Business
Genesis Land Development Corp.: Shareholder Protection Rights Plan Update
CALGARY , Aug. 1, 2013 /CNW/ - Genesis Land Development Corp. (TSX: GDC) (the " Compan...
About this update from Genesis Land Development Corp.
[{"type":"text","content":"\n\n\nCALGARY, Aug. 1, 2013 /CNW/ - Genesis Land Development Corp. (TSX: GDC)\n (the \"Company\" or \"Genesis\") announced today that the Toronto Stock Exchange (the \"TSX\") has, in\n accordance with its rules, deferred its consideration of the acceptance\n of the Company's recently announced Shareholder Protection Rights Plan\n (the \"Rights Plan\") until such time that the Company seeks shareholder approval. The\n deferral does not affect the operation of the Rights Plan. Genesis does\n not have a current intention to seek shareholder approval for the Plan\n within the prescribed six month period and as a result the Plan will\n remain effective for up to a 6 month period.\n\n\nTSX deferral is typical in situations where a shareholder rights plan is\n adopted as a response to a specific or potential take-over bid. As\n previously disclosed by the Company, the Company is concerned that a\n group of minority shareholders may attempt to seize control of the\n Company's board, and ultimately the Company, without paying a premium\n to shareholders.\n\n\nThe objective of the Rights Plan is to ensure, to the extent possible,\n that all shareholders of the Company are treated equally and fairly in\n connection with any initiative to acquire control of the Company.\n\n\nA copy of the Rights Plan is available on SEDAR at www.sedar.com.\n\n\nAbout Genesis Land Development Corp. \n\n\nGenesis is a Calgary-based real estate development corporation engaged\n in the acquisition, development, and sale of land, residential lots and\n homes in Alberta and British Columbia. All business activities of the\n Company are conducted in Western Canada, with development lands held\n primarily in and around the cities of Calgary and Airdrie. With a\n diversified and substantial land base, the Company is well positioned\n to focus on developing those projects that offer the best return in the\n market going forward.\n\n\nThe TSX has not reviewed and does not accept responsibility for the\n adequacy or accuracy of this news release. This news release may\n contain assumptions, estimates, and other forward-looking statements\n regarding future events. Such forward-looking statements involve\n inherent risks and uncertainties and are subject to factors, many of\n which are beyond the Company's control, which may cause actual results\n or performance to diff...