TSX SYMBOL: BEI April 29, 2004
Shareholders Approve Boardwalk REIT;
Boardwalk REIT Receives Court Approval
Calgary, Alberta – April 29, 2004
- Boardwalk Equities Inc. ("BEI" - TSE)
The Board of Directors of the Corporation is pleased to
announce that the shareholders have approved the
previously announced reorganization of the Company as a
Real Estate Investment Trust at a meeting held
April 28, 2004. The Court of Queen's Bench granted a
final order approving the Plan of Arrangement on
April 29, 2004 and all other necessary regulatory
approvals have been obtained.
Various internal reorganization steps are being
completed and it is anticipated that the Plan of
Arrangement will be filed on Monday, May
3, 2004. Subject to the satisfaction of all conditions
imposed by the Toronto Stock Exchange in its
conditional approval of the listing of the Units of
Boardwalk REIT by Monday, May 3, 2004, Units of
Boardwalk REIT will commence trading on Wednesday,
May 5, 2004. The Common Shares of the Company will
continue to trade on the Exchange in the interim period
between May 3, 2004 until close of market on
Tuesday, May 4, 2004 and will, on Monday, May 3, 2004
and Tuesday, May 4, 2004, represent an entitlement
to REIT Units.
Shareholders overwhelmingly supported this important
step for the Company with over 99% of votes cast in
favour of the Plan of Arrangement.
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 the Toronto Stock Exchange under
the symbol BEI. The Company has a total market
capitalization of approximately $2.2 billion.
Boardwalk REIT is an open-ended real estate investment
trust formed to acquire all of the assets and
undertakings of Boardwalk Equities Incorporated.
Boardwalk REIT's principal objectives are to provide
its unitholders with monthly cash distributions,
partially on a Canadian income tax-deferred basis,
and to increase the value of its units through the
effective management of its residential multi- family
revenue producing properties and the acquisition of
additional properties.
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.
