TORONTO, ONTARIO--(Marketwired - April 22, 2014) - 779395 Ontario Limited (the "General Partner "), the general partner of The North Front Limited Partnership (the "Partnership") today announced it proposes to seek approval from the limited partners to sell The Richmond Retirement Residence and then dissolve and terminate the Partnership.
At an annual and special meeting to be held on May 27, 2014, the General Partner will seek authorization from the limited partners of the Partnership to sell The Richmond Retirement Residence, being substantially all of the assets of the Partnership. At this same meeting, the General Partner will also ask limited partners to approve the dissolution and termination of the Partnership in the event of the sale of The Richmond Retirement Residence and upon the distribution of all the assets of the Partnership.
Both of these authorizations require approval by at least 75% of the votes cast by those limited partners who are entitled to vote, in person or by proxy, at a duly constituted meeting of limited partners called for the purpose of considering such decisions.
The General Partner will only proceed with seeking to implement the sale of The Richmond Retirement Residence if limited partners also authorize the General Partner to dissolve the Partnership in the event of a sale.