MP Western Properties Inc.

June 29, 2011 17:30 ET

MP Western Announces Results of a Vote in Favour of an Arrangement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 29, 2011) - MP Western Properties Inc. (TSX VENTURE:MPW.H) ("MPW") is pleased to announce the results of a vote held at the annual and special general meeting of shareholders in favour of completing the previously announced plan of arrangement (the "Arrangement") among MPW, MPW's shareholders and Madison Pacific Properties Inc. ("Madison").

The vote in favour of the Arrangement was approved by over 99% of the votes cast by holders of MPW's voting shares and non-voting shares and by a majority of the minority voting shareholders of MPW, each voting separately as a class. Final court approval will be sought from the Supreme Court of British Columbia on July 7, 2011.

Under the terms of the Arrangement, Madison will acquire all of the issued and outstanding shares of MPW held by minority shareholders of MPW in exchange for a cash payment of $0.06 per share. Madison and MPW encourage those shareholders of MPW to tender their shares of MPW, along with a completed letter of transmittal to CIBC Mellon Trust Company.

Forward Looking Statements

Certain statements in this press release may not be historical and may constitute forward-looking statements reflecting financial performance. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including the risk that there is no assurance that the transactions contemplated by the Arrangement will be completed as proposed or at all. Forward-looking statements are based on management's estimates, beliefs and opinions on the date the statements are made. Except as required by law, MPW assumes no obligation to update forward-looking statements if circumstances should change. Additional information on these and other potential factors that could affect MPW's financial results are detailed in documents filed from time to time with the applicable Canadian securities regulatory authorities. Investors are cautioned that, except as disclosed in the management information circular sent to MPW shareholders in connection with the Arrangement, any information regarding the Arrangement may not be accurate or complete and should not be relied on.

Neither NEX nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • MP Western Properties Inc.
    Mr. Bill Ramsey
    Chief Financial Officer