Toronto, Ontario--(Newsfile Corp. - October 19, 2017) - CHC Student Housing Corp. (TSXV: CHC) ("CHC" or the "Company") announces that its Board of Directors has approved the grant of an aggregate of $181,500 in deferred share units ("DSUs") to the directors of the Company in settlement of directors' fees accrued and unpaid during the last two quarters of 2016 and the first quarter of 2017, for a total of 50,549 DSUs. The DSUs were granted pursuant to the deferred share unit plan adopted by the Board in September 2016 (the "DSU Plan"). The DSUs were granted effective October 12, 2017 and were priced at the Volume Weighted Average price of the Company's common shares over the last five trading days preceding the end of the quarter during which the fees for which DSUs were granted were accrued, as follows:
11,304 DSUs were granted in satisfaction of accrued and unpaid directors' fees of $52,000 during Q3 2016, priced at $4.60 per DSU, being the volume weighted average price of the Company's common shares over the last five trading days preceding September 30, 2016;
14,245 DSUs were granted in satisfaction of accrued and unpaid directors' fees of $63,250 during Q4 2016, priced at $4.44 per DSU, being the volume weighted average price of the Company's common shares over the last five trading days preceding December 31, 2016; and
25,000 DSUs were granted in satisfaction of accrued and unpaid directors' fees of $66,250 during Q1 2017, priced at $2.65 per DSU, being the volume weighted average price of the Company's common shares over the last five trading days preceding March 31, 2017.
The DSU Plan and the grant of the DSUs are subject to the approval of the TSX Venture Exchange, as well as the approval of the Company's shareholders at its next shareholders' meeting. As such, the DSUs are currently to be settled in cash when a director ceases to be a director of the Company. However, the DSUs may be amended to be settled in common shares of the Company following the receipt of the approval of the DSU Plan and the DSU grants by the TSX Venture Exchange and the Company's shareholders. CHC has scheduled an annual and special meeting of the shareholders of the Company for November 10, 2017 (the "Shareholders Meeting"), at which, among other matters, disinterested shareholders will be asked to approve the DSU Plan and the grant of certain deferred share units thereunder. More information on the DSU Plan and the deferred share unit grants is available in the Company's press release dated September 13, 2016 and the Company's management information circular in respect of the Shareholders Meeting, which are available under the Company's profile on SEDAR at www.sedar.com.
About CHC Student Housing Corp.
CHC Student Housing Corp. is Canada's only publicly traded company offering high-quality purpose-built multi-residential student housing properties strategically located on campus or in close proximity to universities and colleges providing students a safe and secure living environment, affordable prices and high-quality amenities. CHC is focused on acquiring, developing and managing student housing in primary and well understood secondary markets in Canada. For more information, visit CHC at www.chcstudenthousing.com.
For more information, please contact:
Mark Hansen, President and Chief Executive Officer
CHC Student Housing Corp.
Telephone: (647) 288-9355
Email: [email protected]
Neither the TSX Venture Exchange ("TSXV") nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.