SAINT-JEAN-BAPTISTE-DE-ROUVILLE, QUEBEC--(Marketwire - May 27, 2011) - Fronsac Capital Inc. ("Fronsac") (TSX VENTURE:GAZ) is pleased to announce that its shareholders have approved the conversion of the corporation into a real estate trust, to be named Fronsac REIT, at annual and special shareholders meeting of Fronsac held May 26, 2011.
The ratification of this transaction required the approval of two-thirds of the shareholders voting at the meeting.
The closing of the conversion remains conditional to final approval by the Superior Court of Quebec and final consent from the TSX Venture Exchange. Upon closing, Fronsac shares will be delisted from the TSX Venture and Fronsac REIT will indirectly hold the share capital of Fronsac, as well as its real estate portfolio. Fronsac shareholders will receive one unit of Fronsac REIT for every share held in Fronsac, which units will trade on the TSX Venture Exchange.
Forward-Looking Statements
This press release contains forward-looking statements and information within the meaning of applicable securities legislation, including statements about Fronsac and expectations relating to the proposed transaction and benefits that are expected to be realized as a result of the transaction. There can be no assurance that the proposed transaction will be consummated or that the anticipated benefits will be realized. The proposed transaction is subject to various approvals and consents and there can be no assurance that any such approvals or consents will be obtained. Fronsac cautions the reader that actual results may differ materially from those in the forward-looking statements, because they involve known and unknown risks, uncertainties and other factors, which may cause actual results to differ materially from anticipated future results. Fronsac disclaims any intention or undertaking to update or revise any forward-looking statements even as a result of future events or otherwise, except as required by applicable law.
Neither TSX Venture Exchange nor its Regulatory Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact Information:
President and CEO
Fronsac Capital Inc.
(450) 536-5328