/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. 3) Core Fund (the "Fund") (TSXV: SUS.A,
SUS.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 222,344 of its Class A
Units and 33,235 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 44,878 Class A
Units and 6,699 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 3,200 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. 3) 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. 3) Core Fund