Business & Finance
Business and Finance
Business and Finance
Mon, March 21, 2011
Fri, March 18, 2011 HOLLOWAY LODGING REAL ESTATE INVESTMENT TRUST ANNOUNCES REDEMPTION OF RIGHTS UNDER UNITHOLDER RIGHTS PLAN
HALIFAX, March 18 /CNW/ - Holloway Lodging Real Estate Investment Trust (TSX: HLR.UN) ("Holloway") announced that its Board of Trustees has determined to redeem all of the rights outstanding under the Unitholder Rights Plan (the "Plan") adopted by the Board on November 13, 2008 and approved by Holloway's unitholders on May 12, 2009. The Board has determined that it is in the best interests of the REIT to redeem the outstanding rights in accordance with the Plan terms. The Board's actions are not related to any specific acquisition proposal and Holloway is unaware of any take-over bid activity currently underway or contemplated. The Plan rights may be redeemed without the consent of the REIT unitholders at a redemption price of $0.00001 per right. No payment will be made to holders entitled to less than $10.
ABOUT HOLLOWAY LODGING REAL ESTATE INVESTMENT TRUST
Holloway is a real estate investment trust focused on acquiring, owning and operating select and limited service lodging properties and a small complement of full service hotels primarily in secondary, tertiary and suburban markets and providing investors with stable distributions. Holloway currently owns 22 hotels with 2,423 rooms. Holloway's units and convertible debentures trade on the Toronto Stock Exchange under the symbols HLR.UN, HLR.DB and HLR.DB.A, respectively.
