PUBLIC STORAGE CANADIAN PROPERTIES
TSX : PUB

PUBLIC STORAGE CANADIAN PROPERTIES

September 08, 2010 16:49 ET

Public Storage Canadian Properties Announces Voting Results of the Special Meeting of Unitholders and the Transfer of Outstanding Units

TORONTO, ONTARIO--(Marketwire - Sept. 8, 2010) - Public Storage Canadian Properties (the "Partnership") (TSX:PUB) announced today that unitholders of the Partnership ("Unitholders") have approved the extraordinary resolution (the "Extraordinary Resolution") amending the provisions in the Agreement of Limited Partnership of the Partnership dated December 2, 1998, as amended in order to permit PS Canada Company ULC ("PS Canada") to effect a compulsory transfer (the "Transfer") of all units of the Partnership ("Units") not held by PS Canada, SG Canadian Investors ULC and their respective affiliates ("Affected Units") to certain wholly-owned subsidiaries of PS Canada for $20.00 cash per Unit (the "Consideration"), to provide that no distributions will be made in 2010 to Unitholders in respect of the financial quarters ending September 30, 2010 or December 31, 2010 and to revise provisions for the allocation of net income of the Partnership for the financial year ending December 31, 2010.

At a special meeting held in Toronto earlier today ("Special Meeting"), Unitholders approved the Extraordinary Resolution, with over 91.8% of the votes cast in favour. In addition 78.6% of minority unitholders cast votes in favour of the Extraordinary Resolution.

Following the special meeting, the Transfer was triggered today by the delivery of a written notice from PS Canada to CIBC Mellon Trust Company, the depositary for the Transfer (the "Depositary"), and to Canadian Mini-Warehouse Properties Company, the general partner of the Partnership. As a result, all of the Units are now held solely by PS Canada, SG Canadian Investors ULC and their respective affiliates. The Partnership will apply to delist the Units from the Toronto Stock Exchange and to cease to be a reporting issuer in each of the provinces and territories of Canada.

Registered holders of Affected Units will have received a letter of transmittal with the information circular sent to Unitholders in connection with the Special Meeting (or may obtain a letter of transmittal from the Depositary) and must complete and sign the letter of transmittal and deliver it to the Depositary together with the certificate(s) representing Affected Units and such other documents as the Depositary may reasonably require in order to receive payment of the Consideration. Further details were set out in the letter of transmittal and such information circular. Holders of Affected Units who hold Units through a securities dealer, broker, bank, trust company, trustee or administrator of a self-administered RRSP, RRIF or RESP or other intermediary are non-registered Unitholders and should contact their intermediary with respect to the receipt of the Consideration for their Units.

Partnership Information

Public Storage Canadian Properties is a limited partnership formed under the Limited Partnerships Act (Ontario). The Partnership owns, and derives substantially all of its income from, 27 operating self-storage facilities across Canada, of which sixteen facilities are located in Ontario, four are located in British Columbia, six are located in Québec and one is located in Alberta. In addition, the Partnership owns parcels of land in Orleans, Ontario, and Richmond Hill, Ontario for development into new self-storage facilities. More information about the Partnership is available on the Internet. The Partnership's main website is at www.publicstoragecanada.com. The Partnership's investor website is www.pscinvestor.com.

Contact Information

  • Public Storage Canadian Properties
    Vincent Chan
    (866) PS-CANADA or (866) 772-2623