TORONTO, Aug. 6 /CNW/ - NorthWest Value Partners Inc. ("NorthWest")
announced this morning that it will appeal yesterday's decision of the Toronto
Stock Exchange (the "TSX") to allow InterRent Real Estate Investment Trust -
TSX:IIP.UN ("InterRent" or the "Trust") to proceed with closing its previously
announced private placements without seeking prior unitholder approval.
NorthWest's appeal will be made to the Ontario Securities Commission.
NorthWest believes that the recent actions of InterRent's trustees,
including in respect of approving the private placements and inter-related
transactions without unitholder approval, are self-dealing, represent a
wasting of the Trust's financial resources, disenfranchise current unitholders
and are contrary to the duties owed by the trustees to InterRent and its
unitholders. In addition, NorthWest believes that these transactions, if
completed in their current form, will materially affect and change control of
InterRent and will entrench management.
"We are very disappointed in the TSX decision. The proposed transactions
are dilutive to unitholders and effectively manufacture a change of control of
the company. Although it seems that the TSX has recognized the link between
the various proposed transactions by insisting that the property management
agreement be put to a vote of unitholders, the fact remains that current
unitholders have not been provided the opportunity to consider and vote on a
fully informed basis on all these transactions. We will continue pursuing all
available means to put a stop to this disregard for the rights and interests
of unitholders," said Paul Dalla Lana, President of NorthWest.
If you are an InterRent unitholder and are of the view that current
unitholders must be provided with the right to vote on the Transactions,
please contact NorthWest by telephone at (416) 366-8300 ex. 222 or by email at
About NorthWest Value Partners Inc.:
NorthWest, which owns and controls an approximately 34% interest in
InterRent, is a private real estate investment firm based in Toronto, Ontario
and is the founder and owner of NorthWest Healthcare Properties, Canada's
largest private owner and manager of medical office buildings and healthcare
facilities. Since its inception in 1992, NorthWest has established a strong
track record of successfully acquiring, developing and building value in real
estate across Canada.
For further information:
For further information: NorthWest Value Partners Inc., 284 King Street
East, Suite 100, Toronto, Ontario, M5A 1K4, Telephone: (416) 366-8300 ex. 222,