News Release
Decision of B.C., Alberta and Ontario Securities Commissions with Respect to Royal Host Reit Bid for Chip Reit
-
Date:
1999-07-02 -
Number:
99/31
Released: June 24, 1999 Contact: Michael Bernard
899-6500 or
(BC only) 1-800-373-6393
Vancouver - A joint hearing of the British Columbia, Alberta and Ontario Securities Commissions was held on June 22, 1999, to consider an application by Royal Host Real Estate Investment Trust (Royal Host REIT) to cease trade the application of a shareholder rights plan of Canadian Hotel Income Properties Real Estate Investment Trust (CHIP REIT) to an offer by Royal Host REIT to purchase all of the outstanding units of CHIP REIT.
In an oral decision following the hearing, BCSC Chair Doug Hyndman stated, "It is our decision that, if Royal Host extends its take-over bid for the units of CHIP to expire no earlier than 7 p.m. PDT on July 6, 1999, we will issue orders cease trading the CHIP poison pill unless CHIP issues a news release by noon PDT on July 2 confirming that it has waived the poison pill as against the Royal Host bid. We will issue reasons for the decision in due course."
The joint hearing was held with B.C. and Alberta Commissioners presiding in Vancouver and Ontario Commissioners participating by videoconference from Ontario.
The British Columbia, Alberta and Ontario Securities Commissions are the independent provincial government agencies responsible for regulating trading in securities in their respective jurisdictions.
For more information contact:
David Sheridan Mark Conacher
Legal Counsel Director of Corporate Relations
Alberta Securities Commission Ontario Securities Commission
(403) 297-2630 (416) 593-8073