The proposed Reactivation Transaction will be effected by way of an RTO and an information circular will be completed detailing the terms of the Reactivation Transaction and seeking approval from shareholders of NorRock.
NorRock intends to treat the LaSalle Acquisition and Portfolio Acquisition as related party transactions as defined in Multilateral Instrument 61-101: Protection of Minority Security Holders in Special Transactions ("MI 61-101"). Consequently, NorRock intends to obtain an independent valuation for, and majority of minority shareholder approval of, each of the LaSalle Acquisition and Portfolio Acquisition.
Mr. Gant is Chief Executive Officer and a director of IGW Industrial, and President and a director of each of IGW Segregated Debt 1 GP Inc. and IGW Segregated Debt 2 GP Inc. IGW Industrial is a subsidiary of League IGW Real Estate Investment Trust. League Assets Corp. is the manager of League IGW Real Estate Investment Trust. Each of IGW Segregated Debt 1 GP Inc. and IGW Segregated Debt 2 GP Inc. are subsidiaries of League Assets Corp. League Assets Corp. is a company owned indirectly by Adam Gant and Emanuel Arruda, both residents of British Columbia. Mr. Gant is also a director and the Chief Executive Officer of League Assets Corp.
Due to the fact that the largest shareholder of NorRock is Green Tree, a corporation held fifty percent by an entity in which Adam Gant has an indirect and contingent financial interest, and the fact that Adam Gant is a principal of the general partner corporations of the sellers in the LaSalle Acquisition and the Portfolio Acquisition, NorRock intends to treat the LaSalle Acquisition and the Portfolio Acquisition as related party transactions and voluntarily comply with the requirements of MI 61-101.
It is currently anticipated that the board of directors of NorRock will consist of Jacqueline Boddaert, who is currently the Chief Executive Officer and a director of NorRock, as well as David Prussky, Raymond Steele and Malvin Spooner. The officers will include Jacqueline Boddaert, Chief Executive Officer and Raymond Steele, Chief Financial Officer. The current directors of NorRock, other than Jacqueline Boddaert and David Prussky will resign upon closing of the Reactivation Transaction. Biographies of each of the anticipated directors and officers of NorRock are included below.
David Prussky, Director and Chairman - Mr. Prussky has over 20 years of experience in the investment industry in Canada, with a focus on the merchant banking sector. He is presently a director of three companies listed on the TSX and one company listed on the TSXV. He is also a past director of four public companies in Canada. Mr. Prussky is also a past director and principal in an investment dealer in Canada. Mr. Prussky received his LLB degree from Osgoode Hall, York University and his Masters in Business Administration from York University.
Jacqueline Boddaert, Director and Chief Executive Officer - Ms. Boddaert is CEO for NorRock Realty Finance Corporation, a NEX listed company that invests in a portfolio of secured loans and investments in the Canadian commercial real estate sector. Ms. Boddaert was formerly President and Chief Executive Officer of Monarch Wealth Corporation, a Mutual Fund Dealer based in Toronto, as well as President of Monarch Wealth Assurance Agencies Inc. and Monarch Wealth Deposit Group Inc. These businesses collectively managed over $700 million of client assets. She is presently a board member of the Federation of Mutual Fund Dealers. Ms. Boddaert has over 20 years of diversified business experience as a senior executive in the financial services, packaged goods and pharmaceutical industries and is a graduate of the University of Western Ontario.
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