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Spirit Realty Capital, Inc. Comments on Recent Announcement by Spirit MTA REIT



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DALLAS–(BUSINESS WIRE)–Spirit Realty Capital, Inc. (NYSE:SRC) (“Spirit”), a net-lease real
estate investment trust (REIT) that invests in single-tenant,
operationally essential real estate, today commented on the announcement
by Spirit MTA REIT (NYSE: SMTA) (“SMTA”), externally managed by Spirit,
that SMTA’s Board of Trustees has reached a definitive agreement to sell
the assets held in Master Trust 2014. The closing of the sale is subject
to customary conditions, including the receipt of SMTA shareholder
approval, and is expected to occur in the later part or end of the third
quarter of 2019.

“As I reiterated in my recent annual letter to Spirit stockholders, the
resolution of SMTA’s accelerated strategic process is one of the most
important 2019 initiatives for SRC. At conclusion of the announced $2.4
billion sale by SMTA, Spirit will be a simplified, pure-play, triple-net
REIT. As the external manager of SMTA, we remain focused on helping
SMTA’s Board of Trustees finalize the liquidation of the remaining SMTA
assets. I want to thank SMTA’s independent Board of Trustees, the entire
Spirit team and the Spirit Board of Directors for their hard work and
attention over the past two years,” stated Jackson Hsieh, President and
Chief Executive Officer of Spirit.

In conjunction with the completion of the proposed transaction, Spirit
has agreed to:

  • Terminate the existing asset management agreement with SMTA (and as a
    result of this termination, SMTA will not be required to deliver
    notice 180 days in advance of termination or enter into an eight month
    transition services period); the property management agreement for
    Master Trust 2014 will terminate in connection with the redemption of
    the Master Trust 2014 notes
  • Sell the fee interest in three Spirit owned Pilot Travel Centers for
    $55.0 million in gross proceeds at a 5.7% cash capitalization rate,
    subject to satisfaction of certain conditions
  • Waive Spirit’s rights to receive any potential promote fee
  • Enter into an interim asset management agreement with SMTA whereby
    Spirit will receive $1 million during the initial one-year term and $4
    million for any renewal one-year term, plus certain cost
    reimbursements, to manage and liquidate the remaining SMTA assets;
    such agreement is terminable at any time by SMTA and by Spirit after
    the initial one year term, in each case without a termination fee

Assuming a closing at the end of the third quarter of 2019, Spirit
expects to receive:

  • Termination fee of approximately $48 million ($35 million net of
    estimated tax)
  • $150 million for the repurchase of Spirit’s preferred equity
    investment in SMTA
  • Approximately $28 million in net proceeds from the sale of the Pilot
    Travel Centers (net of approximately $27 million in related party note
  • Approximately $34 million for the redemption of Master Trust 2014
    notes held by Spirit1

Additional information about the transaction referenced can be found in
the announcement released by SMTA at


Spirit Realty Capital, Inc. (NYSE: SRC) is a net-lease REIT that
primarily invests in single-tenant, operationally essential real estate
assets, subject to long-term, net leases.

As of March 31, 2019, Spirit’s diversified portfolio was comprised of
1,528 properties, including properties securing mortgage loans made by
Spirit. Spirit’s properties, with an aggregate gross leasable area of
approximately 28.6 million square feet, are leased to approximately 256
tenants across 49 states and 32 industries.


This press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Exchange Act of 1934, as amended. When used in this
press release, the words “estimate,” “anticipate,” “expect,” “believe,”
“intend,” “may,” “will,” “should,” “seek,” “approximately” or “plan,” or
the negative of these words or similar words or phrases that are
predictions of or indicate future events or trends and which do not
relate solely to historical matters are intended to identify
forward-looking statements. You can also identify forward-looking
statements by discussions of strategy, plans or intentions of
management. Forward-looking statements involve numerous risks and
uncertainties and you should not rely on them as predictions of future
events. Forward-looking statements depend on assumptions, data or
methods that may be incorrect or imprecise, and Spirit may not be able
to realize them. Spirit does not guarantee that the transactions and
events described will happen as described (or that they will happen at
all). The following risks and uncertainties, among others, could cause
actual results and future events to differ materially from those set
forth or contemplated in the forward-looking statements: industry and
economic conditions; volatility and uncertainty in the financial
markets, including potential fluctuations in the CPI; Spirit’s success
in implementing its business strategy and its ability to identify,
underwrite, finance, consummate, integrate and manage diversifying
acquisitions or investments; the financial performance of Spirit’s
retail tenants and the demand for retail space, particularly with
respect to challenges being experienced by general merchandise
retailers; Spirit’s ability to diversify its tenant base; the nature and
extent of future competition; increases in Spirit’s costs of borrowing
as a result of changes in interest rates and other factors; Spirit’s
ability to access debt and equity capital markets; Spirit’s ability to
pay down, refinance, restructure and/or extend its indebtedness as it
becomes due; Spirit’s ability and willingness to renew its leases upon
expiration and to reposition its properties on the same or better terms
upon expiration in the event such properties are not renewed by tenants
or Spirit exercises its rights to replace existing tenants upon default;
the impact of any financial, accounting, legal or regulatory issues or
litigation that may affect Spirit or its major tenants; Spirit’s ability
to manage its expanded operations; Spirit’s ability and willingness to
maintain its qualification as a REIT under the Internal Revenue Code of
1986, as amended; SMTA’s ability to satisfy the conditions to closing
the proposed sale of assets held in Master Trust 2014 (including its
ability to obtain shareholder approval) and complete the transaction;
the timing of the completion of the transaction; Spirit’s ability to
manage and liquidate the remaining SMTA assets; and other risks inherent
in the real estate business, including tenant defaults, potential
liability relating to environmental matters, illiquidity of real estate
investments and potential damages from natural disasters discussed in
Spirit’s most recent filings with the Securities and Exchange
Commission, including its Annual Report on Form 10-K and subsequent
Quarterly Reports on Form 10-Q. You are cautioned not to place undue
reliance on forward-looking statements, which speak only as of the date
of this press release. While forward-looking statements reflect Spirit’s
good faith beliefs, they are not guarantees of future performance.
Spirit disclaims any obligation to publicly update or revise any
forward-looking statement to reflect changes in underlying assumptions
or factors, new information, data or methods, future events or other
changes, except as required by law.

1 Balances for related party notes and Master Trust 2014
notes held by Spirit are as of March 31, 2019.


Investor Contact:
Pierre Revol
(972) 476-1403


IMCC Appoints Yaron Berger as CEO of IMC Holdings



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IM Cannabis Corp. (the “Company” or “IMCC”) (CSE: IMCC), one of the world’s pioneering medical cannabis companies with operations across Europe, is pleased to announce the appointment of Yaron Berger as Chief Executive Officer of I.M.C. Holdings Ltd. (“IMC“), the Company’s wholly-owned operating subsidiary in IsraelOren Shuster will remain the Chief Executive Officer of IM Cannabis Corp.

Mr. Berger brings more than 10 years of experience in various senior roles both in public and private sectors, leading large-scale operations. Most recently, Mr. Berger was the Chief Executive Officer of Telepharma Ltd. (“Telepharma,” doing business as epharma), a leading wholesaler, direct marketer of prescription drugs and chain of pharmacies in Israel. At Telepharma, among other accomplishments, Mr. Berger re-branded its digital platform and transformed the customer experience. As an early entrant into the medical cannabis sector, Mr. Berger also established Greenpharma under Telepharma, a full-service distributor, patient counselling service provider and online resource for medical cannabis patients in Israel. Prior to his experience in the pharmaceutical sector, Mr. Berger served as the Chief Operating Officer of the National Police Academy and spent over 20 years in the Israeli Air Force, most recently as a Lieutenant Colonel.

Oren Shuster, Chief Executive Officer of IMCC said “Yaron is uniquely qualified to lead our Israeli operations under the new medical cannabis regulatory regime, which requires a high level of engagement and education for the country’s pharmacists on the benefits of medical cannabis. Yaron was an early mover in identifying the opportunity in medical cannabis and we are very excited to benefit from his expertise in the pharmacy channel to maintain IMC’s status as a leading medical cannabis brand in Israel.”

“I am thrilled to be joining the IMC team, who I have known as a leader in the medical cannabis market in Israel over the past ten years,” said Mr. Berger. “The IMC brand is synonymous with quality and innovation. The new medical cannabis reform in Israel presents a significant opportunity for the Company and the IMC brand to further elevate its market position as the preferred medical cannabis brand for physicians, pharmacists and patients.”


SOURCE IM Cannabis Corp.

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LCBO’s bottom line proves privatized alcohol sales a bad idea: OPSEU’s Thomas



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The LCBO’s latest profits show the Crown corporation’s value to the people of Ontario, OPSEU President Warren (Smokey) Thomas said Friday.

In its 2018/2019 annual report released Thursday, the LCBO is reporting earnings of $2.37 billion on total revenue of $6.39 billion.

Thomas said those profits go to the provincial government and pay for vital public services like health, education and highways.

“This is why the Ford government should rethink allowing corner stores and grocery stores to sell more alcohol,” said Thomas.  “Is saving folks a 10 minute drive in some cases worth jeopardizing their health care?”

OPSEU represents LCBO workers and Thomas says these frontline professionals deserve the credit for the corporation’s continued success.

“The reason the LCBO is the gold standard in selling alcohol responsibly is because of OPSEU members who make sure alcohol isn’t sold to minors or intoxicated people,” said Thomas.

“They also provide customer service that is second to none and they’re the ones who have made the LCBO a success story.”

As he read the LCBO report, OPSEU First Vice-President/Treasurer Eduardo (Eddy) Almeida reflected on the Ford government’s decision to take the sale of legalized cannabis away from the Crown Corporation.

“Think of what the LCBO’s profits would have been if Premier Ford hadn’t scrapped the plan of the former Liberal government?” said Almeida.   “I’ve put together a lot of budgets and I know how tough an exercise it is.”

“It still makes me shake my head that a government that claimed it had catastrophic financial problems would turn down massive amounts of revenue and go on the misguided course that the Conservatives took. Really? Wow.”

Almeida says municipalities who voted to opt out of Doug Ford’s foolish cannabis privatization plan should stand firm and demand a responsible plan.

“The LCBO continues to prove it’s the best option to keep controlled substances out of the hands of minors,” said Almeida.  “Municipalities and Ontarians in general should continue to demand a responsible plan and just say no to Doug’s. After all, a little competition wouldn’t be a bad thing would it?”

SOURCE Ontario Public Service Employees Union (OPSEU)

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Base Oil Market Worth $39.6 Billion by 2024 – Exclusive Report by MarketsandMarkets™



According to the new market research report Base Oil Market by Group (Group I, Group II, Group III, Group IV, Group V), Application (Automotive Oil, Industrial Oil, Hydraulic Oil, Grease, Metalworking Fluid), Region (North AmericaEuropeAsia PacificSouth America, MEA) – Global Forecast to 2024″, published by MarketsandMarkets, the Base Oil Market is projected to grow from USD 33.7 billion in 2019 to USD 39.6 billion by 2024, at a CAGR of 3.3% from 2019 to 2024. The growing demand for high-grade oils in the automotive industry, as well as the increasing GDP in Asia Pacific driven by increasing industrial activities are key factors fuelling the growth of the base oil market across the globe.

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Group II segment to lead the base oil industry from 2019 to 2024

Based on group, the base oil market has been segmented into Group I, Group II, Group III, Group IV, and Group V. The Group II segment accounted for the major share of the market in 2018. Group II base oil can be employed in a multitude of applications, such as marine and gas engines, in trunk piston engine oils, and other applications in the base oil industry. The high consumption of Group II base oil is mainly attributed to its higher performance and affordability in comparison to the other groups of base oil. Thus, the Group II segment is likely to lead the market during the forecast period.

Automotive oil application segment to lead the base oil market during the forecast period

Based on application, the automotive oil segment led the base oil industry in 2018. This segment is also expected to witness significant growth during the forecast period owing to the rise of the automotive sector in developing countries, such as India and China. Population growth in the Asia Pacific region is increasing the demand for automobiles, which is, in turn, driving the market for automotive oils.

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Asia Pacific base oil market projected to witness the highest CAGR

Among regions, the Asia Pacific base oil market is projected to register the highest CAGR from 2019 to 2024. IndiaChinaIndonesia, and Japan are key countries contributing to the increased demand for lubricants, and in effect base oil, in this region. Increasing GDP led by the rising industrial activities in Asia Pacific has increased the demand for base oil in the region. The growth of transportation, power generation, mining, and other sectors is also responsible for the rise in demand for base oil in the Asia Pacific region.

Chevron Corporation (US), Exxon Mobil Corporation (US), S-OIL Corporation (South Korea), Motiva Enterprises LLC (US), SK innovation Co., Ltd. (South Korea), Royal Dutch Shell plc (Netherlands), Neste Oyj (Finland), AVISTA OIL AG (Germany), Nynas AB (Sweden), Repsol S.A. (Spain), Ergon, Inc. (US), Calumet Specialty Products Partners, L.P. (US), H&R Group (Germany), Sinopec Corp. (China), PetroChina Company Limited (China), Saudi Aramco (Saudi Arabia), Abu Dhabi National Oil Company (ADNOC) (UAE), PT Pertamina (Persero) (Indonesia), Phillips 66 (US), Petroliam Nasional Berhad (PETRONAS) (Malaysia), GRUPA LOTOS S.A. (Poland), Sepahan Oil (Iran), GS Caltex Corporation (South Korea), and Hindustan Petroleum Corporation Limited or HPCL (India) are some of the leading players operating in the Base Oil Market. These players have adopted the strategies of agreements, expansions, new product launches, acquisitions, collaborations, contracts, investments, and divestments to enhance their position in the market.

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Lubricants Market

by Base Oil (Mineral Oil, Synthetic Oil, Bio-based Oil), Product Type (Engine Oil, Hydraulic Fluid, Metalworking Fluid), Application (Transportation and Industrial lubricants), Region – Global Forecast to 2024

Industrial Lubricants Market by Base oil (Mineral Oil, Synthetic Oil, Bio-based Oil), Product Type (Hydraulic Fluid, Metalworking Fluid), End-use Industry (Construction, Metal & Mining, Power Generation, Food Processing), Region – Global Forecast to 2024


SOURCE MarketsandMarkets

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