MP Western Properties Inc.

July 07, 2011 12:16 ET

MP Western Properties Announces Completion of Arrangement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 7, 2011) - MP Western Properties Inc. ("MPW") (TSX VENTURE:MPW.H) is pleased to announce that MPW and Madison Pacific Properties Inc. ("Madison") have completed a plan of arrangement (the "Arrangement") among MPW, MPW's shareholders and Madison.

Pursuant to the requirements of the Canada Business Corporations Act, 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 shares, each voting separately as a class at an annual and special meeting of the shareholders of MPW held on June 29, 2011. The Supreme Court of British Columbia approved the Arrangement on July 6th, 2011.

Under the terms of the Arrangement, Madison has acquired 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, who have not yet done so, to tender their shares of MPW, along with a completed letter of transmittal to CIBC Mellon Trust Company.

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