CALGARY, AB, March 11, 2022 /CNW/ - Mainstreet Equity Corp. ("Mainstreet" or the "Corporation") (TSX: MEQ) is pleased to announce the results of the annual and special meeting of shareholders held on March 10, 2022 (the "Meeting"). The Meeting had a very strong shareholder turnout with holders of approximately 86% of the issued and outstanding common shares represented in person or by proxy.
Navjeet (Bob) Dhillon, Joseph Amantea, Ron Anderson, Karanveer Dhillon, Richard Grimaldi and John Irwin were re-elected to the board of directors of the Corporation for the upcoming year as follows:
Outcome of the
Navjeet (Bob) Dhillon
PricewaterhouseCoopers LLP was re-appointed as the Corporation's auditor.
In addition, the renewal and amendment of the Corporation's Shareholder Rights Plan was approved with 54.30% in favour and 45.70% against after excluding shares held by Navjeet (Bob) Dhillon, who is considered a Grandfathered Person for purposes of the Shareholder Rights Plan.
Details in respect of all of the resolutions approved at the annual and special meeting of shareholders may be found in the Management Information Circular prepared in connection with the meeting dated February 4, 2022, available on SEDAR at www.sedar.com.
Mainstreet is a Calgary-based, growth-oriented real estate corporation focused on the acquisition, redevelopment, repositioning, and asset and property management of quality, affordable mid-market apartments. Since listing on the TSX in 2000, Mainstreet has grown its portfolio from 1,370 units with appraised value of $90 million to 15,737 year-to-date units with appraised value of approximately $2.6 billion with minimal equity dilution. During Covid, the Corporation has expanded its portfolio, acquiring $317 million in new assets and refinanced $618 million (raised $464 million) in low-cost capital at an average rate of 2.13%. In 2021, Mainstreet expanded beyond its core markets of Saskatchewan, Alberta and BC lower mainland into Winnipeg, Vancouver Island and interior BC. Their growth strategy continues. There are currently 9,345,218 common shares outstanding.
SOURCE Mainstreet Equity Corporation