TSE SYMBOL: BEI NYSE SYMBOL: BEI November 11, 2002
Controlling Shareholders of Boardwalk Equities Inc. Propose Share Sale
CALGARY, Nov. 11 /CNW/ - Sam and Van Kolias, the controlling
shareholders of Boardwalk Equities Inc., through their interest
in Boardwalk Properties Company Limited, 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 15,700,000 common shares of
Boardwalk Equities Inc., representing approximately 31.68%
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
November 25, 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 third
quarter of 2002 (ended September 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
saleprogram 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.
The share sale is being undertaken concurrent with
Boardwalk Equities Inc.'s normal course issuer bid, which began on
August 12, 2002. In connection therewith, Messrs. Sam and Van Kolias
have taken appropriate steps to ensure that none of the common shares
sold in the share sale program are purchased as part of
Boardwalk Equities Inc.'s normal course issuer bid and have instructed
Scotia McLeod Inc. not to sell any of the common shares in the
share sale program through Boardwalk Equities Inc.'s normal
course issuer bid.
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 approximately 29,300 suites representing 25.0 million
net rentable square feet.
For further information please contact:
Sam Kolias,
President and CEO,
(403) 531-9255;
Mike Hough,
Senior Vice President,
(416) 364-0849;
Roberto Geremia,
Senior Vice President, Finance
and Chief Financial Officer,
(403) 531-9255;
Paul Moon,
Director of Corporate Communications,
(403) 531-9255.
Information can also be found on the Internet at
http://www.bwalk.com.
