Business & Finance
Business and Finance
Business and Finance
Mon, December 5, 2011 NorRock Realty Finance Corporation (TSX:RF.PR.A)(TSX:RF.A) Announces that ISS Recommends Shareholders Vote FOR the Plan of Arra
December 05, 2011 10:42 ET
NorRock Realty Finance Corporation (TSX:RF.PR.A)(TSX:RF.A) Announces that ISS Recommends Shareholders Vote FOR the Plan of Arrangement
TORONTO, ONTARIO--(Marketwire - Dec. 5, 2011) - NorRock Realty Finance Corporation (TSX:RF.PR.A)(TSX:RF.A) ("NorRock" or the "Corporation") is pleased to announce that Institutional Shareholder Services ("ISS") has recommended that NorRock shareholders vote FOR the Plan of Arrangement with Partners Real Estate Investment Trust, at the upcoming special meeting on December 15, 2011.
ISS is a leading independent international corporate governance analysis and proxy voting firm. Its recommendations assist shareholders in making decisions regarding proxy voting. In their analysis ISS said:
"The process appears to have been structured to protect minority interests. Independent committees of the respective boards negotiated the terms of the deal at arm's length [and] market reaction appears favourable."*
"We are pleased that ISS shares our view that supporting the Plan of Arrangement is in the best interest of all shareholders. We have negotiated the transaction to ensure NorRock shareholders receive a valuable premium to market value, stronger liquidity and an attractive yield," said Gordon Pridham, Chairman of the Independent Committee and the Board of Directors of NorRock.
Shareholders are reminded to vote their proxy FOR the Plan of Arrangement not later than 10:00 a.m. (Toronto Time) on December 13, 2011.
If you have any questions or require more information with regard to the procedures for voting or completing your proxy, please contact Kingsdale Shareholder Services Inc., the proxy solicitation agent of NorRock, by telephone at 1-866-851-3217 toll free in North America or (416) 867-2272 outside of North America or by email at [ contactus@kingsdaleshareholder.com ].
*Permission to quote from the ISS report was neither sought nor obtained.
NorRock Realty Finance Corporation
The Corporation is a mutual fund corporation incorporated under the laws of the Province of Ontario. The Corporation was created to obtain exposure to the investment performance of an actively managed portfolio of secured loans and investments in the Canadian commercial real estate sector on a tax-efficient basis.
Certain statements included in this news release constitute forward-looking statements including statements identified by the words "plan," "will" and "intend," and similar expressions or the negative thereof. The forward-looking statements are not historical facts but reflect the Corporation's current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations including but not limited to the ability of the Corporation to pay the distributions on October 14th 2011. Readers are cautioned not to place undue reliance on forward-looking information. The Corporation undertakes no obligation to update publicly or otherwise revise any forward-looking statement or information except as required by law.
