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First Capital Realty schedules shareholder vote on REIT conversion plan

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First Capital Realty schedules shareholder vote on REIT conversion plan

First Capital Realty Inc.'s shareholders are set to vote on the company's planned reorganization into a real estate investment trust at a special meeting Dec. 10.

The reorganization plan requires the approval of approximately 66.67% of the votes cast by holders of the company's common shares.

The company will rebrand as First Capital Real Estate Investment Trust upon completion of the REIT conversion, expected on or about Dec. 30.

First Capital shareholders will receive one unit of the REIT per common share they hold, unless they elect to receive exchangeable limited partnership units in a limited partnership controlled by First Capital REIT in exchange for their common shares.

First Capital REIT will retain its business and activities, as well as its existing trustees and officers, while becoming co-principal debtor of the outstanding senior unsecured debentures.