|By Marketwired .||
|May 27, 2014 05:16 PM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 05/27/14 -- 779395 Ontario Limited (the "General Partner"), the general partner of The North Front Limited Partnership (the "Partnership") today announced it has received approval from the limited partners to sell the retirement residence project (the "Project") owned by the Partnership and then dissolve and terminate the Partnership.
At an annual and special meeting held on May 27, 2014, the General Partner received authorization from 98.15% of the votes cast by the limited partners of the Partnership to sell the Project, being substantially all of the assets of the Partnership, provided the General Partner is able to enter into an agreement within a certain timeframe, subject to a certain a minimum price. At this same meeting, the General Partner received approval from 98.15% of the votes cast by the limited partners to dissolve and terminate the Partnership in the event of the sale of the Project and upon the distribution of all the assets of the Partnership.
The General Partner will now proceed to solicit offers to purchase the Project from qualified purchasers.
Douglas E. Amy
779395 Ontario Limited
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