TSE SYMBOL: BEI
NYSE SYMBOL: BEI
May 3, 2002
Controlling Shareholders of Boardwalk Equities Inc.
Propose Share Sale
CALGARY, May 3 /CNW/ - Sam and Van Kolias, the
controlling shareholders of Boardwalk Equities Inc.,
personally and through their interest in Boardwalk
Properties Company Limited and other entities owned or
controlled by them, announced today their intention to
sell up to 350,000 common shares of Boardwalk Equities Inc.
from their combined holdings. The controlling shareholders
currently own or have control or direction over a total of
16,400,000 common shares of Boardwalk Equities Inc.,
representing approximately 33.09% of the outstanding
common shares. The share sale is being undertaken to provide
the controlling shareholders with a source of funds to provide
funding for their charitable causes, pay down existing
indebtedness and diversify their investment portfolios.
The decision to engage in this sale of shares does not reflect
any change in the controlling shareholder's intention to
maintain their significant equity stake in
Boardwalk Equities Inc. Rather, the share sale reflects
the fact that over the past eight years
Sam and Van Kolias have taken no wage or salary compensation
from Boardwalk Equities Inc. in their capacities as officers
of the Corporation. Furthermore, Messrs. Sam and Van Kolias
intend to make similar dispositions in the future to continue
to fund various charitable endeavours, pay down indebtedness
and diversify their investment portfolios.
The controlling shareholders have appointed
Scotia McLeod Inc. to execute the share sale through the
facilities of the Toronto Stock Exchange. The share
sale will commence on or after May 10, 2002, and in accordance
with applicable securities regulations, and will be executed
on an orderly basis so as to avoid adversely impacting the market
for the common shares of Boardwalk Equities Inc. Notice of the
controlling shareholders' intention to sell has been filed with
the applicable securities commissions and stock exchanges.
The share sale is being undertaken concurrent with the release
of certain information about Boardwalk Equities Inc. for the
first quarter of 2002 (ended March 30), as required by applicable
securities laws, as well as the policies and rules of the Toronto
and New York Stock Exchanges. In connection therewith, Messrs.
Sam and Van Kolias have taken appropriate steps to ensure that
none of the Common Shares being offered for sale in the share sale
program will be sold until such information is released to the
public and filed with applicable securities regulators, as well
as the Toronto and New York Stock Exchanges, and have instructed
Scotia McLeod Inc. not to sell any of the Common Shares offered
in the share sale program until such information is released and
filed with applicable securities regulators, as well as the
Toronto and New York Stock Exchanges.
Boardwalk Equities Inc. is a customer-oriented, technologically
advanced real estate company specializing in the acquisition and
management of multi-family residential projects throughout Canada.
Boardwalk owns over 29,000 suites representing 21.0 million net
rentable square feet.
The Toronto Stock has neither approved nor disapproved
the information contained herein.
For further information:
Boardwalk Equities Inc.,
Sam Kolias,
President and CEO,
Mike Hough,
Executive Vice-President,
Roberto Geremia,
Vice President and CFO
or
Paul Moon,
Investor Relations,
(403) 531-9255,
www.bwalk.com
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