TORONTO, Aug. 18 /CNW/ - NorthWest Value Partners Inc. ("NorthWest")
announced today that the Ontario Securities Commission ("OSC") has reserved
judgment on a motion related to a series of inter-related transactions
proposed by InterRent Real Estate Investment Trust - TSX:IIP.UN ("InterRent"
or the "Trust").
NorthWest appealed to the OSC August 6, following the announcement on
July 28 by InterRent of a series of inter-related transactions, including a
private placement that InterRent proposed without seeking the prior approval
of unitholders. Northwest believes the proposed transactions are dilutive to
existing unitholders, will materially affect and change control of InterRent
and will entrench management.
On August 14, NorthWest announced that more than 50% of InterRent
unitholders had signed Consents to remove InterRent's Board of Trustees.
InterRent has subsequently indicated it is disputing the Consents and
expressed concern that NorthWest's actions may have constituted a breach of
securities laws. NorthWest has every confidence that it has acted in
accordance with all applicable securities laws and in accordance with
InterRent's Declaration of Trust, and that InterRent's Board of Trustees are
removed and cease to have the rights, privileges and power of trustees.
"It is very disappointing that the voices of the majority of unitholders
continue to be disregarded by InterRent. Our objections to the proposed
transactions are based firmly in our belief that unitholders be provided their
rightful opportunity to fully consider and vote on proposals that we consider
transformative to InterRent," said Paul Dalla Lana, president of NorthWest.
NorthWest continues to pursue all available avenues in order to protect
the rights and interests of unitholders.
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 or 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,