First Capital REIT announced that it has entered into an agreement with Sandpiper Group and Artis Real Estate Investment Trust. Under the terms of the Agreement, Sandpiper and Artis will withdraw their previous meeting requisition, as well as their nominees for election to the board of trustees of First Capital (the “Board”). The Agreement contains customary standstill and other provisions, but does not provide for further changes to the Board.
“First Capital is pleased to have reached an agreement with Sandpiper and Artis that the Board believes is in the best interests of all unitholders. Our refreshed Board and management team will focus on continuing to enhance and unlock value across the REIT’s portfolio as we execute on the Optimization Plan,” said Paul C. Douglas, Chair of the Board.
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“We are pleased to have arrived at a settlement with First Capital. First Capital represents the highest quality grocery anchored retail REIT in Canada. There is strong momentum in this asset class and with the recent Board changes, including the appointment of a new chair, we look forward to a renewed commitment to govern and steward the REIT in a manner that will enhance value for all unitholders,” said Samir Manji, Founder and CEO, Sandpiper Group. “As a significant owner of First Capital, we will continue to collaborate with the Board and provide constructive input and ideas for their consideration,” continued Mr. Manji.
The annual and special meeting (the “Meeting”) of unitholders that was to be held on March 28, 2023 will be rescheduled. First Capital will announce the date of the rescheduled Meeting shortly.
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Advisors
Kingsdale Advisors is acting as strategic shareholder advisor to First Capital. Gagnier Communications is acting as communications advisor to First Capital. Stikeman Elliott LLP is acting as legal counsel to the Board. RBC Capital Markets is acting as financial advisor to First Capital.
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