The Securities Commission granted an exemption to Daniel Drimmer and his affiliates from the take-over bid requirements under National Instrument 62-104 (NI 62-104) in connection with their proposed normal course purchases of Class A Units of Northview Residential REIT. The exemption allows Drimmer and his affiliates to acquire additional Class A Units in the market, provided these purchases comply with section 4.1 of NI 62-104, with specific modifications for calculating the 5% purchase limit. The decision was based on the facts that Drimmer’s acquisition of a large block of convertible securities was approved by minority security holders, and the purchases aim to provide market liquidity without seeking control of the REIT. The Alberta Securities Commission acted as the principal regulator, and the decision is also recognized by the Ontario Securities Commission.
