TSE SYMBOL: BEI NYSE SYMBOL: BEI February 19, 2004
Boardwalk to Delist from the New York Stock Exchange
CALGARY, Feb. 19 /CNW/ - Boardwalk Equities Inc. (BEI- TSX; NYSE)
The previously announced voluntary de-listing of the Common Shares from
the New York Stock Exchange is expected to be effective prior to the opening
of the market on February 23, 2004. It is therefore anticipated that trading
in the Common Shares on the NYSE will cease at the close of the market on
Friday, February 20, 2004. The common shares will continue to be traded on the
Toronto Stock Exchange under the symbol "BEI".
The Board of Directors of BEI, at a meeting held on January 8, 2004
resolved to apply to de-list the common shares from the New York Stock
Exchange. Recent regulatory changes in the United States will significantly
increase the cost of complying with US securities laws. Although the directors
believe that benefits are derived from the Corporation's listing on the
prestigious NYSE, the Board feels that these benefits are outweighed by the
significantly increased compliance costs of such listing. It should also be
noted that the majority of the trades in the Corporation's shares are
completed through the facilities of the Toronto Stock Exchange and accordingly
a liquid market for the shares of the Corporation will continue to exist.
Corporate Profile
Boardwalk Equities Inc. is Canada's largest owner/operator of multi-
family rental communities. Boardwalk currently owns and operates in excess of
250 properties with over 31,400 units totaling approximately 26 million net
rentable square feet. The Company's portfolio is concentrated in the provinces
of Alberta, Saskatchewan, Ontario and Quebec. Boardwalk is headquartered in
Calgary and its shares are listed on both the Toronto Stock Exchange and the
New York Stock Exchange under the symbol BEI. The Company has a total market
capitalization of approximately $2.3 billion.
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For further information please contact:
Boardwalk Equities Inc.
Sam Kolias,
President and CEO,
(403) 531-9255;
Roberto Geremia,
Senior Vice President, Finance and Chief Financial Officer,
(403) 531-9255;
Mike Hough,
Senior Vice President,
(416) 364-0849;
Paul Moon,
Director of Corporate Communications,
(403) 531-9255.
