EDMONTON, Sept. 26, 2016 /CNW/ - SpruceLand Properties Inc. ("SpruceLand" or the "Corporation") today announced that, in accordance with the resolutions passed at its annual general and special meeting of shareholders held on March 10, 2016, it has made application to the Alberta Securities Commission (the "ASC") for an order (the "Order") deeming the Corporation not to be a reporting issuer. The resolutions also provided for the disposition of the Corporation's assets and its dissolution. The full details of the resolutions, the dispositions, the intention of the Corporation to make an application for an order deeming it to no longer be a reporting issuer and the dissolution of the Corporation are contained in the Information Circular of the Corporation dated February 11, 2016 and filed on the System for Electronic Document Analysis and Retrieval. As of June 1, 2016, the Corporation had disposed of 96% of its real estate assets, based on Fair Value as at December 31, 2016, in a series of transactions, On June 29, 2016 the Corporation completed an initial cash distribution of $25.00 per common share.
If the ASC grants the Order, the Corporation will remain subject to the requirements of the Business Corporations Act (Alberta), including the requirement to prepare and distribute annual audited financial statements to its shareholders for so long as Corporation continues to exist.
SpruceLand Properties Inc., formerly Spruce Land Developments Ltd., was founded with the construction of a single multi-family project in Slave Lake, Alberta in 1969. The Corporation grew consistently and, prior to the sale of the vast majority of its real estate assets, had a diversified portfolio of revenue producing properties including office, retail and industrial buildings and manufactured home parks, in numerous communities in Alberta, in Kelowna, BC and in Regina and Saskatoon, Saskatchewan.
Caution Regarding Forward-Looking Statements
This press release contains "forward-looking information" as defined under applicable Canadian securities law ("forward-looking information" or "forward-looking statements") which reflect management's expectations regarding objectives, plans, goals, strategies, future growth, results of operations, performance, business prospects and opportunities of the Corporation. Statements other than statements of historical fact contained in this press release may be forward-looking information. The Corporation has based these forward-looking statements on its current expectations and assumptions about future events, which may prove to be incorrect.
When relying on forward looking statements to make decisions, readers are cautioned not to place undue reliance on these statements, as forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results and do not take into account the effect of transactions or other items announced or occurring after the statements are made. All forward-looking information in this press release speaks as of the date of this press release. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements. The Corporation does not undertake any obligation to update any such forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law.
SOURCE Spruceland Properties Inc.
For further information: Steve Cribb, President & CEO, 16880 - 111 Avenue, Edmonton, AB T5M 4C9, Phone: 780.424.5775, Fax: 780.425.8577, Email: email@example.com