representative work

AIP Yield Fund and Value Capital Trust Complete Business Combination and List on the TSXV


On April 14, 2022, AIP Yield Fund, LP (“Former AIP”)  completed the reverse take-over of Value Capital Trust, a capital pool company which was renamed AIP Realty Trust (“AIP”). In accordance with the terms of the transaction, AIP Yield Fund GP ULC, the general partner of Former AIP, amalgamated with a wholly-owned subsidiary of AIP (“Subco”), pursuant to the terms of a definitive agreement among AIP, Former AIP, AIP Yield Fund GP Inc. and Subco.

In connection with the transaction, Former AIP completed a brokered private placement financing of 2,752,500 subscription receipts at a price of US$2.00 per subscription receipt for gross proceeds of approximately US$5.5 million.

Upon completion of the transaction, former holders of subscription receipts received units in the capital of AIP. In addition, Former AIP, through an indirect, wholly-owned subsidiary, acquired all of the membership interests of AIP Eagle Court, LLP in exchange for the assumption of a US$3.2 million mortgage and US$2.5 million in cash.

Units of AIP commenced trading on the TSXV under the symbol “AIP.U” on April 21, 2022.

Cassels acted for Former AIP.

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