NorRock Realty Finance Corporation Management Agreement and Investment Advisor Agreement
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 03/23/12 -- NorRock Realty Finance Corporation (TSX VENTURE: RF.H) ("NorRock" or the "Corporation") announced today that NorRock's management agreement with NorRock Realty Management Services Ltd. (the "Manager") and Green Tree Capital Management Corp. (the "Management Agreement") and investment advisor agreement with NorRock Realty Management Services Ltd. (the "Investment Advisor") (the "Investment Advisor Agreement") were previously submitted to NEX for review and that NEX has no objections to the aforementioned agreements.
The Management Agreement replaces the original management agreement entered into between the Corporation and NorRock Realty Management Services Ltd. on February 22, 2008, as amended, and is substantially the same as the original management agreement save and except for the following: (1) There are no fees payable from the Corporation to the Manager until the completion of a transaction which results in the Corporation holding an interest, directly or indirectly, in a business sufficient to enable the Corporation to be listed on the Toronto Stock Exchange or the TSX Venture Exchange and provided that, at such time, the Corporation is an investment fund as defined in securities legislation of the provinces and territories of Canada or a mortgage investment corporation as defined by the Income Tax Act; (2) There is no longer a termination fee payable to the Manager upon termination of the agreement (which was previously 8% of the net asset value of the Corporation); (3) The term of the agreement is now three (3) years with automatic three (3) year renewal terms (as opposed to five (5) years with automatic five (5) year renewal terms); (4) Green Tree Capital Management Corp., which owns all of the issued and outstanding shares of the Manager, has covenanted to ensure that the Corporation has the minimal capital required to operate as a Corporation that has ceased to carry on an active business but is assessing its business plans and formulating a strategy to complete a transaction for future growth for the period beginning on February 1, 2012 until the earlier of: (i) February 1, 2013; (ii) the completion of a transaction which results in the Corporation holding an interest, directly or indirectly, in a business sufficient to enable the Corporation to be listed on the Toronto Stock Exchange or the TSX Venture Exchange; or (iii) the date the Corporation is dissolved.
The Investment Advisor Agreement replaces the original investment advisor agreement among NorRock Realty Finance G.P. Inc., NorRock Realty Finance L.P. and the Corporation dated February 22, 2008, as amended, and is substantially the same as the original investment advisor agreement save and except for the following: (1) No fees are payable from the Corporation to the Investment Advisor until the completion of a transaction which results in the Corporation holding an interest, directly or indirectly, in a business sufficient to enable the Corporation to be listed on the Toronto Stock Exchange or the TSX Venture Exchange provided that, at such time, the Corporation is an investment fund as defined in securities legislation in the provinces and territories of Canada or a mortgage investment corporation as defined by the Income Tax Act.
NorRock Realty Finance Corporation
The Corporation is a mutual fund corporation incorporated under the laws of the Province of Ontario. The Corporation was initially created to obtain exposure to the investment performance of an actively managed portfolio of secured loans and investments in the Canadian commercial real estate sector on a tax-efficient basis.
Certain statements included in this news release constitute forward-looking statements including statements identified by the words "plan", "will" and "intend", and similar expressions or the negative thereof. The forward-looking statements are not historical facts but reflect the Corporation's current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Readers are cautioned not to place undue reliance on forward-looking information. The Corporation undertakes no obligation to update publicly or otherwise revise any forward-looking statement or information except as required by law.
Neither TSX Venture Exchange nor its Regulator Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
NorRock Realty Finance Corporation
Jacqueline Boddaert
Chief Executive Officer
(416) 479-9510 x305
1-866-362-2469 (FAX)
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 23.03.2012 - 17:14 Uhr
Sprache: Deutsch
News-ID 127956
Anzahl Zeichen: 0
contact information:
Town:
TORONTO, ONTARIO
Kategorie:
Investment Services & Trading
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