Slate Grocery REIT Special Committee to Review Strategic Alternatives
Slate Grocery REIT (TSX: SGR.U) (TSX: SGR.UN) (the “REIT”), today confirmed that the Board of Trustees has established a special committee of independent trustees (the “Special Committee”) in response to an unsolicited proposal (the “Proposal”) received from affiliates of Slate Asset Management, the external manager of the REIT (the “Manager”).
The Special Committee has a broad mandate to consider and evaluate a broad range of strategic alternatives, including, but not limited to, a sale of the REIT. At this point, the Special Committee has determined to initiate a formal process to solicit proposals from third parties.
“The Committee recognizes that the value of the underlying portfolio may not be fully reflected in the public markets, and as such, we are evaluating various alternatives ranging from initiatives under the status quo, to a whole company sale,” said Marc Rouleau, Chair of the Special Committee. “We are focused on finding a path that maximizes value for all unitholders”, said Andrea Stephen, Chair of the Board.
The Special Committee has retained Evercore as its exclusive financial advisor and Fasken Martineau DuMoulin LLP and Sidley Austin LLP as its independent legal counsel. The Special Committee has also engaged Raider Hill Advisors, L.L.C. as its exclusive special real estate advisor.
