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 normal course purchases of Class A Units of Northview Residential REIT. The exemption allows them to exclude the Class A Units acquired during a recent recapitalization transaction from the 5% purchase limit calculation, while including other convertible securities. This decision was made to provide market liquidity and was supported by the REIT’s management and trustees. The exemption is conditional on compliance with the Normal Course Purchase Exemption requirements, with specific adjustments for the recapitalization transaction. Relevant laws include NI 62-104 and Multilateral Instrument 11-102.
