EDMONTON, ALBERTA -- (Marketwire) -- 01/08/13 -- Melcor Developments Ltd. ("Melcor" or the "Company") (TSX: MRD) today announced that it has commenced a strategic process to advance its business interests through the creation of a Real Estate Investment Trust ("REIT") in which the Company would maintain a significant interest. The Company is considering vending a substantial portion of its income-producing assets into this new vehicle. This process would provide capital to the Company, and allow it to grow and continue to pursue numerous value creating opportunities in strong western Canadian economies. A Special Committee of independent Directors of the Board, Chaired by Gordon Clanachan, has been constituted to oversee the strategic process.
The Company cautions that the Board of Directors has not set any deadline for completing any transaction, and that any such strategy may, or may not, be executed. Accordingly, there can be no assurance that the Company will ultimately pursue, or complete, any transactions, and investors, or potential investors, should not trade based on this information.
The Company has engaged RBC Capital Markets and CIBC as its financial advisors and Bryan & Company LLP as its legal advisor with respect to this process.
About Melcor Developments Ltd.
Melcor is a diversified real estate development and management company with a rich heritage of integrity and innovation in real estate since 1923.
Through four integrated operating divisions, Melcor manages the full life cycle of real estate development: from acquiring raw land, to community planning, to construction and development, to managing leasable office, retail and residential sites. We develop and manage mixed-use residential communities, business and industrial parks, office buildings, retail commercial centres and golf courses.
Our headquarters are in Edmonton, Alberta, with regional offices throughout Alberta and British Columbia. Our developments span western Canada and the US. We have been publicly traded since 1968 (TSX: MRD).
Melcor Developments Ltd. - Business Contact
Ralph B. Young
Chief Executive Officer
(780) 426-1796 (FAX)
Melcor Developments Ltd. - Investor Relations
Jonathan Chia, C.A.
Vice-President, Finance and CFO
(780) 426-1796 (FAX)
Most Popular Stories
- Apple CEO: Offshore Units Not a 'Tax Gimmick'
- Social Media Initiatives Should Follow Customers' Lead
- Marketo Makes a Mint in IPO: Stock Shoots Up More than 50 Percent
- Bieber Booed at Billboard Awards
- US Senate Accuses Apple of Large-scale Tax Avoidance
- Ford's Supplier Diversity Program Turns 35
- Georgia GOP Preaches Minority Outreach
- Apple Said to Duck Billions in Taxes
- Soderbergh: Why He Quit Movies
- AT&T Seeks to Fill 120 Jobs in South Carolina