CALGARY, Aug. 15, 2013 /CNW/ - Genesis Land Development Corp. (TSX: GDC)
(the "Corporation" or "Genesis") announced the Court of Queen's Bench of Alberta (the "Court") ruled that Smoothwater Capital Corporation, Liberty Street Capital
Corp., Garfield Mitchell, Mark Mitchell, and Edwin Nordholm (the "Respondents") had acted jointly or in concert without making adequate disclosures
in violation of the Alberta Securities Act (the "Securities Act").
Madam Justice B.E.C. Romaine found that the Respondents must remedy
their deficiencies in disclosure and as a result the Annual Meeting of
Shareholders (the "Meeting") should be postponed in order to provide time to fully inform the
markets. Justice Romaine ruled that shareholders should also be
afforded the opportunity to re-cast their votes.
Bill Pringle, Chair of the Special Committee of Genesis, responded to
the Court's ruling today "I am very pleased that the Court has affirmed
what we have alleged all along, that the Respondents had failed to
disclose that they were acting jointly or in concert with each other in
contravention of securities laws. We believe that their failure to
make adequate disclosures and their subsequent denials, speak volumes
about their conduct. Just two days ago Smoothwater Capital claimed
again that all of their nominees were "independent" - now we know that
is not true."
"I am also heartened by the overwhelming support we received from
shareholders throughout the campaign - and recently from shareholders
who previously cast proxies for the dissident, who have re-cast their
votes for the Management nominees. We feel very confident that we
would have prevailed on August 20th in electing a board that represents all shareholders - and feel equally
confident that we will prevail on the day of the rescheduled Meeting,"
continued Mr. Pringle.
Genesis anticipates publishing a revised meeting date, a record date and
the new proxy voting deadline, as soon as possible after the Court
provides its written ruling and Genesis receives approval from the TSX
to reschedule the Meeting.
About Genesis
Genesis is a Calgary-based real estate development corporation engaged
in the acquisition, development, and sale of land, residential lots and
homes in Alberta and British Columbia. All business activities of the
Corporation are conducted in Western Canada, with development lands
held primarily in and around the cities of Calgary and Airdrie. With a
diversified and substantial land base, the Corporation is well
positioned to focus on developing those projects that offer the best
return in the market going forward.
SOURCE: Genesis Land Development Corp.
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Media
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