N@N

GT CANADA MEDICAL PROPERTIES ANNOUNCES SHAREHOLDER APPROVAL FOR PROPOSED REIT CONVERSION AND ACQUISITION

^{Published on 2010-11-17 10:40:32 - Market Wire}
 

TSX-V: MOB

TORONTO, Nov. 17 /CNW/ - GT Canada Medical Properties Inc. ("GT Canada") is pleased to announce that its shareholders have overwhelmingly approved the following transactions (previously announced by GT Canada on October 19, 2010) at a special shareholder meeting held November 16, 2010:

• the proposed conversion (the "Conversion") of GT Canada into a real estate investment trust (the "REIT"); and
• the proposed acquisition (the "Acquisition") by the REIT of a portfolio of five medical office buildings, including one substantially pre-leased property currently under construction. 

The resolutions approving the Conversion and Acquisition were approved by 100% of the votes cast.  At the meeting, GT Canada's shareholders also overwhelming approved a reduction in stated capital of GT Canada's common shares and a new unit option plan for the REIT. Where necessary, matters were approved by a "majority of the minority" of shareholders as required by applicable securities laws.

The Conversion and Acquisition (which remains conditional on the completion of the REIT's previously announced public offering) are anticipated to close concurrently prior to November 30, 2010.

An information circular detailing the terms of the proposed Conversion and Acquisition is available at [ www.sedar.com ].

Reader Advisory

This news release contains "forward-looking statements" within the meaning of applicable securities laws relating to the proposal to complete the proposed transaction. There can be no assurance that the Conversion and Acquisition will be completed as proposed or at all.  The factors identified above are not intended to represent a complete list of the factors that could affect GT Canada. For a complete discussion of such risk factors, see the information circular mailed to shareholders in connection with the Conversion and Acquisition, a copy of which is available at [ www.sedar.com ].

Investors are cautioned that, except as disclosed in the management information circular to be prepared in connection with the Conversion and Acquisition, any information released or received with respect to the Conversion and Acquisition may not be accurate or complete and should not be relied upon. 

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.

%SEDAR: 00030592E