ISG completes conversion to REIT

ISG Capital Corporation has announced it has completed a deal with Firm Capital Property Trust to convert ISG into a new real estate investment trust with members of the Firm Capital group of companies providing asset, property and executive management services.

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All outstanding ISG common shares have been redeemed in exchange for an aggregate of approximately $1.2 million in cash and approximately 374,000 units of FCPT. The final cash redemption amount per common share is $0.163 and the final unit redemption amount is $0.168, resulting in an exchange ratio of 0.0336 FCPT units per common share.

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ISG’s board of directors has resigned along with ISG’s President and CEO, David Ogden and ISG’s CFO, Phil Rossiter. ISG anticipates that the common shares will cease to be listed for trading on the TSXV at the close of business on November 29, 2012.

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