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Clarke (OTC: SLTTF) completed its acquisition of Ravelin Properties REIT via a court-approved plan of arrangement. Clarke issued 2,500,000 new shares, equal to about 19.3% of its pre-deal shares, to acquire all REIT units and debentures, which were cancelled.
Clarke now owns 100% of 4,296,105,090 REIT units. Holders receive about 0.582 Clarke shares per 1,000 REIT units. REIT units and debentures are expected to be delisted from the TSX within three business days. Certain REIT loans were renegotiated, extending maturity to December 31, 2027 and cutting interest to 6.0%.
Ravelin Properties REIT (TSX:RPR.UN, OTC:SLTTF) received a final order from the Ontario Superior Court of Justice approving its plan of arrangement with Clarke. Under the arrangement, Clarke will acquire all outstanding REIT units and three series of convertible unsecured subordinated debentures.
The court order is the last substantive approval before closing. Completion is anticipated on or about May 29, 2026, subject to customary closing conditions. Shortly after closing, the REIT’s securities are expected to be delisted from the TSX, and the REIT plans to apply to cease being a reporting issuer under Canadian securities laws.
Ravelin Properties REIT (OTC:SLTTF) announced that REIT unitholders and debentureholders approved a plan of arrangement with Clarke. Unitholders approved by 68.69% of votes cast, and debentureholders by 98.20% of principal amount present.
The arrangement is expected to become effective around May 29, 2026, subject to court, TSX and customary closing conditions.
Ravelin Properties REIT (OTC:SLTTF) reports strong support for its proposed plan of arrangement with Clarke Inc., with 99.4% of debentureholder votes and 84.5% of unitholder votes cast in favour so far.
The REIT urges securityholders to vote FOR the deal before the May 21, 2026 proxy deadline, noting that failure to close could lead to alternative restructurings, potentially under CCAA, with likely no recovery for unitholders or debentureholders. The board and an independent special committee unanimously recommend approval, and the transaction has backing from proxy advisors Glass Lewis and ISS. Final completion still requires court, TSX and customary approvals, with meetings scheduled for May 25, 2026.
Ravelin Properties REIT (TSX:RPR.UN, OTC:SLTTF) announced financial results for the three months ended March 31, 2026. The REIT is an internally managed global owner and operator of well-located commercial real estate.
Ravelin's unaudited interim financial statements and MD&A are available on SEDAR+ and ravelinreit.com.
Ravelin Properties REIT (TSX:RPR.UN) reported strong support for its plan of arrangement with Clarke Inc.. About 85.3% of REIT debentureholders and 84.1% of votes cast by unitholders favour the transaction.
The REIT amended the plan so most defaults and third-party change-of-control provisions triggered by the arrangement are deemed waived, excluding secured lenders. Proxy advisors Glass Lewis and ISS recommend voting for the resolutions. Closing still requires REIT securityholder approval on May 25, 2026, court final order, TSX approval, and other customary conditions.
Ravelin Properties REIT (SLTTF) filed its management information circular and received an interim court order on April 22, 2026 to call special meetings on May 25, 2026 to vote on a plan of arrangement with Clarke. The Arrangement would exchange REIT Units and REIT Debentures for Clarke shares and cancel $157,950,000 principal amount of debentures.
Proxy, voting timelines, an Early Consent Deadline of May 8, 2026, and meeting logistics are included; completion remains subject to final court approval, TSX approval and customary closing conditions.