/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
TORONTO, Nov. 25, 2015 /CNW/ - Starlight U.S. Multi-Family
(No. 2) Core Fund (the "Fund") (TSXV: SUD.A, SUD.U) announced today
that the Fund has entered into an automatic unit purchase plan (the
"Plan") with Raymond James Ltd. (the "Broker") in order to
facilitate repurchases of its Class A limited partnership units
(the "Class A Units") and class U limited partnership units (the
"Class U Units" and together with the Class A Units, the "Units")
under its normal course issuer bid ("Issuer Bid") which was
previously approved by the TSX Venture Exchange (the "TSX-V") and
commenced on July 24, 2015. The Plan
replaces the Fund's previously announced automatic repurchase plan
which terminated on October 23, 2015
in accordance with its terms.
Under the Issuer Bid, the Fund has the ability to purchase for
cancellation up to a maximum of 162,694 of its Class A Units and
46,635 of its Class U Units, representing 10% of the Fund's public
float of the Class A Units and Class U Units, respectively, at the
time the notice of intention to make the Issuer Bid was filed with
the TSX-V. The Fund may not purchase more than 2% of the issued and
outstanding Class A Units or Class U Units during any 30 day
period, which as at November 23, 2015
represented 33,480 Class A Units and 9,371 Class U Units,
respectively. The Issuer Bid will remain in effect until the
earlier of (i) July 22, 2016 and (ii)
the date on which the Fund has purchased the maximum number of
Units permitted under the Issuer Bid. To date the Fund has
purchased 2,800 Class A Units and no Class U Units under the Issuer
Bid.
Purchases under the Plan will be made by the Broker based on the
parameters prescribed by the TSX-V, applicable Canadian securities
laws and the terms of the written agreement between the Fund and
the Broker governing the Plan (the "Agreement"). The Plan is
intended for the purchase of Units only under the Issuer Bid. Under
the Plan, the Broker may purchase Units under the Issuer Bid when
the Fund would ordinarily not be permitted to do so. The Plan
commences on December 1, 2015 and
expires on July 22, 2016, unless
earlier terminated in accordance with the terms of the
Agreement.
The Fund believes the current market prices of the Units do not
reflect their underlying value. Accordingly, the Fund implemented
the Issuer Bid because it believes that Units may become available
during the period of the Issuer Bid at prices that would make the
purchase of such Units for cancellation in the best interests of
the Fund and its unitholders.
About Starlight U.S. Multi-Family (No. 2) Core Fund
The Fund is a limited partnership formed under the Limited
Partnerships Act (Ontario) for the
primary purpose of indirectly acquiring, owning and operating a
portfolio of diversified income producing rental properties in
the United States multi-family
real estate market.
Forward-Looking Information
This news release contains statements that may constitute
"forward-looking statements" within the meaning of Canadian
securities laws and which reflect the Fund's current expectations
regarding future events, including statements concerning the Issuer
Bid. Particularly, statements regarding future results,
performance, achievements, prospects or opportunities for the Fund
or the real estate industry are forward-looking statements. In some
cases, forward-looking statements can be identified by terms such
as "may", "might", "will", "could", "should", "would", "occur",
"expect", "plan", "anticipate", "believe", "intend", "seek", "aim",
"estimate", "target", "project", "predict", "forecast",
"potential", "continue", "likely", "schedule", or the negative
thereof or other similar expressions concerning matters that are
not historical facts.
The forward-looking statements in this news release involve
risks and uncertainties, including those set forth in the Fund's
materials filed with the Canadian securities regulatory authorities
from time to time at www.sedar.com. Actual results could differ
materially from those projected herein. Those risks and
uncertainties include, among other things, risks related to: the
effectiveness of the Issuer Bid; the experience of the Fund's
officers and directors; substitutes for residential real estate
rental units; reliance on property management; competition for real
property investments and tenants; and U.S. market factors.
Information contained in forward-looking statements is based
upon certain material assumptions that were applied in developing
such forward-looking statements including management's perceptions
of historical trends, current conditions and expected future
developments, as well as other considerations that are believed to
be appropriate in the circumstances, including the following: the
ability of the manager of the Fund to manage and operate the Fund's
properties; the ability of the property managers selected to
effectively manage the Fund's properties; the population of
multi-family real estate market participants; assumptions about the
markets in which the Fund operates; the global and North American
economic environment; foreign currency exchange rates; and
governmental regulations or tax laws. Readers are cautioned against
placing undue reliance on forward-looking statements. Except as
required by applicable Canadian securities laws, none of the Fund
or its manager undertake any obligation to update or revise
publicly any forward-looking statements, whether as a result of new
information, future events or otherwise, after the date on which
the statements are made or to reflect the occurrence of
unanticipated events.
Neither the TSXV nor its Regulation Services Provider (as
that term is defined in policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this
release.
SOURCE Starlight U.S. Multi-Family (No. 2) Core Fund