Lanesborough Real Estate Investment Trust V.LRT.UN

Response from Manitoba Securities

[quicksilver545]

Just received a response. Essentially because they are a "venture issuer", there are no requirements that a venture issuer has to disclose the results of a vote. They "voluntarily" released the results of the consolidation, but were not required to do so.

As for the vote for the board, they are not required to disclose these results, even though they have every other vote, only because they received majority support. 

So I suspect they are just not going to publish the results because the majority of unitholders withdrew support from the board. Yet the same board will operate without modification or resignation, even though the majority of unitholders want them gone.

What a complete farce... Honestly the venture is a joke.

[alkhor]

Similar response to mine: "Good afternoon, because Lanesborough REIT is a TSX Venture issuer, they are not obligated to release voting results.  When the resolutions are uncontested – it's either For or Withheld.  Withheld does not mean “Against”.   You may wish to review the REIT’s constating documents to see if there is something in the articles or bylaws that would

[quicksilver545]

I found this interesting... written right in the circular: Majority Voting Policy The Board has adopted a majority voting policy pursuant to which, with respect to uncontested Board elections, each nominee who receives more votes withheld than are voted in favour of him or her, will be expected to forthwith submit his or her resignation to the Board, to be effective on its acceptance by the Board

[alkhor]

"will be expected to forthwith submit his or her resignation to the Board, to be effective on its acceptance by the Board." Of course, since it is most likely everyone on the board received more withheld than in favour, the board will just reject all the resignations.

[riverrrow]

I would hope that "acceptance by the Board" is a technical formality to confirm the resignations and not a loophole to circumvent the rules.

[DanielDarden123]

Good work! It seems like the Governance, Compensation and Nominating Committee can keep themselves elected as trustees. These are the same people! How ridiculous is that? The “circumstances “ are essentially within the beholder.

[quicksilver545]

The silence is deafening. Every year except this year they have released the results of the voting from the AGM the day of, or after, the AGM. Now because the results didn't go their way, they don't release the results, and just release the results of the consolidation motion? Plus their rules clearly state that resignations have to be tendered within 60 days of the vote. If they use the