Slate Office REIT Schedules Annual and Special Meeting of Unitholders for March 28, 2023

TORONTO–(BUSINESS WIRE)–The Board of Trustees (the “Board”) of Slate Office REIT (TSX: SOT.UN) (the “REIT”), an owner and operator of high-quality workplace real estate, announced today that it has scheduled an Annual and Special Meeting of Unitholders for March 28, 2023 (the “Meeting”). The Meeting has been called in response to the previously announced unitholder requisition from G2S2 Capital Inc., an entity chaired by George Armoyan (the “dissident unitholder”). The dissident unitholder has requisitioned the Meeting to, among other items, remove five Trustees from the Board and elect four dissident unitholder nominees in their place. The requisition also proposes an advisory resolution requesting the Board to terminate the management agreement with Slate Asset Management.

The timing of the Meeting provides sufficient time for the Board to present information material to the unitholders of the REIT with respect to the items raised by the dissident unitholder, as well as information relevant to the previously announced review of strategic alternatives. The REIT intends to move up the timing of its Annual Meeting to combine it with the requisitioned Meeting, sparing unitholders the costs of the REIT hosting two separate meetings in quick succession.

The REIT is disappointed that the dissident unitholder has chosen to abandon constructive discussions in favour of commencing a potentially costly and distracting proxy contest. Despite this, the Board and the REIT’s senior management team remain willing to continue engaging with the dissident unitholder – as with all other unitholders – to identify a productive resolution. The REIT’s leadership remains focused on the day-to-day business of the REIT in a challenging and fluid operating environment, protecting the interests of all unitholders, and maximizing value. The REIT will provide fulsome analysis and voting recommendations in a proxy circular, to be issued ahead of the Meeting; there is no action for unitholders to take at this time.

About Slate Office REIT (TSX: SOT.UN)
Slate Office REIT is a global owner and operator of high-quality workplace real estate. The REIT owns interests in and operates a portfolio of strategic and well-located real estate assets in North America and Europe. The majority of the REIT’s portfolio is comprised of government and high-quality credit tenants. The REIT acquires quality assets at a discount to replacement cost and creates value for unitholders by applying hands-on asset management strategies to grow rental revenue, extend lease term and increase occupancy. Visit to learn more.

Forward-Looking Statements
Certain information herein constitutes “forward-looking information” as defined under Canadian securities laws which reflect management’s expectations regarding objectives, plans, goals, strategies, future growth, results of operations, performance, business prospects and opportunities of the REIT. The words “plans,” “expects,” “does not expect,” “scheduled,” “estimates,” “intends,” “anticipates,” “does not anticipate,” “projects,” “believes,” or variations of such words and phrases or statements to the effect that certain actions, events or results “may,” “will,” “could,” “would,” “might,” “occur,” “be achieved,” or “continue” and similar expressions identify forward-looking statements. Such forward-looking statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations.

Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable by management as of the date hereof, are inherently subject to significant business, economic and competitive uncertainties and contingencies. When relying on forward-looking statements to make decisions, the REIT cautions readers not to place undue reliance on these statements, as forward-looking statements involve significant risks and uncertainties and should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not the times at or by which such performance or results will be achieved. A number of factors could cause actual results to differ, possibly materially, from the results discussed in the forward-looking statements. Additional information about risks and uncertainties is contained in the filings of the REIT with securities regulators.



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