SYS-CON MEDIA Authors: Peter Silva, Unitiv Blog, RealWire News Distribution, Kevin Benedict, PR.com Newswire

News Feed Item

InnVest Real Estate Investment Trust Announces Formation of Special Committee of the Board of Trustees

TORONTO, ONTARIO -- (Marketwired) -- 02/07/14 -- The Board of Trustees of InnVest Real Estate Investment Trust ("InnVest" or the "Trust") (TSX: INN.UN) today announced the formation of a special committee to supervise the Trust's response to the unitholder meeting requisition from Orange Capital, LLC.

The Special Committee is comprised of Frank Anderson, Edward Boomer, Laurence Geller, Morton Gross and Fernand Perreault, each of whom is an independent trustee of InnVest. Laurence Geller will act as Chair of the Special Committee. The Special Committee's mandate is broad and includes considering the strategic direction proposed by Orange Capital and alternatives thereto, all with a view to continuing to enhance unitholder value.

The Special Committee is considering Orange Capital's meeting requisition and the Trust will respond to Orange Capital's request within 21 days of the February 4 requisition, as required by InnVest's declaration of trust. The requisition proposes that the five independent trustees be removed from the Board, that the size of the Board be increased from seven to nine, and that unitholders appoint seven Orange Capital nominees to the Board. These nominees are proposed to constitute a majority of the Board of Trustees. Orange Capital has also made public filings indicating that it beneficially owns approximately 10.33% of the outstanding units of InnVest.

The Board of Trustees and the Special Committee value the views of InnVest's unitholders and the Special Committee has made arrangements to meet with Orange Capital early next week to discuss its concerns.

TRUST PROFILE

InnVest is an unincorporated open-ended real estate investment trust which owns a portfolio of 127 hotels across Canada representing approximately 16,000 guest rooms operated under internationally recognized brands. InnVest also holds a 50% interest in Choice Hotels Canada Inc., one of the largest franchisors of hotels in Canada.

InnVest's units and convertible debentures trade on the Toronto Stock Exchange (the "TSX") under the symbols INN.UN, INN.DB.C, INN.DB.D, INN.DB.E, INN.DB.F and INN.DB.G.

Contacts:
InnVest Real Estate Investment Trust
Chantal Nappert
Vice President, Finance and Investor Relations
(905) 624-7806
(905) 206-7114 (FAX)
www.innvestreit.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.