TORONTO, Oct. 21, 2014 /CNW/ - In its press release and early warning report dated August 23, 2013, Smoothwater Capital Corporation ("Smoothwater") disclosed that the Alberta Court of Queen's Bench had held that Smoothwater had been acting jointly or in concert with Garfield Mitchell (the sole shareholder of Smoothwater), Mark Mitchell, Edwin Nordholm and Liberty Street Capital Corp. in respect of its efforts to have an alternate slate of directors elected at the annual and special meeting of shareholders of Genesis Land Development Corp. ("Genesis") ultimately held on September 23, 2013 (the "2013 AGM").
Smoothwater is of the view that, subsequent to the 2013 AGM, it has not been acting jointly or in concert with Mark Mitchell, Edwin Nordholm and/or Liberty Street Capital Corp. in connection with the election of directors of Genesis.
Pursuant to the Standstill Agreement entered into between Smoothwater and Genesis dated August 28, 2013, Smoothwater committed, among other things, to vote its common shares of Genesis in favour of the agreed to board of directors of Genesis until the earlier of the 2015 annual meeting of common shareholders and May 15, 2015.
Smoothwater continues to maintain ownership and control of 9,897,435 common shares of Genesis, representing approximately 22.05% of the outstanding common shares of Genesis (based upon the 44,881,200 common shares stated to be issued and outstanding as of August 7, 2014 by Genesis in its management discussion and analysis for the periods ended June 30, 2014 and filed on SEDAR on August 7, 2014). Smoothwater, together with its sole shareholder, Garfield Mitchell, beneficially owns, or exercises control and direction over, an aggregate of 9,909,435 common shares of Genesis, representing approximately 22.08% of the outstanding common shares of Genesis.
An early warning report in connection with this press release is being filed by Smoothwater in accordance with applicable securities laws and will be available on the SEDAR website at www.sedar.com.
SOURCE: Smoothwater Capital Corporation
For further information: including to obtain a copy of the early warning report to which this press release relates, please contact: Stephen J. Griggs, Chief Executive Officer, SMOOTHWATER CAPITAL CORPORATION, Suite 2500, 120 Adelaide Street West, Toronto, Ontario M5H 1T1, 416.644.6582