Two months after the fact - the voting results are released Oh look at this. . . the company finally got around to doing what should have been done within 24-hours of the AGM.
Here are the results - buried at the end of the quarterly financials
TRUSTEE ELECTION
Pursuant to LREIT's majority voting policy in trustee elections dated November 8, 2013, if a trustee does not receive a vote "for" from unitholders holding at least a majority of the trust units of LREIT ("Units") represented in person or by proxy at a unitholder meeting, the trustee must tender their resignation to the vice-chair. On June 28, 2022, at the annual general and special meeting of the unitholders of LREIT (the "Meeting"), Charles Loewen and Earl Coleman, trustees of LREIT, each received less than a majority of the votes "for" their election as trustees of LREIT. 26 of the unitholders of LREIT holding 115.7 million (17.01%) of the Units were represented at the Meeting in person or by proxy. Accordingly, on August 8, 2022 and August 10, 2022, respectively, Messrs. Coleman and Loewen tendered their resignations to the vice-chair of the board of trustees of LREIT, Arni Thorsteinson. After considering the resignations of Messrs. Loewen and Coleman, Mr. Thorsteinson made the determination not to accept the resignations of Messrs. Loewen and Coleman. Due to the current financial hardship of LREIT, locating suitable and qualified replacements would be very difficult.
Always good to know the same directors that have held this same position continually since the company was formed on April 23, 2002 and got us into this F'ing mess - are the most "suitable and and qualified people" that are to be found.
God help us all!!
In the (in)famous words of Laurence J. Peter (1919-1990)
Incompetence plus incompetence equals incompetence.