BTB sees Ewing Morris's offer close for 8.24M units

Executive Summary

• Ewing Morris has successfully completed its all-cash tender offer to acquire units in BTB Real Estate Investment Trust.
• The offer was oversubscribed, resulting in a proration factor of approximately 97.9% for deposited units.
• Upon completion, Ewing Morris will hold 8,243,100 units, representing approximately 9.85% of BTB's issued and outstanding units.

Key Details

• Offer Price: $4.10 per unit (all-cash).
• Aggregate Cost: Approximately $32.8 million.
• Proration: Due to oversubscription, a proration factor of approximately 97.9% was applied to deposited units.
• Post-Transaction Ownership: Ewing Morris will own 8,243,100 units, representing approximately 9.85% of BTB's issued and outstanding units.
• Payment Mechanism: Payment will be effected by Odyssey Trust Company, the depository for the offer, within three business days of completion.
• Unitholder Action: Validly deposited and non-withdrawn units are accepted automatically; no further action is required by unitholders.
• Strategic Context: The investment aligns with Ewing Morris's strategy of applying a private-equity mindset to public markets, focusing on active engagement and long-term value creation.

Notable Quotes

• "The investment reflects Ewing Morris's broader strategy of bringing a private-equity mindset to the public markets -- emphasizing active engagement, alignment of interests and sustainable long-term value creation."