​Slate Asset Management completes C$210 million acquisition of Huntingdon Capital Corp. and assumes management of FAM REIT

Date closed:  11/4/2014

Value: C$210 million

On November 4, 2014, Slate Asset Management LP (Slate) and Huntingdon Capital Corp. (Huntingdon) completed the plan of arrangement (the 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 C$210 million.

With the completion of the Arrangement, Slate has assumed management of the FAM Real Estate Investment Trust, which is 30% owned by Huntingdon of a portfolio of $190 million of office properties in the Greater Toronto Area.

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, following which each outstanding warrant was cancelled.  In addition, in connection with the Arrangement, Huntingdon has repurchased $27,860,000 principal amount of its outstanding 7.5% secured debentures of Huntingdon 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.

BLG represented Huntingdon with a team led by Jeffrey Read that included Stephen P. Robertson and Robert Wallis.