Bay Terrace Limited Partnership

April 12, 2012 11:37 ET

Bay Terrace Limited Partnership Announces Approval for Consolidation of Partnership Units and Privatization

TORONTO, ONTARIO--(Marketwire - April 12, 2012) -

NOT FOR DISTRIBUTION IN THE UNITED STATES

Bay Terrace Limited Partnership (the "Partnership") is pleased to announce that, further to its press release of March 7, 2012, it has received approval from the limited partners of the Partnership ("Limited Partners") to effect an amendment to the Partnership's limited partnership agreement whereby the outstanding limited partnership units of the Partnership (the "Units") will be consolidated at a ratio of one Unit (a "Post-Consolidation Unit") for every 80 Units existing prior to the consolidation (the "Consolidation").

Fractional Post-Consolidation Units will be cancelled and Limited Partners holding fractional units will be entitled to receive $12,000 for each Unit held immediately prior to the Consolidation. Any Limited Partner who would be entitled to receive less than one whole Post-Consolidation Unit will cease to be a limited partner of the Partnership.

It is expected that the Partnership will apply to cease to be a reporting issuer once the Consolidation is effected.

Contact Information

  • Bay Terrace Limited Partnership
    Maryke Wharton
    77 Bloor Street West, Suite 2000
    Toronto, Ontario
    M5S 1M2
    (416) 966-8456