Strategic Storage Growth Trust, Inc., a non-traded real estate investment trust sponsored by SmartStop Asset Management will hold a special meeting of shareholders on Friday, January 18, 2019, at 10:00 a.m. PST, at its offices in Ladera Ranch, CA.
The special meeting will be held for the purpose of voting on the proposed merger agreement, dated October 1, 2018 between SSGT and SST II Growth Acquisition, LLC, its wholly-owned subsidiary of Strategic Storage Trust II, Inc, SS Growth Operation Partnership, L.P, and Strategic Storage Operating Partnership II, L.P.
Upon completion of the REIT merger, each share of SSGT common will be converted into the right to receive an amount in cash equal to $12.00 per share, without interest and less any applicable withholding taxes.
Immediately after the REIT Merger, SSGT OP will merge with and into SST II OP, with each unit of partnership interest in SSGT OP automatically converted into 1.127 units of partnership interest in SST II OP.
The unanimous recommendation for the merger and other transactions associated with the agreement were determined by a special committee of the REIT’s board of directors comprised solely of independent directors. H. Michael Schwartz, chairman and chief executive officer of both Strategic Storage Growth Trust, Inc. and Strategic Storage Trust II, abstained from making recommendations.
Only shareholders of record of its common stock, par value $0.001 per share, at the close of business day on November 26, 2018 will be eligible to vote at the special meeting or given notice if it should be postponed or adjourned.
Shareholders who fail to indicate how they wish to vote when they sign and return their proxy cards will have their proxies voted in favor of the approval of the REIT merger. Those who do not submit their vote and proxy will not be counted for the purposes of determining whether a quorum, minimum accepted level of individuals, is present at the special meeting.