PRO Real Estate Investment Trust
TSX VENTURE : PRV.UN

PRO Real Estate Investment Trust

June 10, 2015 08:30 ET

PROREIT Announces Election of Trustees

MONTRÉAL, QUÉBEC--(Marketwired - June 10, 2015) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR DISTRIBUTION THROUGH UNITED STATES NEWS OR WIRE SERVICES.

PRO Real Estate Investment Trust ("PROREIT" or the "REIT") (TSX VENTURE:PRV.UN) is pleased to announce that each of the trustee nominees listed in the management information circular of PROREIT dated May 15, 2015 (the "Circular") were elected as trustees of the REIT. The vote was conducted at the REIT's annual and special meeting of unitholders, which took place on June 9, 2014 in Montreal. If a ballot vote had been taken, based solely upon proxies received by the REIT, the voting results for the election of trustees would have been as follows:

Nominee Votes For % Votes For Withheld % Votes Withheld
James W. Beckerleg 11,278,142 99.97 3,000 0.03
Vitale A. Santoro 11,275,642 99.95 5,500 0.05
Ronald E. Smith 11,050,527 97.96 230,615 2.04
John Levitt 11,050,527 97.96 230,615 2.04
Gérard A. Limoges 11,050,527 97.96 230,615 2.04
Shenoor Jadavji 11,276,569 99.96 4,573 0.04
Peter Aghar 11,274,069 99.94 7,073 0.06
Vincent Chiara 11,278,142 99.97 3,000 0.03
Martin Coté 11,275,642 99.95 5,500 0.05

The board of trustees is now composed of the following nine members: John Levitt (Chair), Peter Aghar, James W. Beckerleg, Vincent Chiara, Martin Côté, Shenoor Jadavji, Gérard A. Limoges, Vitale A. Santoro and Ronald E. Smith, six of whom are independent within the meaning of National Instrument 58-101, namely John Levitt (Chair), Vincent Chiara, Martin Coté, Gérard A. Limoges, Vitale A. Santoro and Ronald E. Smith.

The audit committee will now consist of Gérard A. Limoges (Chair), Martin Côté and Ronald E. Smith, the governance and compensation committee will now consist of Vitale A. Santoro (Chair), John Levitt and Gérard A. Limoges, the nominating committee will now consist of James W. Beckerleg (Chair), Peter Aghar, John Levitt and Ronald E. Smith, and the investment committee will now consist of James W. Beckerleg (Chair), Vincent Chiara, Shenoor Jadavji, John Levitt and Ronald E. Smith.

All other matters set out in the Circular were approved by the required majority of the unitholders at the meeting.

Other Matters

On June 9, 2015, following a recommendation of its governance and nominating committee, the REIT granted 191,550 deferred units to certain trustees, officers and employees pursuant to its long term incentive plan. The number of deferred units granted was based on a price of $2.30 per unit.

About PRO REIT

PROREIT is an unincorporated open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario. PROREIT was established in March 2013 to own a portfolio of diversified commercial real estate properties in Canada, with a focus on primary and secondary markets in Québec, Atlantic Canada and Ontario with selective expansion into Western Canada.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • PRO Real Estate Investment Trust
    James W. Beckerleg
    President and Chief Executive Officer
    514-933-9552

    PRO Real Estate Investment Trust
    Gordon G. Lawlor, CA
    Chief Financial Officer
    514-933-9552