TSE SYMBOL: BEI NYSE SYMBOL: BEI August 9, 2002
Controlling Shareholders of Boardwalk Equities Inc. Propose Share Sale
CALGARY, Aug. 9 /CNW/ - Sam and Van Kolias, the controlling
shareholders of Boardwalk Equities Inc., through their interest
in Boardwalk Properties Company Limited, announced today their
intention to sell up to 350,000 common shares of
Boardwalk Equities Inc. from their combined holdings.
The controlling shareholders currently own or have control or
direction over a total of 16,050,000 common shares of
Boardwalk Equities Inc., representing approximately 32.19%
of the outstanding common shares.
The share sale is being undertaken to provide the controlling
shareholders with a source of funds to provide funding for
their charitable causes, pay down existing indebtedness and
diversify their investment portfolios. The decision to engage
in this sale of shares does not reflect any change in the
controlling shareholder's intention to maintain their significant
equity stake in Boardwalk Equities Inc. Rather, the share sale
reflects the fact that over the past eight years Sam and
Van Kolias have taken no wage or salary compensation from
Boardwalk Equities Inc. in their capacities as officers of
the Corporation. Furthermore, Messrs. Sam and Van Kolias intend
to make similar dispositions in the future to continue to fund
various charitable endeavours, pay down indebtedness and diversify
their investment portfolios.
The controlling shareholders have appointed Scotia McLeod Inc.
to execute the share sale through the facilities of the
Toronto Stock Exchange. The share sale will commence on or after
August 16, 2002, and in accordance with applicable securities
regulations, and will be executed on an orderly basis so as to avoid
adversely impacting the market for the common shares of Boardwalk
Equities Inc. Notice of the controlling shareholders' intention to
sell has been filed with the applicable securities commissions and
stock exchanges.
The share sale is being undertaken concurrent with the release of
certain information about Boardwalk Equities Inc. for the second
quarter of 2002 (ended June 30), as required by applicable securities
laws, as well as the policies and rules of the Toronto and
New York Stock Exchanges. In connection therewith, Messrs. Sam and
Van Kolias have taken appropriate steps to ensure that none of the
Common Shares being offered for sale in the share sale program will
be sold until such information is released to the public and
filed with applicable securities regulators, as well as the
Toronto and New York Stock Exchanges, and have instructed
Scotia McLeod Inc. not to sell any of the Common Shares offered
in the share sale program until such information is released and
filed with applicable securities regulators, as well as the
Toronto and New York Stock Exchanges.
The share sale is being undertaken concurrent with
Boardwalk Equities Inc.'s normal course issuer bid, which
will begin on August 12, 2002. In connection therewith,
Messrs. Sam and Van Kolias have taken appropriate steps to
ensure that none of the Common Shares
sold in the share sale program are purchased as part of
Boardwalk Equities Inc.'s normal course issuer bid and
have instructed Scotia McLeod Inc. not to sell any of the
Common Shares in the share sale program through
Boardwalk Equities Inc.'s normal course issuer bid.
Corporate Profile
Boardwalk Equities Inc. is Canada's largest owner/operator of
multi-family rental properties. Boardwalk currently owns in excess of
250 properties with approximately 29,000 units totalling approximately
25 million net rentable square feet. The company's portfolio is
concentrated in the provinces of Alberta, Saskatchewan, Ontario
and Quebec. Boardwalk is headquartered in Calgary and its shares are
listed on both the Toronto Stock Exchange and the New York Stock
Exchange and trade under the symbol BEI. The Company has a total
market capitalization of approximately $1.9 billion.
For further information please contact:
Sam Kolias,
President and CEO,
(403) 531-9255;
Roberto Geremia,
Senior Vice President, Finance
and Chief Financial Officer,
(403) 531-9255;
Mike Hough,
Senior Vice President,
(416) 364-0849;
Paul Moon,
Director of Corporate Communications,
(403) 531-9255.
Information can also be found on the Internet at
http://www.bwalk.com.
