All Seniors Care Urges Sale of Retirement REIT, Canada’s Largest Senior Housing Provider
February 8, 2006
Competitive Bidding Process Urged to Unlock Full Unitholder Value
TORONTO, February 7, 2006 – George Kuhl, President and CEO of All Seniors Care Living Centres Ltd. (All Seniors Care), a founder and significant unitholder of Retirement Residences Real Estate Investment Trust (TSX: RRR.UN / Retirement REIT), today issued a letter to its Board of Trustees urging them to begin a competitive process to facilitate its sale. “
There has been firm interest expressed by the investment community in acquiring Retirement REIT and I strongly believe it is in the best interests of all stakeholders that the Trust be offered for sale in order to unlock its full value on behalf of its unitholders,” said Mr. Kuhl.
Recent media reports have indicated that the Board of Trustees has received one expression of interest in acquiring Retirement REIT. In fact, the Board has also been given a letter expressing strong interest from Mr. Kuhl and a leading global private equity firm. The group contacted Retirement REIT and its financial advisors with a proposal to acquire all of the units for cash at a price that represented an attractive premium to the market price at the time.
Mr. Kuhl’s company, All Seniors Care, is run by some of the most experienced and successful professionals in the senior’s care and accommodation field.
“We believe that a sale of the Trust is in the best interests of all parties and would provide the best value to unitholders,” said Mr. Kuhl. “We urge the Board of Trustees to begin a competitive process to allow the entry of bidders who will deliver maximum value to unitholders.”
Copies of Mr. Kuhl’s letter to the Board of Trustees are available on request.
About All Seniors Care Living Centres Ltd.
All Seniors Care, where caring is our number one concern, has become the new standard of excellence in luxury retirement living. Founded on an unwavering commitment to exceptional care, All Seniors Care is dedicated to creating and operating the best senior's facilities, and providing the best care to seniors. For more information, please visit our website at www.allseniorscare.com.
Contact Information
For more information on All Seniors Care Living Centres,
contact Michael Fraser, CFO, All Seniors Care or call 416-927-2452
