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Gold/Mining/Energy : Canadian REITS, Trusts & Dividend Stocks

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To: Kitskid who wrote (219)	5/22/1999 1:23:00 AM
From: Kitskid	Read Replies (1) of 11633

newswire.ca - - - CHIP REIT adopts unitholder rights plan VANCOUVER, May 21 /CNW/ - Canadian Hotel Income Properties Real Estate Investment Trust HOT.un Canadian Hotel Income Properties Real Estate Investment Trust (''CHIP REIT'') today announced the adoption by its Board of Trustees of a Unitholder Rights Plan (the ''Plan''). The Plan provides the Board and unitholders sufficient time to properly consider and respond to take-over or merger proposals. The Plan allows a potential bidder to make a ''permitted bid'' directly to unitholders without the prior approval of the Board. A permitted bid must be made to all unitholders and remain open for a minimum period of 60 days, during which period no tendered units may be acquired by the bidder and unitholders are free to withdraw any units tendered. The Plan is subject to normal regulatory approval. CHIP REIT also announced today that its Board has appointed a Special Committee of independent trustees in response to Royal Host REIT's announced intention to acquire CHIP REIT. The Committee will consider the proposed offer relative to other strategic initiatives in progress. CHIP REIT was Canada's first hotel real estate investment trust and has a focus on mid-market and upscale full-service hotels. Through upgrades, repositioning and franchising, CHIP REIT and its wholly owned hotel manager, CHIP Hospitality, improve the operating performance of the properties within the portfolio to create value for investors. CHIP REIT currently owns and operates 36 hotels with close to 8,000 rooms across Canada. CHIP REIT units trade on The Toronto Stock Exchange under the symbol HOT.un. %SEDAR: 00005031E -30-

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