Ivanhoe Cambridge Residential Acquires the Rockhill Complex in Montreal
Ivanhoe Cambridge Residential, a new entity of the Ivanhoe Cambridge Group, the real estate subsidiary of the Caisse de dépôt et placement du Québec, today announced that its first acquisition has taken place in Québec: the renowned Rockhill complex, a grouping of six rental buildings located in the heart of Montréal.
"Ivanhoe Cambridge Residential contributes to the diversification of the real estate portfolio of the Group by shining a spotlight on the multi-residential rental buildings that we own in large urban centres in Canada, the United States and Europe," declared
Daniel Fournier, chairman of the board and CEO of the Ivanhoe Cambridge Group.
"This transaction represents an important milestone in our acquisition strategy. Ivanhoe Cambridge Residential intends to position itself as a quality player in the multi-residential sector, paying constant attention to making our real estate assets more profitable, thanks to prudent and proactive management," stated
Sylvain Fortier, president and CEO of Ivanhoe Cambridge Residential.
The Rockhill Apartments
Built in 1967, the Rockhill complex is located at the foot of Mount Royal, 10 minutes from downtown Montreal. It stands out because of the intelligence of its design: a thousand apartments in six separate buildings, linked by an underground parking lot. Studios, duplex apartments (penthouses), not to mention a host of 3 ½, 4 ½ and 5 ½ room units, all having large window arrangements and most featuring at least one balcony, with spectacular views of Mount Royal, St. Joseph's Oratory or downtown. The Rockhill boasts an interior courtyard that's magnificently laid out with gardens and a fountain, service boutiques, indoor and outdoor parking as well as a huge indoor swimming pool.
New Structure For Dumoulin's Franchise Network
Effective immediately, Réseau Dumoulin inc., a newly formed entity incorporating Dumoulin's former management and franchised stores, has acquired the Dumoulin and Audiotronic trademarks. The offer was presented to the controller, Raymond Chabot Grant Thornton, by the new company as part of the proceedings taken under the Companies' Creditors Arrangement Act (CCAA). The offer was accepted by the courts Monday, July 4, 2011.
This decision aims to ensure the sustainability of the Dumoulin banner in Quebec while also aiming to serve the best interests of the Dumoulin franchised stores and customers for the long term. It is part of the restructuring plans set in motion in February 2011 and the decision to focus exclusively on the strength of the franchised store network.
Western Financial Group Inc. announces shareholder approval of its amalgamation with 1610838 Alberta Ltd., a wholly-owned subsidiary of Desjardins Financial Corporation Inc.
At a special meeting held today, Western Financial Group Inc. shareholders approved the previously announced amalgamation of Western and 1610838 Alberta Ltd., a wholly-owned subsidiary of Desjardins Financial Corporation Inc. n accordance with the provisions of the Business Corporations Act (Alberta).
The special resolution was approved by 99.97% of the votes cast by shareholders and by 100% of the votes cast by holders of Western common shares entitled to vote in order to meet the minority approval requirements set out in Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions present in person or represented by proxy at the Special Meeting.
Pursuant to the amalgamation, each issued and outstanding common share of Western, other than those held by Desjardins and its affiliates and any dissenting shareholders, will be converted into one redeemable preferred share of the amalgamated corporation (an "Amalco redeemable preferred share") which will be immediately redeemed upon the coming into effect of the amalgamation for a redemption amount of $4.15 per share.
Also, pursuant to the amalgamation, each of the first preferred shares, series three, series four and series five of Western will be converted into one first preferred shares, series three, series four and series five, respectively, of the amalgamated corporation (the "Amalco first preferred shares"). These preferred shares will have the same attributes as the first preferred shares of Western in all respects, except that the provisions of the Amalco first preferred shares will be consistent with and reflect the fact that the amalgamation constitutes a "Capital Reorganization" under the terms of the first preferred shares and that the common shares will no longer be listed on the Toronto Stock Exchange ("TSX") following the amalgamation.
Consequently, among others, following the amalgamation, a holder of Amalco first preferred shares will receive upon their conversion a number of Amalco redeemable preferred shares equal to the number of common shares such holder would have been entitled to receive upon conversion of his first preferred shares of Western prior to the amalgamation, and will receive $4.15 in cash upon the immediate subsequent redemption of each such Amalco redeemable preferred share.
The corporation resulting from the amalgamation will remain a reporting issuer and the Amalco first preferred shares will remain listed on the TSX.
As a result of the amalgamation, Desjardins will own, directly and indirectly, all of the outstanding common shares of the amalgamated corporation.
Subject to satisfaction of customary conditions, it is anticipated that the amalgamation will close on or about July 11, 2011.