PADLOCK FUNDS ANNOUNCE RECEIPT OF EXEMPTIVE RELIEF RELATING TO SPECIAL MEETINGS; WAIVER OF PROXY DEPOSIT DEADLINE

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TORONTO, May 6, 2025 /CNW/ - Padlock Euro Storage Fund I ("Euro Fund") and Padlock Partners UK Fund IV ("Fund IV" and together with Euro Fund, the "Padlock Funds") today announced that further to the announcement on April 7, 2025 of the Padlock Funds relating to the proposed consolidation of the assets of the Padlock Funds through an acquisition of Fund IV by Euro Fund (the "Merged Fund") by way of a plan of arrangement (the "Arrangement"), the Padlock Funds have received discretionary exemptions from the Ontario Securities Commission (the "OSC") from certain requirements of Multilateral Instrument 61-101 — Protection of Minority Security Holders in Special Transactions ("MI 61-101") which would allow the Padlock Funds to conduct a single vote of each Padlock Fund with unitholders voting together as a single series and class (in the case of Euro Fund) and a single class (in the case of Fund IV) in connection with the previously announced security holder meetings to approve the Arrangement.