Mainstreet Equity Corp.

Mainstreet Equity Corp.

February 21, 2014 16:53 ET

Mainstreet Equity Corp. Adopts By-Law Requiring Advance Notice of Nomination of Directors

CALGARY, ALBERTA--(Marketwired - Feb. 21, 2014) - Mainstreet Equity Corp. ("Mainstreet" or the "Corporation") (TSX:MEQ) is pleased to announce that it has adopted an advance notice by-law (the "Advance Notice By-law"), similar to by-laws recently adopted by a number of other Canadian public companies, requiring advance written notice to the Corporation for nominations of directors by shareholders other than through a requisitioned meeting or by way of a shareholder proposal pursuant to applicable corporate laws.

The Advance Notice By-law is not intended to discourage director nominations but rather to facilitate orderly and efficient meetings at which directors are to be elected and to permit shareholders to register an informed vote by allowing them to receive sufficient information with respect to all director nominees and reasonable time for appropriate deliberation.

The Advance Notice By-law provides shareholders, directors and management of the Corporation with a clear framework for nominating directors in an orderly and fair manner at meetings of shareholders convened for such purpose. The Advance Notice By-law fixes a deadline by which holders of record of common shares of the Corporation must submit director nominations to the Corporation prior to any annual or special general meeting of shareholders and sets forth the information that a shareholder must include in a written notice to the Corporation in order for any director nominee to be eligible for election at any annual or special general meeting of shareholders at which election of directors is contemplated.

In the case of an annual meeting of shareholders, written notice to the Corporation must be made not less than 30 nor more than 65 days prior to the date of the annual general meeting; provided, however, that in the event that the annual general meeting is to be held on a date that is less than 50 days after the date on which the first public announcement of the date of the annual general meeting was made, notice may be made not later than the close of business on the 10th day following such public announcement.

In the case of a special general meeting of shareholders (which is not also an annual general meeting), notice to the Corporation must be made not later than the close of business on the 15th day following the day on which the first public announcement of the date of the special general meeting was made.

The Advance Notice By-law becomes effective immediately and will be placed before shareholders for confirmation and approval by the shareholders of the Corporation at the Corporation's annual and special general meeting of shareholders proposed to be held on March 28, 2014. A copy of the Advance Notice By-law is available under the Corporation's profile at

About Mainstreet

Mainstreet is a Calgary-based, growth-oriented real estate corporation focused on the acquisition, redevelopment, repositioning, and asset and property management of mid-market apartment buildings. The Corporation currently owns and operates residential rental units, including apartments and townhouses, in the B.C. Lower Mainland, Calgary, Edmonton and Saskatoon.

Mainstreet's common shares are listed on the Toronto Stock Exchange under the symbol "MEQ". There are currently 10,466,081 common shares outstanding.

Cautionary Statement Regarding Forward-Looking Statements

The above disclosure may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. In particular statements concerning future shareholder meetings and nominations of directors represent estimates thereof. These forward-looking statements involve unknown risks, uncertainties and other unknown factors, some of which are beyond the Corporation's control, including the timing of shareholders meetings and related events. The Corporation's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or, if any of them do so, what benefits the Corporation will derive from them. Readers should not place undue reliance on such forward looking statements contained herein.

Additional information is available at:

Contact Information

  • Mainstreet Equity Corp.
    Bob Dhillon
    President and Chief Executive Officer
    (403) 215-6063