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Flagship Communities Real Estate Investment Trust Completes US$93.75 Million Initial Public Offering – Canada NewsWire

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/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./

TORONTO, Oct. 7, 2020 /CNW/ – Flagship Communities Real Estate Investment Trust (the “REIT“) (TSX:MHC.U) announced today that it has completed its initial public offering of 6,250,000 trust units (the “Units“) at a price of US$15.00 per Unit (the “Offering“). The Offering raised gross proceeds of US$93,750,000. The Units will begin trading on the Toronto Stock Exchange today under the symbol “MHC.U”.

The REIT has been formed to own and operate a portfolio of 45 income-producing manufactured housing communities (the “Initial Communities“), comprising 8,255 lots located in the following four contiguous states: Kentucky, Indiana, Ohio and Tennessee, and a fleet of approximately 600 manufactured homes for lease to residents of the Initial Communities (together with the Initial Communities and certain ancillary and head office assets, the “Initial Portfolio“) held indirectly by Flagship Operating, LLC. In connection with the closing of the Offering, the REIT is acquiring (the “Acquisition“) the Initial Portfolio other than two Initial Communities comprising 622 lots located in Louisville, being Barrington Pointe and Copperstone Pointe, which the REIT expects to acquire upon receipt of applicable necessary customary lender and servicer consents (the “Deferred Acquisition“). A portion of the net proceeds of the Offering will be used to fund the cash component of the Acquisition, to repay certain secured indebtedness, for capital expenditure reserves, to fund transaction costs associated with the closing of the Offering and for general business purposes. The consideration to be paid on closing of the Deferred Acquisition will be redeemable class B units in Flagship Operating, LLC, which class B units will be issued at the same per unit price as Units issued in the Offering.

The Offering was underwritten by a syndicate of underwriters co-led by Canaccord Genuity Corp. and BMO Capital Markets and including CIBC World Markets Inc., National Bank Financial Inc., RBC Dominion Securities Inc., Scotia Capital Inc., TD Securities Inc., Echelon Wealth Partners Inc. and Industrial Alliance Securities Inc. (collectively, the “Underwriters“). The REIT has granted to the Underwriters an over-allotment option, exercisable in whole or in part at any time for a period of 30 days following the closing of the Offering, to purchase up to an additional 937,500 Units at US$15.00 per Unit which, if exercised in full, would increase the total gross proceeds of the Offering to US$107,812,500. The net proceeds of the over-allotment option, to the extent exercised, will be used by the REIT to fund future acquisitions and for general business purposes.

Following completion of the Offering and the Acquisition that will close today, the executive officers of the REIT, Legacy Portfolio Holdings, LLC and certain other persons formerly owning an interest in the Initial Portfolio will retain an aggregate approximate 43.1% ownership interest in the REIT and will retain an aggregate approximate 39.7% ownership interest in the REIT if the over-allotment option is exercised (in each case, determined as if all redeemable securities are redeemed for units of the REIT). Upon completion of the Deferred Acquisition, the executive officers of the REIT, Legacy Portfolio Holdings, LLC and certain other persons formerly owning an interest in the Initial Portfolio will own an aggregate approximate 46.7% ownership interest in the REIT and an aggregate approximate 43.2% ownership interest in the REIT if the over-allotment option is exercised (in each case, determined as if all redeemable securities are redeemed for units of the REIT). 

Blake, Cassels & Graydon LLP, is acting as Canadian counsel to the REIT and Taft Stettinius & Hollister LLP and Adams, Stepner, Woltermann & Dusing, PLLC, are acting as U.S. counsel to the REIT. Torys LLP is acting as Canadian and U.S. counsel to the Underwriters.

No securities regulatory authority has either approved or disapproved the contents of this news release. The Units have not been and will not be registered under the United States Securities Act of 1933 (the “U.S. Securities Act“), as amended, or any state securities laws, 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 U.S. Securities Act, as amended) except pursuant to certain exemptions from the registrations requirements of the U.S. Securities Act and applicable state securities laws. This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the Units in the United States or to, or for the account or benefit of, U.S. persons.

Forward-Looking Statements

This press release contains statements that include forward-looking information within the meaning of Canadian securities laws. These forward-looking statements reflect the current expectations of the REIT regarding future events, including statements concerning the Acquisition and the Deferred Acquisition and the use of proceeds of the Offering. In some cases, forward-looking statements can be identified by terms such as “may”, “will”, “could”, “occur”, “expect”, “anticipate”, “believe”, “intend”, “estimate”, “target”, “project”, “predict”, “forecast”, “continue”, or the negative thereof or other similar expressions concerning matters that are not historical facts. Material factors and assumptions used by management of the REIT to develop the forward-looking information include, but are not limited to, the REIT’s current expectations that: inflation will remain relatively low; interest rates will remain relatively stable; tax laws remain unchanged; conditions within the U.S. manufactured housing communities industry, including competition for acquisitions, will be consistent with the current climate; the Canadian and U.S. capital and financial markets will provide the REIT with access to equity and/or debt at reasonable rates when required, notwithstanding the ongoing economic downturn; and the current members of management will continue their involvement with the REIT. While management considers these assumptions to be reasonable based on currently available information, they may prove to be incorrect.

Although management believes the expectations reflected in such forward-looking statements are reasonable and represent the REIT’s internal expectations and beliefs at this time, such statements involve known and unknown risks and uncertainties and may not prove to be accurate and certain objectives and strategic goals may not be achieved. A variety of factors, many of which are beyond the REIT’s control, could cause actual results in future periods to differ materially from current expectations of events or results expressed or implied by such forward-looking statements, such as the risks identified in the REIT’s final prospectus available at www.sedar.com, including under the heading “Risk Factors” therein. Readers are cautioned against placing undue reliance on forward-looking statements. Except as required by applicable Canadian securities laws, the REIT undertakes no 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.

SOURCE Flagship Communities Real Estate Investment Trust

For further information: Eddie Carlisle, Chief Financial Officer, Flagship Communities Real Estate Investment Trust, Tel: +1 (859) 568-3390

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Cannabis Canada: Organigram ups investment in synthetic cannabinoid business – BNN

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Organigram doubles down on synthetic cannabinoid investment 

Organigram Holdings said Friday it is providing an additional $2.5 million investment in Hyasynth Biologicals to help further the production of biosynthetic cannabinoids. Organigram made an initial $5 million invesment in the Montreal-based biotech firm in September 2018 and the Friday announcement represents the second of three tranches the cannabis producer has the right to make. Organigram has the right to purchase potentially all of Hyasynth’s cannabinoid production at a 10 per cent discount to the wholesale market price for a 10-year period. Several cannabis producers including Organigram and Cronos have invested significantly in synthetic cannabinoid research as a way to help drive down the cost of chemical compounds contained within the cannabis plant down to pennies per gram. 

B.C. political parties fail to address illegal dispensary sales ahead of election

British Columbians will be heading to the polls on Saturday, yet cannabis hasn’t received much attention in the provincial election despite the industry becoming a significant job and economic driver, The Oz reports. The B.C.-based news site said that none of the major provincial political parties are willing to address unlicensed cannabis dispensaries continuing to operate unfettered in the province. However, the NDP has announced some policies that would support the cannabis industry, including direct delivery from producers to retailers as well as allowing “farmgate” sales, where consumers could buy from cultivators directly at their facilities. 

New York to legalize cannabis ‘soon’ to help drive revenue: Governor

New York Governor Andrew Cuomo said he plans to legalize cannabis “soon” to help spur some badly needed economic development in the state, according to Marijuana Moment. Cuomo, who spoke during a virtual call to promote a new book, didn’t provide specifics on when legalization would occur, but his aides have previously communicated it would take place sometime early next year. “We need revenue and we’re going to be searching the cupboards for revenue,” Cuomo said. Previous efforts to legalize cannabis in New York have failed as negotiations between the governor and state legislators reached a stalemate on how tax revenue would be used. 

Daily Buzz:

$5.92

– The price of a gram of cannabis in Canada, down 2.0 per cent from the prior week, according to the Cannabis Benchmark’s Canada Cannabis Spot Index​​​​​​​​​​​. This equates to US$2,044 per pound at current exchange rates. 

Cannabis Canada is BNN Bloomberg’s in-depth series exploring the ongoing growth of the Canadian recreational cannabis industry. Read more here and subscribe to our Cannabis Canada newsletter to have the latest news delivered directly to your inbox every day.

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$7.3M investment signals long future for Wallaceburg hospital – Chatham Daily News

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WALLACEBURG – A $7.3 million Ontario government grant to construct a new power plant for the hospital here sends a strong signal the healthcare facility will remain open for many years to come.

The Ontario government is providing $7.3 million to pay for the construction of a new power plant at the Wallaceburg campus of the Chatham-Kent Health Alliance, which paves the way for future upgrades to the emergency department and diagnostic imaging. Taking part in the ceremonial ground breaking at the Wallaceburg hospital on Friday are, from left: Lori Marshall, CKHA present and CEO, Charles Sampson, chief of Walpole Island First Nation, Greg Aartsen, CKHA board chair, and Monte McNaughton, Minister of Labour, Training and Skills Development and MPP for Lambton-Kent-Middlesex. (Ellwood Shreve/Chatham Daily News)

WALLACEBURG – A $7.3-million Ontario government grant to build a new power plant for the hospital here sends a strong signal the health-care facility will remain open for many years to come.

“This is an investment in not only the care and delivery and services here today, it’s an investment in the future, because this does provide a substantial backbone for a further redevelopment of this site in the future,” said Lori Marshall, president and CEO of the Chatham-Kent Health Alliance following the funding announcement Friday.

Monte McNaughton, minister of labour, training and skills development, who made the funding announcement on behalf of Health Minister Christine Elliott, also indicated more money is coming.

“This will be the first stage of a redevelopment plan,” he said, adding there are plans to move the emergency room and diagnostic imaging to a new location on the north side of the hospital.

Marshall said building a new power plant, estimated to take a year to complete, is a commitment to future expansion.

“If we were just looking at sustaining the current building, we would not have needed the level of infrastructure that is going into this power plant,” she said.

“What the power plant actually does is gives us the level of infrastructure to truly support a new build, new code requirements all those kinds of things.”

Marshall said $7.3 million covers the cost of building the new power plant, along with the 10 per cent local requirement the hospital group had in reserve, so no fundraising will be needed.

She said plans have already been submitted for consideration to the Health Ministry for redeveloping the emergency room, diagnostic imaging and laboratory areas.

However, Marshall noted there is no firm timeline for when this expansion could happen.

Other future plans for upgrading the hospital include expanding ambulatory care, including specialty clinics, along with respiratory therapy, physiotherapy and laboratory services.

Walpole Island Chief Charles Sampson said the First Nations community has a long history with the hospital, noting many people from Walpole Island have worked there.

“The people of Walpole Island are very thankful of the tireless efforts from all the front-line, essential health-care workers in Chatham-Kent,” he added.

McNaughton noted the importance of local health care has only been amplified by the COVID-19 pandemic.

While fighting COVID-19 remains a priority, the MPP for Lambton-Kent-Middlesex said the provincial government intends “to invest in things that matter to people in Southwestern Ontario and beyond.”

When built in the 1950s at a cost of approximately $900,000, the Wallaceburg hospital “became a jewel of the community,” Greg Aarssen, the hospital board’s chair, said.

He added renewed focus on the site has seen reinvestment in the emergency department, additional respiratory therapy coverage, capital equipment upgrades and the addition of specialty clinics, as well as a partnership to provide community care nursing clinics.

“All of these set the stage for the reinvestment we are seeing from the Ontario government to ensure that hospital services remain an important part of this community,” Aarssen said.

However, it wasn’t that many years ago the community was fighting to keep the emergency department open and halt plans to have the site become an urgent care centre.

Wallaceburg Coun. Carmen McGregor said her first term on council included walking into a community effort by the citizen group, Save Our Sydenham, to fight to keep the hospital open.

“It was quite an initiation as a councillor to come into,” she said.

McGregor credited being able to work with former Wallaceburg councillor Jeff Wesley and the determination of the community to now see this “great news” for the future.

Noting she and fellow Wallaceburg Coun. Aaron Hall are working on initiatives to revitalize the downtown core, McGregor said, the hospital announcement “solidifies the direction we want to move in and will now encourage people to relocate to our community.”

Hall said Wallaceburg residents not only donated to build the hospital, but the whole community rallied for years to ensure it stayed open and viable.

He said the province isn’t going to invest more than $7 million if the hospital isn’t here to stay.

“It’s great news for Wallaceburg, great news for the future of the hospital,” Hall said.

eshreve@postmedia.com

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Lone Wolf announces strategic investment from Stone Point Capital to accelerate growth – Canada NewsWire

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The real estate industry is undergoing digital transformation as legacy manual processes and disparate systems transition to fully connected digital experiences. These trends are further spurred by the COVID-19 pandemic, with real estate professionals requiring digital tools to provide first–class experiences for buyers and sellers. Lone Wolf leads the way, offering the industry’s only end-to-end digital experience through transaction management tools, Marketplace partnerships, and back office products.

This investment by Stone Point empowers Lone Wolf to continue transforming real estate technology by enabling the acceleration of innovation with a mission to simplify the real estate experience for all. Stone Point’s expertise in real estate services and technology will help Lone Wolf streamline the end-to-end experience for agents and brokers, enabling them to deliver unparalleled experiences to their clients and members. Stone Point will provide Lone Wolf with additional growth capital to accelerate organic and inorganic product development. 

Over the past five years, Lone Wolf has significantly expanded its product portfolio beyond its flagship back office solution to encompass forms and transaction management through the national member benefits in the U.S. and Canada, Transactions (zipForm Edition) and CREA WEBForms®, respectively. The company has also incorporated new and emerging technologies such as artificial intelligence and machine learning with the launch of Lone Wolf Insights, while its most recent offering, Lone Wolf Marketplace, brings together over 30 partners to provide an all-in-one platform for agents and brokers. Collectively, these solutions now serve more than 1.4 million agents, 8,000 brokerages, and hundreds of MLSs and associations across North America.

“We’re excited to work with the team at Stone Point to continue our strategic growth,” said Jimmy Kelly, CEO of Lone Wolf. “Stone Point’s investment aligns with our vision to create a truly connected, fully digital real estate experience. We are thankful for the partnership and leadership of Vista Equity Partners over the last five years, and we remain committed to serving the real estate industry going forward.”

“We are enthusiastic about the long-term opportunities within the real estate services and technology industry,” added Chuck Davis, Stone Point’s CEO. “This industry is undergoing rapid digital transformation, and we are pleased to partner with Jimmy and his colleagues, who together have built a remarkable company and have demonstrated the vision to continue to grow and better serve their clients.”

Terms of the transaction will not be disclosed. Jefferies LLC and GCA Advisors, LLC served as financial advisors to Lone Wolf and Vista, and Kirkland & Ellis LLP served as their legal counsel. For Stone Point, Debevoise & Plimpton LLP served as legal counsel.

About Lone Wolf Technologies

Lone Wolf Technologies is the North American leader in residential real estate software, serving over 1.4 million real estate professionals across Canada and the U.S. With cloud solutions for agents, brokers, franchises, MLSs and associations alike, the company provides the entire real estate industry with the tools they need to amaze clients, build their business, and improve profits—from transactions to back office, insights, and more, all in one place. Lone Wolf’s head offices are in Cambridge, ON and Dallas, TX. For more information, please visit www.lwolf.com.

About Stone Point Capital LLC

Stone Point Capital is a financial services-focused private equity firm based in Greenwich, CT. The firm has raised and managed eight private equity funds – the Trident Funds – with aggregate committed capital of more than $26 billion. Stone Point targets investments in companies in the global financial services industry and related sectors. For more information, please visit www.stonepoint.com.

About Vista Equity Partners

Vista is a leading global investment firm with more than $58 billion in cumulative capital commitments. The firm exclusively invests in enterprise software, data and technology-enabled organizations across private equity, credit, public equity and permanent capital strategies, bringing an approach that prioritizes creating enduring market value for the benefit of its global ecosystem of investors, companies, customers and employees. Vista’s investments are anchored by a sizable long-term capital base, experience in structuring technology-oriented transactions and proven, flexible management techniques that drive sustainable growth. Vista believes the transformative power of technology is the key to an even better future – a healthier planet, a smarter economy, a diverse and inclusive community and a broader path to prosperity. Further information is available at vistaequitypartners.com. Follow Vista on LinkedIn @Vista Equity Partners.

For further information, please contact:

Kate Annis
VP, Marketing
Lone Wolf Technologies
Tel. 866.279.9653
Email. [email protected]

SOURCE Lone Wolf Technologies

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