This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Orange Capital Responds To Partners REIT Strategic Review Announcement

TORONTO, May 9, 2014 /CNW/ - Orange Capital, LLC ("Orange Capital" or "We"), a concerned unitholder of Partners Real Estate Investment Trust (TSX: PAR.UN) ("Partners REIT" or the "REIT"), today issued the following statement regarding the REIT's announcement of a strategic alternatives process designed to maximize value for unitholders ("Strategic Review"):

Notwithstanding that this is the REIT's second such Strategic Review in less than six months, Orange Capital welcomes the Trustees' decision to conduct a process where the sole objective is to maximize unitholder value.  We believe there are added benefits to the Strategic Review such that prospective buyers will require a "data room" to conduct due diligence, adding much needed transparency and discovery with respect to the REIT's:
  • Valuation and quality of assets along with the liabilities to be assumed, including the three (3) Ontario properties acquired from Holyrood Holdings Limited ("Holyrood") in April 2014 ("Ontario Property Acquisition");
  • Internal controls and information systems;
  • Past and existing arrangements with employees; and
  • Financial projections, assumptions, and forecasts.

On May 1, 2014, Orange Capital publicly raised very serious concerns regarding Partners REIT's recently closed Ontario Property Acquisition and requested an immediate independent forensic investigation. Within days of Orange Capital's public statements, the REIT announced it had obtained material "new" information with respect to the Ontario Property Acquisition that persuaded the Trustees to believe that Mr. Ron McCowan and Ms. Laura Philp, the owner of Holyrood, do indeed have a "close business relationship" and "should be considered to be acting together under applicable regulation." Meanwhile, Orange Capital believes the material "new" information that the Trustees obtained: (a) was at all times, readily accessible in the public domain; (b) was the subject matter of discussion in the press and by analysts; and (c) should have been considered before the transaction was concluded, had there been any reasonable due diligence."

Subsequent to this admission by the REIT, Orange Capital requested the Trustees immediately resign, deeming them unfit to serve on behalf of unitholders.  Orange Capital has received numerous expressions of support from other unitholders who are dismayed by the actions of Partners REIT's Trustees, including their failure to negotiate constructively with Orange Capital.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.74 -1.15%
FB $117.58 0.73%
GOOG $693.01 0.29%
TSLA $240.76 -2.81%
YHOO $36.60 0.03%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs