Diversified real estate investment trust Firm Capital Property Trust adopted a deferred unit plan after gaining approval from disinterested unit holders at its annual and special meeting Aug. 1.

The TSX Venture Exchange gave its conditional approval for the plan, with final approval still pending.

The board or a duly constituted committee will oversee the plan and identify which board members are eligible to participate and receive deferred units.

The maximum number of units that may be awarded is 1,722,402, subject to an increase by an ordinary resolution of disinterested unit holders.