Stocks in play: First Capital REIT

Said its board of trustees is addressing a February 24 letter from Samir Manji, CEO of Sandpiper Group and CEO of Artis Real Estate Investment Trust to First Capital’s unitholders that included a number of mischaracterizations. The Board has repeatedly engaged in good faith with Sandpiper and Artis in an effort to avoid the cost and distraction associated with a proxy contest. As demonstrated in the support and cooperation agreement reached with Vision Capital and Ewing Morris, the Board is willing to find compromises that are beneficial to all unitholders. Unfortunately, the Sandpiper Group’s demands continue to be self-serving, unreasonable, not in the best interest of First Capital and its unitholders, and disproportionate relative to their ownership interest. First Capital REIT shares T.FCR.UN are trading up $0.06 at $17.99.

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