VANCOUVER, British Columbia, Oct. 21, 2024 (GLOBE NEWSWIRE) -- AllTrades Industrial Properties, Inc. (“AllTrades”) with a head office located at 1504 Eagle Ct suite 9, Lewisville, TX 75057, United States, a “control person” ((as such term is defined in the Securities Act (British Columbia)) of AIP Realty Trust (the “Trust”), whose head office is at Suite 2200, RBC Place, 885 West Georgia St. Vancouver, BC V6C 3E8 Canada and Greg Vorwaller of Vancouver, British Columbia, trustee and Chief Executive Officer of the Trust, announce that, pursuant to a private agreement between AllTrades and Mr. Vorwaller, AllTrades has transferred 300,000 class A trust units of the Trust (“Units”) on October 21, 2024, representing 6.09% of the issued and outstanding Units (the “Unit Transfer”).
Immediately prior to the closing of the Unit Transfer:
- AllTrades, together with joint actor Symfonia Ventures, LLC (“Symfonia”), owned and controlled, directly or beneficially, an aggregate of 1,500,000 Units (1,200,000 of which are held by Symfonia) and nil convertible securities to acquire Units, representing approximately 30.46% of the issued and outstanding Units (or approximately 18.93% of the Units assuming the conversion of the 3,000,000 preferred units – series B convertible of the Trust (“Preferred Units”)).
- Greg Vorwaller owned and controlled, directly or beneficially, an aggregate of 521,150 Units (250,000 of which are held by Mr. Vorwaller’s spouse) and nil convertible securities to acquire Units, representing approximately 10.58% of the issued and outstanding Units (or approximately 6.58% of the Units assuming the conversion of the Preferred Units).
Following the closing of the Unit Transfer:
- AllTrades, together with joint actor Symfonia, owns and controls, directly or beneficially, an aggregate of 1,200,000 Units (all of which are held by Symfonia) and nil convertible securities to acquire Units, representing approximately 24.37% of the issued and outstanding Units (or approximately 15.14% of the Units assuming the conversion of the Preferred Units).
- Greg Vorwaller owns and controls, directly or beneficially, an aggregate of 821,150 Units (250,000 of which are held by Mr. Vorwaller’s spouse) and nil convertible securities to acquire Units, representing approximately 16.67% of the issued and outstanding Units (or approximately 10.36% of the Units assuming the conversion of the Preferred Units).
The Unit Transfer was completed in satisfaction of an outstanding debt in the amount of US$105,000 owed to Mr. Vorwaller. The value of each Unit that was transferred to Mr. Vorwaller was determined to be US$0.35 (or $0.48307 ($144,921 in aggregate) based on the Bank of Canada’s daily exchange rate for October 18, 2024, being US$1.00 = $1.3802).
The Unit Transfer was completed for investment purposes and the Units owned by AllTrades and Mr. Vorwaller are held for investment purposes. In the future, AllTrades and Mr. Vorwaller may evaluate their respective investment in the Trust from time to time and may, based on such evaluation, market conditions and other circumstances, increase or decrease securityholdings held by AllTrades and Mr. Vorwaller, or their respective affiliates, as circumstances require through market transactions, private agreements, or otherwise, subject to applicable securities laws and other relevant factors.
The Unit Transfer was completed in reliance on the exemption from the formal bid requirements of Canadian securities legislation set out in Section 4.2 of National Instrument 62-104 – Take-Over Bids and Issuer Bids (“NI 61-104”). The Unit Transfer qualifies under Section 4.2 of NI 61-104 as the following conditions were satisfied:
- purchases were not made to more than five persons or companies in the aggregate;
- the bid was not made generally to security holders of the Units that were the subject of the bid; and
- the price paid for the Units was not greater than 115% of the market price of the Units as at the date of the bid.
This press release is being issued pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which requires reports to be filed under the Trust’s profile on SEDAR+ profile at www.sedarplus.ca containing additional information respecting the foregoing matters.
Copies of the Early Warning Reports being filed in connection herewith may be obtained on the Trust’s SEDAR+ profile or by emailing les.wulf@aiprealtytrust.com or calling (214) 679-5263.
About AllTrades
AllTrades develops, constructs, leases, and manages their proprietary brand of shallow bay light industrial flex spaces known as Serviced Industrial Business Suites (“SIBS”) that are rapidly filling a void in the industrial real estate marketplace.
About AIP Realty Trust
AIP Realty Trust is an unincorporated, open ended mutual fund trust with a growing portfolio of AllTrades branded SIBS light industrial flex facilities focused on small businesses and the trades and services sectors in the U.S. These properties appeal to a diverse range of small space users, such as contractors, skilled trades, suppliers, repair services, last-mile providers, small businesses and assembly and distribution firms. They typically offer attractive fundamentals including low tenant turnover, stable cash flow and low capex intensity, as well as significant growth opportunities. With an initial focus on the Dallas-Fort Worth market, AIP plans to roll out this innovative property offering nationally. AIP holds the exclusive rights to finance the development of and to purchase all the completed and leased properties built across North America by its development and property management partner, AllTrades Industrial Properties, Inc. For more information, please visit www.aiprealtytrust.com.
For further information from the Trust, contact:
Leslie Wulf
Executive Chairman
(214) 679-5263
les.wulf@aiprealtytrust.com
