Toronto, Ontario–(Newsfile Corp. – June 1, 2017) – CHC Student Housing Corp. (TSXV: CHC) (“CHC” or the “Company”) is providing this bi-weekly update on the status of the management cease trade order granted on May 5, 2017 by its principal regulator, the Ontario Securities Commission (the “OSC”), under National Policy 12-203 - Management Cease Trade Orders (“NP 12-203”), following the Company’s announcement on May 1, 2017 (the “Default Announcement”) that it would not be in a position to file its audited annual financial statements (the “Financial Statements”), management’s discussion and analysis and related certifications for the fiscal year ended December 31, 2016 (the “Annual Filings”) on or before May 1, 2017, as required under applicable securities laws, due to the Company’s working capital position.
In its news release dated May 18, 2017, CHC reported that, since the issuance of the Default Announcement, the previous anticipated filing of the Annual Filings by May 19, 2017 would not be met but that the Company had closed its previously announced private placement and was continuing to work with its auditors with the objective of completing the audit of the Financial Statements and filing the Annual Filings as soon as possible, which it anticipated would occur on or before May 30, 2017.
The Company confirms that significant progress is being made in respect of the Annual Filings, however, a further delay is necessary and it now expects to complete the audit of the Financial Statements and filing of the Annual Filings by no later than June 16, 2017. The Company also wishes to report that as a result of the continuing delay in the filing of the Annual Filings, the filing of its interim financial statements for the quarter ended March 31, 2017 due May 30, 2017 has also been delayed. This filing will be completed shortly after the expected filing of the Annual Filings. In addition, the Company is delaying its annual shareholders meeting scheduled for June 22, 2017 until the Annual Filings have been completed and the Financial Statements can be delivered to shareholders in connection with the meeting.
Other than the closing of the Company’s private placement, as previously announced, and as disclosed in this press release, there are no material changes to the information contained in the Default Announcement. In addition: (i) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines under NP 12-203 and issue bi-weekly default status reports for so long as the delay in filing the Annual Filings is continuing, each of which will be issued in the form of a press release; (ii) other than as disclosed in this press release, the Company does not have any information at this time regarding any anticipated specified default subsequent to the default in filing the Annual Filings; (iii) the Company is not subject to any insolvency proceedings; and (iv) there is no material information concerning the affairs of the Company that has not been generally disclosed.
About CHC Student Housing Corp.
CHC Student Housing Corp. is Canada’s only publicly traded company offering high-quality purpose-built 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 student housing in primary and well understood secondary markets in Canada.
For more information, please contact:
Mark Hansen, President and Chief Executive Officer
CHC Student Housing Corp.
Telephone: (647) 288-9355
Certain information set out in this press release constitutes forward-looking information. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “intend”, “could”, “might”, “should”, “believe” and similar expressions. In particular, this press release contains forward-looking statements regarding the filing of the Annual Filings and the timing thereof. Forward-looking statements are based upon the opinions and expectations of management of the Company as at the effective date of such statements and, in certain cases, information provided or disseminated by third parties. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, and that information obtained from third party sources is reliable, they can give no assurance that those expectations will prove to have been correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, risk factors set forth in the Company’s most recent management’s discussion and analysis, a copy of which is filed on SEDAR at www.sedar.com, and readers are cautioned that the risk factors disclosed therein should not be construed as exhaustive. These statements are made as at the date hereof and unless otherwise required by law, the Company does not intend, or assume any obligation, to update these forward-looking statements.
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.
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