The Toronto Stock Exchange reports that Ravelin Properties REIT's trust units (symbol RPR.UN), its 5.50 per cent extendible convertible unsecured subordinated debentures (symbol RPR.DB.A) and its 7.50 per cent convertible unsecured subordinated debentures (symbol RPR.DB.B) will be delisted from the TSX at the close on June 2, 2026. According to the TSX, 17732571 Canada Inc., a wholly owned subsidiary of the REIT, Clarke Inc. and 17732538 Canada Inc. (the purchaser), a wholly owned subsidiary of Clarke, recently effected a plan of arrangement pursuant to which the purchaser, among other things, acquired all of the issued and outstanding REIT trust units and REIT debentures.

The TSX reports that holders of REIT trust units will receive approximately 0.000582 of a common share in the capital of Clarke (symbol CKI) for each REIT trust unit held. Holders of REIT debentures will receive approximately 14.562 Clarke shares for each $1,000 principal amount of the REIT debentures (including, for greater certainty, principal and any accrued but unpaid interest on the REIT debentures).

The TSX notes that the total number of Clarke shares to be issued to any REIT securityholder pursuant to the arrangement shall be rounded down to the nearest whole Clarke share and the REIT securityholder shall not receive any compensation in respect thereof. Registered REIT unitholders are required to return a letter of transmittal, together with the original certificates or DRS advices representing their REIT trust units, to Computershare Investor Services Inc. in Toronto in order to receive the Clarke shares to which they are entitled pursuant to the arrangement.

For any REIT units registered in the name of CDS Clearing and Depository Services Inc., REIT unitholders need not take any action in order to receive the Clarke shares to which they are entitled pursuant to the arrangement. As the REIT debentures are all registered in the name of CDS, REIT debentureholders need not take any action in order to receive the Clarke shares to which they are entitled pursuant to the arrangement. The REIT debentures have been trading on an interest-flat basis since the opening of markets on June 26, 2024. Refer to TSX bulletin dated June 25, 2024, for information on the debentures. Reference should also be made to the REIT's management information circular dated April 24, 2026, available on SEDAR+.