Starlight U.S. Multi-Family Core Fund Announces Initial Distribution and Exchange Ratios for Convertible Units
/NOT FOR DISSEMINATION IN THE UNITED STATES/
TORONTO, May 22, 2013 /CNW/ - Starlight U.S. Multi-Family Core Fund (TSXV:UMF.A,UMF.U; the "Fund") announced today its first cash distribution on the outstanding Class A Units, Class C Units, Class F Units, Class I Units and Class U Units (collectively, the "Units"). The distribution per class of Units will be as follows:
i. | C$0.03747 per Class A Unit; |
ii. | C$0.04364 per Class C Unit; |
iii. | C$0.04266 per Class F Unit; |
iv. | C$0.04135 per Class I Unit; and |
v. | US$0.03718 per Class U Unit. |
The distribution will be paid on June 14, 2013 to unitholders of record as at May 31, 2013. The distribution amounts in respect of the Class A Units, Class F Units and Class I Units reflect the applicable Agents' Fee (as defined in the Fund's second amended and restated limited partnership agreement dated May 17, 2013 (the "Limited Partnership Agreement")), and the distribution amounts in respect of the Class A Units and Class U Units also reflect the Service Fee (as defined in the Limited Partnership Agreement), that such classes of Units are subject to. The distributions in respect of the Class A Units, Class C Units, Class F Units and Class I Units were determined in U.S. dollars and converted into Canadian dollars at the current spot rate available to the Fund. The distribution amounts are based on the proceeds of the Fund's initial public offering deployed to date. Starlight Investments Ltd., the manager of the Fund, continues to identify and consider, on behalf of the Fund, additional properties meeting the Fund's criteria for acquisition in order to deploy the remaining unallocated proceeds from the Fund's initial public offering.
The Fund also announced the exchange ratios for the conversion of the Class C Units, Class F Units and Class I Units, which are each convertible into Class A Units in accordance with and subject to compliance with the terms and conditions of the Limited Partnership Agreement. For each Class C Unit, Class F Unit and Class I Unit so converted, a holder will receive that number of Class A Units equal to the following exchange ratio:
Class C Units: | 1.0543 |
Class F Units: | 1.0306 |
Class I Units: | 0.9990 |
No fractions of Class A Units will be issued upon conversion, and any fractional amounts will be rounded down to the nearest whole number of Class A Units.
About Starlight U.S. Multi-Family Core Fund:
The Fund is a limited partnership formed under the Limited Partnerships Act (Ontario) for the primary purpose of indirectly acquiring, owning and operating a portfolio of diversified income producing rental properties in the U.S. multi-family real estate market.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Starlight U.S. Multi-Family Core Fund
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Evan Kirsh
President, Starlight U.S. Multi-Family Core Fund
647-725-0417
[email protected]
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