|By PR Newswire||
|February 4, 2014 10:58 PM EST||
TORONTO, Feb. 4, 2014 /CNW/ - As disclosed earlier today, Orange Capital, LLC ("Orange Capital") formally requisitioned the board of trustees (the "Board") of InnVest Real Estate Investment Trust ("InnVest") to call a special meeting of unitholders for the purpose of reconstituting the Board with seven new independent trustees (the "Requisition"). The nominees proposed by Orange Capital are Robert Gemmell, Heather-Anne Irwin, Daniel Lewis, Robert McFarlane, Dr. Anthony Melman, Edward Pitoniak, and Robert Wolf (the "Nominees"). While the Nominees are independent of Orange Capital, the Nominees may be considered to be acting jointly or in concert with Orange Capital and Orange Capital Master I, Ltd., an investment fund managed by it ("OCMI", together with Orange Capital, "Orange"). Accordingly, Orange is updating its early warning report dated January 30, 2014 to reflect this.
Other than Daniel Lewis, the Nominees beneficially own, or exercise control or direction over, a total of 154,900 units of InnVest, representing approximately 0.17% of the outstanding units based on 93,809,805 units issued and outstanding as of November 6, 2013 as stated by InnVest in its management discussion & analysis for the third financial quarter ended September 30, 2013 (the "Outstanding InnVest Units"). By virtue of his role as Managing Partner of Orange Capital, Mr. Lewis has control or direction over all of the units beneficially owned by Orange Capital, which are held by OCMI. Together, Orange and the Nominees beneficially own, or exercise control or direction over, a total of 9,691,300 units representing approximately 10.33% of the Outstanding InnVest Units.
Orange and the Nominees hold the units of InnVest for investment purposes. Depending on market and other conditions, Orange and/or the Nominees may determine, from time to time, to increase or decrease their respective ownership, or control and direction over, securities of InnVest.
About Orange Capital, LLC
Orange Capital is a New York based investment firm. The firm is a value-oriented investor in event-driven securities. The firm allocates across the capital structure on an opportunistic basis. Orange Capital was co-founded in 2005 by Daniel Lewis and Russell Hoffman. Prior to founding the firm, Orange Capital's portfolio manager, Daniel Lewis, was a director with Citigroup's Global Special Situations Group.
Neither the issuance of this news release nor the filing by Orange Capital of an "early warning" report required to be filed in accordance with applicable Canadian securities laws is an admission that any individual or entity named or referred to in this news release or in an "early warning" report of Orange owns or controls any described securities or is a joint actor with another individual or entity named or referred to in this news release.
The address of Orange and other contact information is set forth below. For further information, including to obtain a copy, once filed, of the "early warning" report required to be filed in accordance with applicable Canadian securities laws, contact Orange Capital at the address specified below.
SOURCE Orange Capital, LLC
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