Slate Asset Management acquires Huntingdon Capital and assumes FAM REIT Management

Slate Asset Management LP (Slate) and Huntingdon Capital Corp. (Huntingdon) completed the plan of arrangement between Huntingdon and Slate Capital Corporation (Slate Capital), a wholly-owned subsidiary of Slate, whereby Slate Capital acquired all of the issued and outstanding shares of Huntingdon in a cash transaction valued at approximately $210 million.

With the completion of the Arrangement, Slate also assumed the management of FAM Real Estate Investment Trust. Under the terms of the Arrangement, Huntingdon shareholders received as consideration $13.25 in cash for each issued and outstanding Huntingdon common share. Huntingdon warrantholders holding unexercised common share purchase warrants of Huntingdon received as consideration $13.25 in cash less the exercise price of $9.00 for each such Huntingdon warrant.

In addition, in connection with the Arrangement, Huntingdon repurchased $27,860,000 principal amount of its outstanding 7.5 per cent secured debentures due on December 31, 2016, in accordance with the terms of Huntingdon's previously announced offer for such debentures.

Huntingdon, headquartered in Richmond, British Columbia, is a real estate operating company.

Slate, headquartered in Toronto, Ontario, is a commercial real estate investor and asset manager.

Borden Ladner Gervais LLP acted as counsel to Huntingdon with a team led by Jeffrey Read that included Stephen Robertson and Robert Wallis.

Slate was represented by Ramsey Ali, General Counsel, and by McCarthy Tétrault LLP, with a team led by John Currie and Jonathan See (real estate) and Matthew Cumming (M&A) that included Michael Eldridge and Jeremy Pleasant (M&A); Jeffrey Knowles and Andrejs Mistiouk (real estate) and Patrick McKay (tax).