TORONTO, Aug. 14 /CNW/ - NorthWest Value Partners Inc. ("NorthWest")
announced today that more than 50% of unitholders of InterRent Real Estate
Investment Trust - TSX:IIP.UN ("InterRent" or the "Trust") have signed
Consents to remove InterRent's Board of Trustees. InterRent's management and
Board of Trustees were notified of the actions of the majority of unitholders
late yesterday afternoon.
The Consents were signed by nine significant unitholders of InterRent,
including Northwest and various institutions, representing 9,537,151 units.
"The majority of InterRent's owners have spoken loudly and clearly. The
current Board of Trustees lost the confidence of those to whom it is
accountable, and was removed," said Paul Dalla Lana, president of Northwest.
"This is the clearly-expressed view of the majority of unitholders, who
through their actions are rejecting the proposals put forward by InterRent on
July 28. We call on InterRent to call a meeting of unitholders as soon as
possible to allow unitholders to express their interests in the future of the
Northwest believes that as a result of the Consents and in accordance
with InterRent's Declaration of Trust, members of the Board of Trustees are
removed as trustees and cease to have the rights, privileges and power of a
trustee, and are also directed to resign from all representative or other
positions held on behalf of the Trust, including as a director or officer of
any corporation in which the trust directly or indirectly owns any securities.
NorthWest is attending court this morning in order to secure an annual and
special meeting of InterRent unitholders as soon as possible, so that
unitholders may elect trustees committed to acting in their best interests.
NorthWest, as a unitholder, has directed InterRent CEO G. Michael Newman
to call a special meeting of unitholders of the Trust with a record date of
August 14, 2009 and a meeting date of September 14, 2009 to fill the vacancies
created by the removal of the Board of Trustees. In the interim, and in its
capacity as a unitholder, NorthWest has put forward Mr. Bernard Crotty to
serve as the interim trustee of InterRent (the "Interim Trustee") until a
unitholder meeting is held and trustees are duly elected by the unitholders of
the REIT, or a court appoints a replacement interim trustee.
Until new trustees are duly elected at a meeting of unitholders,
NorthWest has directed InterRent not to take any action outside the ordinary
course of business without the prior approval of the Interim Trustee.
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,