Lanesborough completes trust unit exchange for 659,916,300 units

By Mary-Katherine Stinson

Lexington, Ky., Feb. 28 – Lanesborough Real Estate Investment Trust completed the previously announced exchange of the outstanding 5% series G redeemable subordinated secured debentures due June 30, 2022 plus C$8,185,015 representing all unpaid interest from Jan. 1, 2016 for 659,916,300 trust units in the capital of the REIT at a price of C$0.05 per trust unit, according to a press release Monday.

As previously reported, the exchange transaction effectively transferred control of Lanesborough to the debentureholders from the current holders of trust units as the current debentureholders now hold around 96.98% of the issued and outstanding trust units because of the transaction.

The trust units will continue to trade on the TSXV under the symbol “LRT.UN.”

The company has applied for the delisting of the debentures.

Lanesborough is a Winnipeg, Man.-based real estate investment trust that owns property across western Canada, in Ontario and in the Northwest Territories.

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