On behalf of SAGE Properties Corp. (“SAGE)” and the board of directors (“the Board”), I would like to thank all of the shareholders who participated in our Annual Meeting (“the Meeting”) on September 14, 2019.
A total of 255 shareholders or 48.42% of the issued and outstanding voting shares were represented at the meeting and the following individuals were elected to the Board with each director receiving over 95% support:
Sandra Jory Irfhan Rawji
Murray Warnke Reginald Zotzman
Ralph Huizinga Andrea Whyte
The special resolution to amend the redemption provisions of the Articles of SAGE (“the Articles”) were also approved with 77% support. Please see attached document here that outlines the changes made to articles.
Earlier this year, the board reviewed the 3 year mandate received from its shareholders to determine if it would be in the best interests of shareholders to move forward with the sale of its assets, without the subdivision and emancipation of utilities being 100% complete. During this period, Sage also experienced an increase in interest from qualified buyers. Seeing this increase in the market, the board made the decision to move forward with hiring a broker and to start the process of disposing of Sage’s assets. In June 2019, the Board hired KPMG Corporate Finance, an experienced middle market broker, to commence a confidential sales process. In August 2019, KPMG commenced a broad divestment process and I am very excited to announce that there has been strong interest from potential buyers. While at this stage it is too early to determine whether the process will result in an acceptable offer or to determine an exact timing for the closing of a potential transaction, it is our hope than attractive offer will be obtained this fall and that a transaction will be presented to shareholders for approval later this year. In the event that attractive offers are not received, Sage will continue its work on the mandate of subdivision and emancipation of the utilities, looking to complete its mandate in 2020.
If you have any questions with respect to any of the information provided in this newsletter, please contact SAGE at 403-478-9661 or by email to firstname.lastname@example.org
Sandra Jory, CPA, CA
SAGE Properties Corp.