Dream Impact corrects vote on debenture conversion

Executive Summary

• Dream Impact Trust announced a correction to the voting results of its special meeting of unitholders, confirming that amendments to the terms of its outstanding 5.50% convertible unsecured subordinated debentures due 2026 were approved by approximately 95.07% of votes cast (correcting a previous erroneous announcement of 44.43%).
• The approved amendments include a significant reduction in the conversion price of the debentures from $31.02 per unit to $2.75 per unit, along with other consequential amendments to the trust indenture.
• The trust will enter into an amended and restated trust indenture to implement these changes, with the new terms expected to be implemented in the fourth quarter of 2025.

Key Details

• Voting Correction: The amendments resolution was approved by approximately 95.07% of the votes cast by unitholders present in person or represented by proxy, correcting a previously announced figure of 44.43%.
• Voter Participation: A total of 8,183,043 units were represented at the meeting.
• Debt Instrument: 5.50% convertible unsecured subordinated debentures due 2026.
• Conversion Price Change: Reduced from $31.02 per unit to $2.75 per unit.
• Implementation Timeline: Amendments expected to be implemented in the fourth quarter of 2025.
• Interest Rate Adjustment: The interest rate on the debentures will increase from 5.50% to 6.50%, commencing on or about January 31, 2026.
• Documentation: Details of the voting results will be filed under the trust's profile at SEDAR+ and available on the trust's website.

Notable Quotes

• None provided in the text.