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Thu Oct 7, 1999
King George Receives Shareholder & Court Approval to Merge with Allied Hotels
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Pursuant to its news release dated June 21, 1999, King George Development Corporation (KIG.V) ("King George" or the "Company") is pleased to announce that all of the special resolutions considered today at its extraordinary general meeting were approved by shareholders.
Of significant note, shareholders approved an arrangement under which King George, King George Financial Corporation and Allied Hotel Properties Inc. ("Allied Hotels") will effectively reorganize into two companies with the existing shareholders of King George to receive shares in each of King George Financial Corporation and Allied Hotels.
In addition to receiving shareholder approval, the Company is pleased to announce that the final order approving the arrangement was also granted today by the Supreme Court of British Columbia.
The closing of the transaction remains contingent upon several conditions precedent. Upon conclusion of the proposed reorganization, Allied Hotels will own several first class hotels in Vancouver, Toronto and Edmonton. King George Financial Corporation will own the commercial and residential real estate assets currently held by King George.
On behalf of the Board of Directors:
Mr. Andrew E. Saxton
Chairman and Director
King George Development Corporation
THE VANCOUVER STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. |
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You can view the Next News Releases item: Thu Oct 21, 1999, Allied Hotels Completes Reorganization With King George Development
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