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DISSEMINATION IN THE UNITED STATES/
TORONTO, Nov. 29, 2011 /CNW/ - First Leaside Properties Fund (the "Fund") and FL Master Sherman, Ltd. ("Master Sherman"), both part of the First Leaside Group of Companies ("First Leaside"), wish to announce an update to the press release issued on November
All of First Leaside's efforts are currently focussed on generating the
plan to reconfigure its business so it can move forward on a basis
acceptable to the Ontario Securities Commission and the Investment
Industry Regulatory Organization of Canada (the "Regulators") and emerge from the voluntary cease trade. The Independent Committee
of First Leaside is working very hard, along with its advisors and
management, to prepare a reconfiguration plan. Management of the Fund
and Master Sherman believe it is in the best interest of its partners
and clients to continue to cooperate with the Regulators as First
Leaside moves along this path.
The Boards of each of the Fund and Master Sherman have determined that
it is prudent in these circumstances to stop all payments to investors.
It is expected that the stoppage will continue until after the
completion and implementation of the reconfiguration plan.
Accordingly, there will be no interest payments on debt securities and
no distributions on limited partnership interests of Master Sherman or
trust units of the Fund until further notice. The first payments
affected by this stoppage are those due on November 30, 2011 and
December 4, 2011, respectively.
SOURCE First Leaside Properties Fund
For further information:
First Leaside Management Inc.
David C. Phillips