ISG Capital Corporation (ISG) announced that it has completed its previously announced plan of arrangement with Firm Capital Property Trust (‘FCPT'). The Arrangement effectively converts ISG into a new real estate investment trust with members of the Firm Capital group of companies providing asset, property and executive management services. Under the Arrangement, all of the outstanding common shares of the Corporation have been redeemed in exchange for an aggregate of approximately $1.2 million in cash and approximately 374,000 units of FCPT. The final cash redemption amount per Common Share is $0.163 and the final unit redemption amount is $0.168, resulting in an exchange ratio of 0.0336 FCPT units per Common Share. Immediately prior to the completion of the Arrangement, ISG closed its previously announced private placement of $10 million of Common Shares. Under the private placement ISG issued 59,523,809 Common Shares at a price of $0.168 per share. All of these Common Shares were redeemed for an aggregate of 2,000,000 FCPT units pursuant to the Arrangement.

With the completion of the Arrangement, ISG's board of directors has resigned along with ISG's President and CEO, David Ogden and ISG's CFO, Phil Rossiter.