Comment from BMO Tuscany has announced that its CEO and President, Reg Greenslade has
tendered his resignation, effective February 3, 2013. We do not view the
departure as being hugely impactful and believe that Executive Chairman,
Walter Dawson will continue to oversee overall strategy and direction of
Tuscany. We continue to believe that while Tuscany’s underlying asset
value is well in excess of the current share price, the discounted valuation
is warranted in light of the high levels of debt and continued struggles to
achieve profitability.