Parent Capital Corp V.PAR.H

RE:Trustees

[ghayes]

Hi Nawar,     the current board of trustees was elected by all unit holders a few months ago.  There was a blue proxy slate of trustees who believed that there were millions in REIT managment fee savings to be made by taking the reit managment duties away from LAPP/IGW.  There was a gold proxy slate of trustees who believed that remaining with LAPP/IGW for REIT managment was the way to go. The 'gold' slate of trustees were heavily endorsed by IGW, who also owned the REIT manangmnt company that would benefit from continuation of the contract.   The gold proxy won ,  mainly because they had 15% of the votes before they began,  because IGW owns almost 15% of the units.  The current trustees are the ones who declared they wanted to remain with LAPP  so I don't expect them to change their minds.   IF IGW are forced to sell their PAR holdings to a big institution, as a result of the current solvency problem,   then maybe,  the new institutional owner might put forward a new slate of trustees.  The issue of getting a competitively priced  REIT managment company looking after things might be resurrected, and unitholders could  realise the full value of their holdings, without having fat juicy REIT management fees skimmed off first.   But unless IGW has to sell their 15%, I don't see any change coming anytime soon..