV) – NexLiving Communities Inc. ("NexLiving" or the "Company") is pleased to announce that shareholders voted in favour of the resolution (the "Transaction Resolution") in connection with the Company's previously announced transaction to acquire from Devcore Group Inc. and related entities ("Devcore") a portfolio of multi-family assets in eastern Ontario and Québec consisting of 16 properties and 991 units in exchange for share consideration and the assumption of existing mortgages (collectively, the "Transaction").
Approximately 93.5% of Shareholders voted in favour of the Transaction Resolution, which required and received approval by at least a majority of the Shareholders present in person or by proxy at the special meeting held today (the "Meeting").
The Company and Devcore continue to make progress towards closing the Transaction and subject to receipt of final approval from the TSXV and all other conditions being satisfied or waived, including certain regulatory and lender approvals, the Company expects that the Transaction will close during the second quarter of 2024. The Company has previously reported receiving Competition Act approval and conditional approval from the TSXV on February 21, 2024.
Further information about the Transaction and the Transaction Resolution are set forth in the materials prepared by NexLiving in respect of the Meeting, copies of which are available under the Company's profile on SEDAR+.
NexLiving continues to execute on its plan to acquire recently built or refurbished, highly leased multi-residential properties in bedroom communities across Canada. NexLiving aims to deliver exceptional living experiences to our residents and provide comfortable, affordable housing solutions that cater to a wide range of demographics. The properties offer a range of modern and updated suites, with a variety of amenities and features that allow residents to experience a hassle-free and maintenance-free lifestyle. NexLiving is committed to investing in its properties to ensure that they are modern and up to date. For its recently acquired properties in Ontario, the Company has undertaken a targeted value-add capital program to modernize and reposition the large existing suites. The Company currently owns 1,166 units in New Brunswick and Ontario. NexLiving has also developed a robust pipeline of qualified properties for potential acquisition. By screening the properties identified to match the criteria set out by the Company (proximity to healthcare, amenities, services and recreation), management has assembled a significant pipeline of potential acquisitions for consideration by the Board.
For more information about NexLiving, please refer to our website at www.nexliving.ca and our public disclosure at www.sedarplus.ca.
This news release contains forward-looking information within the meaning of applicable Canadian securities laws ("forward-looking statements"). All statements other than statements of historical fact are forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "projects", "estimates", "forecasts", "intends", "continues", "anticipates", or "believes", or variations (including negative variations) of such words and phrases. Forward-looking statements may also state that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements contained in this news release include, but are not limited to, statements regarding the closing of the Transaction. Such forward-looking statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. These forward-looking statements reflect the current expectations of the Company's management regarding future events and operating performance, but involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Actual events could differ materially from those projected herein and depend on a number of factors. These risks and uncertainties are more fully described in NexLiving's regulatory filings, which can be obtained on SEDAR+ at www.sedarplus.ca under NexLiving's profile, as well as under the "Risk Factors" section of the Company's MD&A released on November 27, 2023. Although forward-looking statements contained in this news release are based upon what management believes are reasonable assumptions, there can be no assurance that the Company's actual results will be consistent with these forward-looking statements. Accordingly, readers should not place undue reliance on the forward-looking statements contained in this news release. The forward-looking statements in this new release speak only as of the date of this news release. Except as required by applicable securities laws, the Company does not undertake, and specifically disclaims, any obligation to update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law.
SOURCE NexLiving Communities Inc.
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