WINNIPEG, Jan. 17 /CNW/ - Huntingdon Real Estate Investment Trust
("HREIT") (TSX: HNT.UN) announced today changes to its Board of Trustees and
HREIT announced today that it has received and accepted the resignations
of Messrs. Ted Bailey, Gary Coleman and Colin Reid, effective immediately.
Messrs. Bailey and Coleman were original trustees of HREIT, having served
since inception in January 2005, while Mr. Reid was elected to the Board on
June 11, 2007. Messrs. Bailey, Coleman and Reid also served on the Audit
Committee and the Governance, Compensation and Nominating Committee ("GCNC"),
with Mr. Bailey having served as the Chairman of the GCNC. "On behalf of
Huntingdon REIT and the Board of Trustees, I thank Gary, Ted and Colin for
their contributions and dedication to the REIT. They have been a very
important part of the development and growth of Huntingdon and their insights
will be missed," said Arni Thorsteinson, President and CEO of HREIT.
HREIT also announced today the appointments of Messrs. Michael Evans,
Zachary George and Gary Goodman to the Board of Trustees. Messrs. Evans,
George and Goodman will also serve on the Audit Committee and the GCNC.
Mr. Evans is a President of Atlas Development Corporation, a privately
owned full service commercial real estate development company based in
Calgary. Atlas specializes in the design/build lease market, sale-leaseback
transactions and also invests in under performing existing urban properties.
Mr. Evans has worked in the commercial real estate development business
exclusively since 1978. Mr. Evans currently serves as a Director of Canada
Mr. George is a Co-Founder and Portfolio Manager of FrontFour Capital
Group LLC, an event driven hedge fund manager launched in 2006. He previously
served as a Senior Investment Analyst at Pirate Capital and as a Credit
Analyst for Mizuho Corporate Bank Ltd. He currently serves as the Lead
Independent Director of Cornell Companies Inc. (NYSE: CRN), and previously
served as the Lead Independent Director of PW Eagle Inc. and as a Director of
Allied Defense Group, Inc.
Mr. Goodman recently served as the CEO of IPC US REIT (TSX: IUR.UN),
which was recently sold to Behringer Harvard for an aggregate value of
US$1.4 Billion. Previously, he served as Executive Vice President of Reichmann
International Development Corporation and International Property Corporation,
and as a Director and Senior Vice President of Olympia & York Developments
Limited. Mr. Goodman has previously served as a Director of Campeau Corp.,
Trilon Financial Corp., Catellus Corp., and Brinco Mining.
Messrs. Greg Doyle and Scott Hutcheson will continue to serve on the
Board as independent trustees, along with Mr. Arni Thorsteinson, Chief
Executive Officer of HREIT. Messrs. Doyle and Hutcheson also serve on the
Audit Committee and the GCNC, with Mr. Doyle serving as Chairman of the Audit
As a result of the changes to the board of trustees, FrontFour Capital
Group LLC, Wynnefield Capital LLC and Albert Fried & Company LLC have
withdrawn their requisition for HREIT to call a special meeting of unitholders
referred to in their press release dated December 14, 2007.
"We are pleased to have reached agreement regarding changes to the Board
of Huntingdon REIT," said Zachary George, Portfolio Manager of FrontFour
Capital Group LLC. "We look forward to working with the Trustees and Shelter
to create value for all unitholders."
HREIT is a real estate investment trust, which is listed on the Toronto
Stock Exchange under the symbol HNT.UN. The objective of HREIT is to provide
Unitholders with stable cash distributions from investment in a geographically
diversified Canadian portfolio of quality commercial and industrial real
estate properties. There are currently 72,309,252 trust units outstanding. For
further information on HREIT, please visit our website at www.hreit.ca.
The TSX has not reviewed or approved the contents of this press release
and does not accept responsibility for the adequacy or accuracy of this
For further information:
For further information: Arni Thorsteinson, President & Chief Executive
Officer, or Gino Romagnoli, Investor Relations, Tel: (204) 475-9090, Fax:
(204) 452-5505, Email: email@example.com