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VANCOUVER, British Columbia, June 27, 2024 (GLOBE NEWSWIRE) — Metro Vancouver Properties Corp. (“Metro Vancouver”), a Vancouver-based real estate company announces the results of a vote held at the special meeting of shareholders in favour of completing the previously announced going private transaction (the “Transaction”) by way of a share consolidation.

The vote in favour of the Transaction was approved by 94.63% of the votes cast by holders of Metro Vancouver’s Class B Voting Common Shares (the “Class B Shares”), excluding the votes cast by Madison Pacific Properties Inc. and its related entities and their joint actors.

The share consolidation is expected to be completed on or about July 4, 2024.

Under the share consolidation, all Class B Shares are being consolidated on the basis of one post-consolidation Class B Share for each 1,941,489 pre-consolidation Class B Shares, without any entitlement to receive fractional shares (including any beneficial shareholder). In lieu of receiving a fractional share, minority shareholders will be paid cash consideration of $0.36 per pre-consolidation Class B share (with no amount payable to registered shareholders who would be entitled to receive, net of withholding taxes, less than $5).

Metro Vancouver encourages registered Class B Shareholders to tender their shares of Metro Vancouver, along with a completed letter of transmittal, to Computershare Investor Services Inc. The form of letter of transmittal was included with the information circular and other meeting materials mailed to shareholders in connection with the special meeting.

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