C.A. Bancorp Canadian Realty Finance Corporation (TSX: RF.PR.A)(TSX: RF.A) Announces New Appointments to Its
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TORONTO, ONTARIO, Oct 08 (MARKET WIRE) --
C.A. Bancorp Ltd., as Manager (the "Manager") of C.A. Bancorp Canadian
Realty Finance Corporation (the "Corporation") (TSX: RF.PR.A)(TSX: RF.A)
is pleased to announce that following the internalization of the
sub-administration agreement between the Manager and Sentry Select
Capital Corp. (the "Internalization"), the Manager will now perform
directly the ongoing administration and investor relations support
previously provided by Sentry Select.
Prior to the Internalization, the administration of the Corporation's
three-member investment review committee ("IRC") had been performed by
Sentry Select. In connection with the Internalization, the Manager
reviewed its options for the composition of its IRC and determined that
in severing its relationship with Sentry Select, it would be advisable to
seek an alternate arrangement for its IRC as the incumbent IRC was
comprised of the same members as the IRC's engaged by Sentry Select for
its own investment funds.
The Manager requested and obtained the resignations of Michael Gourley
(Chair), David Gavsie and Marie Rounding, the incumbent IRC, effective
September 30, 2009 and appointed a new IRC effective October 6, 2009
comprised of Bruce Friesen (Chair), Don McCreesh and Michael E. Beswick.
Independent Review Inc. will act as the secretariat for the new IRC.
The Manager was not seeking a new IRC because of any issues with the
manner in which the previous IRC had carried out its responsibilities.
The alternate arrangement was sought as this was consistent with the
overall severance of the relationship with Sentry Select and determined
to be more cost effective for a single manager, single fund context such
as the one in which the Manager operates, compared to the cost of
maintaining the existing IRC post-Internalization.
Independent Review Committee (IRC)
National Instrument 81-107 - Investment Review Committee for Investment
Funds requires investment funds, including the Corporation to have an
independent review committee to whom the Manager will refer conflict of
interest matters.
C.A. Bancorp Canadian Realty Finance Corporation
The Corporation is a mutual fund corporation incorporated under the laws
of the Province of Ontario. The Corporation was 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.
C.A. Bancorp Inc.
C.A Bancorp Inc. is a significant shareholder of the Corporation and
manages the Corporation through its wholly-owned subsidiary C.A. Bancorp
Ltd.
C.A. Bancorp Inc. is a publicly traded Canadian merchant bank (TSX: BKP)
and alternative asset manager that provides investors with access to a
range of private equity and other alternative asset class investment
opportunities. C.A. Bancorp is focused on investments in small- and
middle-capitalization public and private companies, with emphasis on the
industrials, real estate, infrastructure and financial services sectors.
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.
C.A Bancorp Inc.
The Exchange Tower
130 King Street West
Suite 2810, P.O. Box 104
Toronto, Ontario M5X 1A4
Telephone: (416) 214-5985
Fax: (416) 861-8166
Contacts:
C.A Bancorp Inc.
Paolo De Luca
Chief Financial Officer
1-866-388-5985
416-861-8166 (FAX)
info@cabancorp.com
www.cabancorp.com
Copyright 2009, Market Wire, All rights reserved.
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