NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
LITTLE ROCK, Ark. and TORONTO, Aug. 27, 2020 (GLOBE NEWSWIRE) — BSR Real Estate Investment Trust (“BSR” or the “REIT”) (TSX:HOM.U and HOM.UN) announced today that it has entered into an agreement to sell to a syndicate of underwriters led by BMO Capital Markets, on a bought deal basis, US$40 million aggregate principal amount of 5.00% convertible unsecured subordinated debentures due September 30, 2025 (the “Debentures”) (the “Public Offering”).
In addition, the REIT has also granted the underwriters an option (the “Over-Allotment Option”), exercisable at any time, in whole or in part, for a period of 30 days following the closing of the Public Offering to purchase up to an additional US$6 million aggregate principal amount of Debentures, which, if exercised in full, would increase the gross proceeds of the Public Offering to approximately US$46 million.
The Debentures are convertible at the option of the holder into units of the REIT at US$14.40 per unit (the “Conversion Price”). The Conversion Price represents a conversion rate of approximately 69.4444 units for each US$1,000 principal amount of Debentures, subject to adjustment in accordance with a trust indenture to be entered into on or before closing of the Public Offering that will govern the Debentures. The Debentures will bear interest at a rate of 5.00% per annum and will be payable semi-annually on March 31 and September 30 until maturity on September 30, 2025, with interest payments commencing on March 31, 2021. The Debentures will not be redeemable by BSR prior to September 30, 2023. On or after September 30, 2023, but prior to September 30, 2024, the Debentures will be redeemable, in whole or in part, at a price equal to the principal amount plus accrued and unpaid interest, at BSR’s option, provided that the volume weighted average trading price of the US dollar denominated Units on the Toronto Stock Exchange for the 20 consecutive trading days ending five trading days preceding the date on which notice of redemption is given is not less than 125% of the Conversion Price. On and after September 30, 2024, the Debentures will be redeemable by BSR, in whole or in part, at a price equal to the principal amount plus accrued and unpaid interest.
BSR intends to use the net proceeds from the Public Offering to repay a portion of amounts outstanding on its credit facility (current outstanding balance of US$193 million) and for general trust purposes. Upon completion of the Public Offering (and assuming the Over-Allotment Option is exercised in full), BSR expects to have access to approximately US$98 million of available liquidity through unrestricted cash and borrowing capacity available under its credit facility. Following closing of the Public Offering, BSR expects to have acquisition capacity of approximately US$200 million to US$220 million to pursue its acquisition pipeline.
The Debentures forming part of the Public Offering will be offered in Canada pursuant to a base shelf prospectus dated November 8, 2019. The terms of the Debentures will be described in a prospectus supplement to be filed with securities regulators in all provinces and territories of Canada. Closing of the Public Offering is expected to take place on or about September 3, 2020 and is subject to the REIT receiving all necessary regulatory approvals, including approval of the Toronto Stock Exchange.
The Units have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, (the “1933 Act”) and may not be offered, sold or delivered, directly or indirectly, in the United States, or to, or for the account or benefit of, “U.S. persons” (as defined in Regulation S under the 1933 Act), except pursuant to an exemption from the registration requirements of the 1933 Act. This press release does not constitute an offer to sell or a solicitation of an offer to buy any Units in the United States or to, or for the account or benefit of, U.S. persons.
ABOUT BSR REAL ESTATE INVESTMENT TRUST
BSR Real Estate Investment Trust is an internally managed, unincorporated, open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario. The REIT owns a portfolio of multifamily garden-style residential properties located in attractive primary and secondary markets in the Sunbelt region of the United States.
This news release contains forward-looking information within the meaning of applicable securities legislation, which reflects the REIT’s current expectations regarding future events, including statements about the Public Offering and the proposed use of proceeds thereof available liquidity and acquisition capacity. In some cases forward-looking information can be identified by such terms as “will” and “expected”. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the REIT’s control that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. The REIT’s estimates, beliefs and assumptions, which may prove to be incorrect, including those relating to the REIT’s ability to complete the Public Offering and finance and complete future acquisitions, as well as that COVID-19 will not have a material impact on the REIT’s business. The risks and uncertainties that may impact such forward-looking information include, but are not limited to, the impact of COVID-19 on the REIT’s operations, business and financial results and the factors discussed under “Risks and Uncertainties” in the REIT’s Management’s Discussion and Analysis for the three and six months ended June 30, 2020 and in the REIT’s annual information form dated March 10, 2020, both of which are available on SEDAR (www.sedar.com). The REIT does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law. This forward-looking information speaks only as of the date of this news release.
For further information:
Susan Koehn, Chief Financial Officer, BSR Real Estate Investment Trust, Tel: 501.371.6335, Fax: 501.374.3383
UAE Makes Appointments to Investment Body, UN Aviation Group – BNN
(Bloomberg) — The United Arab Emirates appointed new heads to several federal committees, as well as a permanent representative to the International Civil Aviation Organization.
The UAE’s prime minister, Mohammed Bin Rashid Al Maktoum, named Thani Ahmed Al Zeyoudi as head of the federal committee for direct investment, according to the official news agency WAM. Saeed Mohammed Al Suwaidi was named as permanent representative for the UAE at the United Nations’ civil aviation body known as ICAO, WAM reported.
©2020 Bloomberg L.P.
Canadian Securities Regulators Publish Liquidity Risk Management Guidance for Investment Fund Managers – Canada NewsWire
TORONTO, Sept. 18, 2020 /CNW/ – The Canadian Securities Administrators (CSA) today published guidance to help investment fund managers develop and maintain effective liquidity risk management frameworks for investment funds.
For the purposes of this guidance, liquidity risk is the risk that a fund is unable to satisfy redemption requests without having a material impact on the remaining securityholders. A fund must be able to sell the underlying portfolio assets within a reasonable amount of time, in an orderly manner to satisfy redemption requests. Liquidity risk can increase when the liquidity of portfolio assets held by an investment fund does not match the redemption terms and conditions offered to its investors. In recent years, the management of this potential liquidity mismatch has been a key focus for regulators internationally and the asset management sector.
“Taking a preventative and proactive approach to liquidity risk management is critical to ensuring such risks are appropriately managed,” said Louis Morisset, CSA Chair and President and CEO of the Autorité des marchés financiers. “We are publishing this guidance to support investment fund managers in their ongoing development and maintenance of robust, effective liquidity risk management frameworks.”
The guidance contemplates normal and stressed market conditions, such as the global financial crisis in 2008 or the COVID-19 pandemic, and is based on existing regulatory requirements. It also recognizes that liquidity risk management is not “one-size-fits-all.” Investment funds vary in size, structure, investor base and other fund characteristics, and what may be considered a material risk for one fund may not be material for another.
While the guidance is intended for investment funds that are subject to National Instrument 81-102 Investment Funds, many of the practices and examples outlined may be relevant to other investment funds.
Under securities legislation, investment fund managers must establish and maintain an effective liquidity risk management framework and exercise due care, skill and diligence in managing the liquidity of their funds.
Investment fund managers should contact the securities regulator in their principal jurisdiction to discuss any questions or concerns.
The CSA encourages investment fund managers to consult the global liquidity risk management recommendations developed by the International Organization of Securities Commissions (IOSCO). These recommendations are designed to help fund managers respond to stressed market conditions.
As part of its ongoing continuous disclosure review program, the CSA will continue to monitor the liquidity risk management of funds.
The CSA, the council of the securities regulators of Canada’s provinces and territories, co- ordinates and harmonizes regulation for the Canadian capital markets.
For Investor inquiries, please refer to your respective securities regulator. You can contact them here.
For media inquiries, please refer to the list of provincial and territorial representatives below or contact us at [email protected].
For more information:
Jason (Jay) Booth
Nunavut Securities Office
SOURCE Canadian Securities Administrators
Manulife Investment Management earns top scores from United Nations-supported Principles for Responsible Investment – Canada NewsWire
C$ unless otherwise stated
TSX/NYSE/PSE: MFC SEHK: 945
An A+ was awarded for the strategy and governance, listed equity incorporation, and fixed-income SSA modules
TORONTO, Sept. 18, 2020 /CNW/ – Manulife Investment Management announced today that it has been recognized with top scores from the United Nations-supported Principles for Responsible Investment (PRI) annual assessment report. For the second year in a row, Manulife Investment Management received a score of A+ for strategy and governance from the PRI for integrating environmental, social, and governance (ESG) considerations into investment practices across a range of asset classes. An A+ was also awarded in the listed equity and fixed-income sovereign, supranational, and agency (SSA) integration modules.
Other notable achievements included:
- Manulife Investment Management’s public markets received an A in all other direct investment and active ownership PRI modules for which it was assessed. Other modules covered its investments in corporate bonds and securitized debt. Manulife Investment Management saw notable increases in its scores as compared to 2018 in areas such as: communications regarding ESG screens, and integration and implementation of analysis of the ESG information for internally managed listed equity holdings. There was also improvement in the number of companies engaged with and the intensity of engagement and effort. Similarly, for fixed income, Manulife Investment Management saw improvements in the integration and implementation of the ESG issues reviewed and its disclosure of approach with the public. For securitized, an outcome of either financial/ESG performance was also noted as an additional assessment indicator.
- Manulife Investment Management’s private markets continued to be recognized as a leader with real estate receiving an A for the third consecutive year under the property module. In addition, Manulife Investment Management demonstrated its commitment to sustainable investing within private markets by expanding the scope of the assessment in 2019 to include submissions for infrastructure and private equity, achieving a B in each respective module.
“Manulife Investment Management strives to be a leader in ESG investment practices as a responsible steward of client capital,” said Christopher P. Conkey, CFA, global head of public markets, Manulife Investment Management. “We are very proud of our investment teams for achieving an A+ for ESG strategy and governance for the second year in a row and for earning superior marks in the screening, integration, and engagements modules for listed equities and in direct fixed-income SSA. This is not only important for our clients who entrust us to implement ESG for specific portfolio goals, but also for the overall relevance of our strategies as we look to the future of investment management.”
“Sustainability is one of the keys to creating long-term value for our clients within private markets,” added Stephen J. Blewitt, global head of private markets. “It is important for us to consider sustainability because we’re generally long-term investors across a diverse range of private markets asset classes and submitting to the PRI is an opportunity for us to demonstrate transparency while tracking our progress. It is rewarding for the work we have done to be recognized.”
The key activities within Manulife Investment Management’s investment teams in 2019, which helped to achieve the PRI scores include:
- The release of its inaugural sustainable and responsible investment report in 2019.
- Increased integration in industry analysis, sovereign analysis, and securitized fixed income. Manulife Investment Management developed a proprietary sovereign ESG assessment model in 2019, which is currently in use by its investment teams as an input into credit analysis. The model produces sovereign-specific baseline views on ESG issues.
- The use of scenario analysis—a key tool for companies in demonstrating planning for climate change.
- Engagement with 724 companies in 940 separate engagements across all investment teams. In 2019, 26% of engagements had an environmental factor focus, 20% had a social factor focus, and 54% had a governance factor focus.
For more information on Manulife Investment Management, please visit manulifeim.com/institutional
About Manulife Investment Management
Manulife Investment Management is the global wealth and asset management segment of Manulife Financial Corporation. We draw on more than a century of financial stewardship and the full resources of our parent company to serve individuals, institutions, and retirement plan members worldwide. Headquartered in Toronto, our leading capabilities in public and private markets are strengthened by an investment footprint that spans 17 countries and territories. We complement these capabilities by providing access to a network of unaffiliated asset managers from around the world. We’re committed to investing responsibly across our businesses. We develop innovative global frameworks for sustainable investing, collaboratively engage with companies in our securities portfolios, and maintain a high standard of stewardship where we own and operate assets, and we believe in supporting financial well-being through our workplace retirement plans. Today, plan sponsors around the world rely on our retirement plan administration and investment expertise to help their employees plan for, save for, and live a better retirement.
As of June 30, 2020, Manulife Investment Management had CAD$900 billion (US$660 billion) in assets under management and administration. Not all offerings are available in all jurisdictions. For additional information, please visit manulifeim.com.
SOURCE Manulife Investment Management
For further information: Media contacts: Brooke Tucker-Reid, Manulife Investment Management Canada, 647-528-9601, [email protected]; Elizabeth Bartlett, Manulife Investment Management US and Europe, 857-210-2286, [email protected]; Carl Wong, Manulife Investment Management Asia, 852-2510-3180, [email protected]
Samsung Galaxy Z Fold 2 review: The best foldable yet, but expensive – Business Insider – Business Insider
One confirmed COVID-19 case reported at L'Essor – Windsor Star
Politics Podcast: How A Supreme Court Vacancy Will Shape The Election – FiveThirtyEight
Silver investment demand jumped 12% in 2019
Iran anticipates renewed protests amid social media shutdown
Richmond BBQ spot speaks out about coronavirus rumours Vancouver Is Awesome
- News23 hours ago
Trump claims Canada wants U.S. border reopened – CTV News
- Tech4 hours ago
The rawest PS5 images yet show exactly how big the console is – Video Games Chronicle
- Science23 hours ago
Venus is a Russian planet — say the Russians – CTV News
- Sports10 hours ago
NBA Playoffs 2020: Eight observations as Lakers dominate and cruise to comfortable Game 1 win over Nuggets – NBA CA
- Health23 hours ago
UK study finds new Covid-19 rapid test that gives result within 90 minutes – Deccan Herald
- Art23 hours ago
TrepanierBaer offers glimpse of the 1980s work of 'Alberta art royalty' Carroll Taylor Lindoe – SaltWire Network
- Tech23 hours ago
Are high churn rates depressing earnings for app developers? – TechCrunch
- News16 hours ago
Trump says Canada wants to reopen the border. But do we, really? – CBC.ca