Regal Provides Update
TORONTO, Oct. 15, 2015 /CNW/ - Regal Lifestyle Communities Inc. ("Regal") (TSX:RLC) announced today that all of the required regulatory approvals have been obtained with respect to the proposed plan of arrangement with HCN-Revera Joint Venture ULC (the "Purchaser") pursuant to which the Purchaser will acquire all of the outstanding common shares of Regal. The Purchaser is a joint investment vehicle owned by Revera Inc. ("Revera") and Welltower Inc. (formerly known as Health Care REIT, Inc.) ("Welltower").
As permitted under the arrangement agreement, the Purchaser has exercised its right to extend the closing date of the transaction in order to finalize certain consents of the lenders under certain of Regal's mortgages. In conjunction with such extension, the Purchaser and each of Revera and Welltower have delivered a certificate waiving the remaining conditions to the Purchaser's obligation to complete the arrangement (with certain specified exceptions) and certain of the Purchaser's and each of Revera's and Welltower's termination rights under the arrangement agreement.
The parties currently anticipate that the transaction will close on or about October 26, 2015.
Regal also announced today a cash dividend of $0.0583 cents per share for the month ended October 31, 2015, payable on November 13, 2015, to shareholders of record on October 30, 2015, provided that the transaction does not close on or before October 30, 2015. As noted above, the parties currently anticipate that the transaction will close on or about October 26, 2015.
Further information regarding the terms of the transaction is available in Regal's management information circular dated July 14, 2015, which is available on SEDAR at www.sedar.com.
Shareholders with questions about submitting common shares to the arrangement, including with respect to completing the applicable letter of transmittal, can contact Computershare Investor Services Inc., who is acting as depositary under the arrangement, toll free at 1-800-564-6253 or outside North America at 1-514-982-7555 or by email at firstname.lastname@example.org.
Regal Lifestyle Communities Inc. is a corporation incorporated under the laws of the Province of Ontario which owns a portfolio of retirement communities offering a continuum of care from independent serviced living to a full range of assisted living programs. Regal's portfolio is comprised of 23 private pay retirement communities, consisting of over 3,600 suites, primarily located in the Province of Ontario and including communities located in each of the Provinces of British Columbia, Saskatchewan, Quebec and Newfoundland and Labrador.
This press release contains forward-looking information within the meaning of applicable securities laws that reflects the current expectations, estimates and projections of management about the future results, performance, achievements, prospects or opportunities for the companies following the arrangement and expectations regarding whether the arrangement will be consummated, including whether conditions to the consummation of the arrangement will be satisfied or the timing for completing the arrangement. The words "may", "would", "could", "should", "will", "anticipate", "believe", "plan", "expect", "intend", "estimate", "aim", "endeavour", "project", "continue", "predict", "potential", or the negative of these terms or other similar expressions have been used to identify these forward-looking statements.
Forward-looking statements are based upon a number of assumptions and are subject to a number of known and unknown risks and uncertainties, many of which are beyond management's control, and that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking statements. Management has attempted to identify important factors that could cause actual results, performance or achievements to vary from current expectations or estimates, expressed or implied, by the forward-looking information. However, there may be other factors that cause results, performance or achievements not to be as expected or estimated and that could cause actual results, performance or achievements to differ materially from current expectations. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those expected or estimated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.
The following factors could cause actual results to differ materially from those discussed in the forward-looking information: failure to satisfy the remaining conditions to completion of the arrangement; retention of employees, tenants, suppliers and other personnel being adversely affected by uncertainty surrounding the arrangement; and the inability to successfully integrate the operations of the companies following completion of the arrangement. Additional risks and uncertainties regarding Regal are described in its most recent Annual Information Form which is available on SEDAR at www.sedar.com.
This forward-looking information represents our views as of the date of this press release and such information should not be relied upon as representing management's views as of any date subsequent to the date of this document. While we anticipate that subsequent events and developments may cause our views to change, we do not intend to update this forward-looking information, except as required by applicable securities laws.
SOURCE Regal Lifestyle Communities Inc.