The Joyce Group Issues Early Warning Report and Reiterates Support for Business Transformation Plan

/NOT FOR DISSEMINATION IN THE UNITED STATES/

TORONTO, April 12, 2021 /CNW/ - Halcyon International Limited (formerly Jetport Inc.) ("Halcyon") and The Joyce Family Foundation (the "Foundation") announce today that, effective April 8, 2021, Halcyon acquired 1,000,000 trust units ("Units") of Artis Real Estate Investment Trust ("Artis") from the Foundation. The transaction between the two entities was conducted for investment purposes. The Ronald V. Joyce Alter Ego Trust No. 3 (the "Trust"), Halcyon, the Foundation, Steven Joyce and the Steven Wade Joyce Family Trust (collectively, the "Joyce Group") are joint actors.

The 1,000,000 Units acquired by Halcyon represent approximately 0.75% of the 133,593,711 Units issued and outstanding as at March 15, 2021 (as reported in Artis' Monthly Cash Distribution Announcement dated March 15, 2021). The transaction was undertaken at a price of $10.99 per Unit for a total purchase price of $10,990,000 through the facilities of the Toronto Stock Exchange.

"It takes a strong, independent Board to take an innovative and visionary approach on behalf of its owners, which I believe Artis' trustees have demonstrated and will drive value for Artis' unitholders over the long term, said Steven Joyce, CEO of Halcyon. "Our family looks forward to a continued collaborative relationship with the board and management at Artis and to the value creation it aspires to achieve." 

Ronald V. Joyce, who previously beneficially owned or controlled holdings in Artis passed away on January 31, 2019. As a consequence of the death of Mr. Joyce, prior to the transaction contemplated herein, the Trust beneficially owned and controlled 14,500,100 Units (being approximately 10.9% of the total issued and outstanding Units) indirectly through Halcyon. In addition, the Foundation, prior to the transaction contemplated herein, held 3,249,900 Units (being approximately 2.4% of the total issued and outstanding Units) and 100,000 preferred shares of Artis. Steven Joyce is a trustee of the Trust, a director and officer of Halcyon and is one of the trustees of the Foundation. Both prior to the transaction contemplated herein and as at the date hereof, Steven Joyce holds 213,517 Units (being approximately 0.2% of the total issued and outstanding Units) personally and 26,700 Units (being less than 0.1% of the total issued and outstanding Units) are held by the Steven Wade Joyce Family Trust.

Effective April 8, 2021, Halcyon acquired 1,000,000 Units from the Foundation. As a result of the transaction contemplated herein, the Trust, through Halcyon, now beneficially owns and controls 15,500,100 Units (being approximately 11.6% of the total issued and outstanding Units), the Foundation holds 2,249,900 Units (being approximately 1.7% of the total issued and outstanding Units) and there has been no change in the holdings of Steven Joyce or the Steven Wade Joyce Family Trust. Prior to the transfer of Units from the Foundation to Halcyon, the Joyce Group held an aggregate of 17,990,217 Units (being an aggregate of approximately 13.5% of the total issued and outstanding Units) and following the transfer of Units contemplated herein, the Joyce Group held the same number of Units (an aggregate of 17,990,217 Units (being an aggregate of approximately 13.5% of the total issued and outstanding Units)).

In the future, the Joyce Group may acquire or dispose of Units from time to time through, among other things, the purchase or sale of Units on the open market or in private transactions or otherwise, subject to various factors, including general market and economic conditions and other investment and business opportunities available.

Artis' head office is located at 600-220 Portage Avenue, Winnipeg, Manitoba, R3C 0A5.  The head office of each of the Foundation and Halcyon is located at 4050 Appleby Line, Burlington, Ontario, L7M 0Y7. 

For further information and to obtain a copy of the early warning report to be filed under applicable Canadian securities laws in connection with the foregoing matters, please see the profile of Artis at www.sedar.com or use the contact information below:

Steven Joyce
The Joyce Family Foundation, Trustee
Halcyon International Limited, CEO
4050 Appleby Line,
Burlington, Ontario
L7M 0Y7
(905) 336-6993

SOURCE Artis Real Estate Investment Trust