Centennial Group highly supportive of reconstitution of Temple's Board

  • Centennial applauds the revised slate of majority independent nominees for the Temple Board
  • Very pleased that Temple Board was responsive to shareholder concerns

TORONTO, June 4, 2015 /CNW/ - Centennial Group Limited ("Centennial"), an indirect owner of approximately 5% of the outstanding shares of Temple Hotels Inc. ("Temple" or the "Company") (TSX: TPH), applauds the board of directors of Temple (the "Board") for agreeing to a substantial reconstitution of the Board at the upcoming meeting of shareholders.

Temple's new slate of nominees, as announced by the Company today, will include two Centennial nominees David Nunn and Peter Aghar; two other independent nominees including Chris Cahill and K. Rai Sahi, Chairman and Chief Executive Officer of Morguard Corporation ("Morguard") (MRC:TSX); and two management nominees including Brent McLean and Arni Thorsteinson, CEO of Temple.

"The new slate of director nominees reflects a solution that Centennial and its representatives have been pursuing with the Board and the other major shareholders of the Company including Morguard. We are very pleased that Centennial could be a catalyst for change, ultimately achieving the negotiated solution we desired," said David Nunn, CEO.

"We thank our fellow shareholders for engaging with the Board, and thank the Board for recognizing and being responsive to shareholder concerns. Centennial also wishes to thank all our nominees for their contributions to the process that led us to this very favourable outcome," continued Mr. Nunn.

In light of today's positive announcement, and pending the finalization and filing of the Company's management information circular, Centennial intends to withdraw its slate of nominees.

ABOUT CENTENNIAL GROUP LIMITED

Centennial Group Limited has developed, constructed and managed hotels as well as commercial and residential developments, across Canada for over 45 years. Centennial Group Limited is the owner of Centennial Hotels Limited, a Canadian hotel management company operating on a national basis that was listed on the TSX Venture Exchange until its privatization in 2001. 

Forward-Looking Information

All statements in this news release, other than statements of historical fact, constitute forward-looking information within the meaning of applicable Canadian securities laws.  Forward-looking information is subject to risks and uncertainties that may cause actual results to vary materially from those implied by the forward-looking information. Readers are cautioned not to place undue reliance on such forward-looking information.  Centennial undertakes no obligation to publicly update or revise any such forward-looking information, except as required by law.

SOURCE Centennial Group Limited

For further information: Media: Riyaz Lalani, Bayfield Strategy, Inc., 416-907-9365, rlalani@bayfieldstrategy.com, www.bayfieldstrategy.com

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