Trius Investments Inc. on May 26 entered into a definitive purchase-and-sale agreement with PVR Holdings LLC, whereby Trius Investments will sell its unit, TRU Investments LLC, to PVR Holdings for gross cash proceeds of $725,000.
Detailed terms of the deal were not disclosed.
The subsidiary's sale excludes proceeds already received from Trius Investments' divestiture of its membership interest in GS Chicago LLC on May 18. The sale is also proceeding independently from the proposed asset sale by Trius Investments' investee MV Property LLC, as previously announced March 8.
Trius Investments holds all its U.S. real estate investments through TRU LLC.
After the closing of the transaction, Trius Investments will not have any active business operations or assets other than cash and receivables. As a result, Trius Investments will cease to meet the listing requirements of the Toronto Stock Exchange, including the requirement to carry on an active business. Accordingly, Trius Investments' listing may be transferred to NEX, a separate board of TSXV that provides a trading forum for listed companies that have fallen below the TSXV's ongoing listing standards.
Trius Investments expects to call a shareholder meeting on or about July 30 to approve the sale.
