VICTORIA, BRITISH COLUMBIA--(Marketwired - Nov. 22, 2013) - The Supreme Court of British Columbia approved the appointment of John Parkinson as the Interim Chief Executive Officer of the LEAGUE Group and an extension to the CCAA proceedings until June 28th 2014 under expanded powers of the Monitor, PWC. In addition, IGW Public Limited Partnership, a member of the LEAGUE Group, today received court approval for the sale of all of its units in TSX listed Partners REIT (PAR.UN) to McCowan and Associates Ltd.
McCowan and Associates is a private company controlled by Ron McCowan, an entrepreneur who has over 40 years of extensive experience in real estate development, construction, ownership and management. McCowan and Associates currently owns and manages properties comprising more than 3 million square feet.
IGW Public Limited Partnership will sell 3,872,863 units to McCowan and Associates for $7 per unit (a premium of 20% from Nov 21st 2013 closing price of $5.85). The total consideration will be $27,110,041. The proceeds will be used to pay down certain elements of the LEAGUE Group's secured debt.
"The extension and the sale represents a step forward in the LEAGUE Group's progression through the CCAA process," says John Parkinson, also adding, "We are impressed with McCowan and Associates and believe their involvement will play a significant role in the future of Partners REIT."
About the "LEAGUE Group"
LEAGUE Financial Partners is a real estate management and development company. On October 18, 2013, IGW Public Limited Partnership and certain other entities (the "League Group") filed for, and were granted, creditor protection under the Companies' Creditors Arrangement Act (CCAA) by the Supreme Court of British Columbia.