Key Developments: Genesis Land Development Corp (GNLAF.PK)
3.39USD
1 May 2013
$0.05 (+1.37%)
$3.35
$3.37
$3.40
$3.37
3,600
2,016
$3.71
$3.07
Latest Key Developments (Source: Significant Developments)
Genesis Land Development Corp Appoints New Chief Executive Officer and Chief Financial Officer
Genesis Land Development Corp announced that it has appointed a new senior executive team. Bruce Rudichuk joins Genesis as President and Chief Executive Officer and Mark Scott as Executive Vice President and Chief Financial Officer. Full Article
Genesis Land Development Corp Closes $32.5 Million Commercial Land Sale To RioCan
Genesis Land Development Corp announced the sale of a $32.5 million regional shopping centre site within the Sage Hill Crossing project. The 32.35 +/- acre parcel of zoned commercial land was sold to RioCan Real Estate Investment Trust (RioCan) pursuant to a previously announced conditional purchase and sale agreement (see press releases dated January 5 and September 7, 2011). The final sale price is $0.8 million higher than previously announced due to an increase in site area of 0.9 acres to accommodate access. The closing of this sale is a significant milestone for Genesis representing the first major commercial sale in the Sage Hill Crossing project. Full Article
Genesis Land Development Corp Announces Departure Of Simon Fletcher As Chief Financial Officer
Genesis Land Development Corp announced that the Company has engaged a search firm to seek a new Chief Financial Officer(CFO), following the departure of Simon Fletcher who has served as CFO of the Company since 2010. Prior to the appointment of a new CFO, the CFO duties will be assumed by senior officers of the Company including Mr. Jeff Blair, Chief Executive Officer of the Company. Full Article
Genesis Land Development Corp Appoints Michael Brodsky As Chairman
Genesis Land Development Corp announced that at a meeting of the Board of Directors that followed the AGM, Mr. Michael Brodsky was unanimously appointed by the directors to be Chairman of the Board of Directors. Full Article
Genesis Land Development Announces $13.8 Million Sale of Lots, Annexation of Certain LPLP Lands
Genesis Land Development announced that it has successfully completed a $13.8 million sale for 71 recently completed lots in Phases 3 and 4 of its Calgary community of Saddlestone under normal terms and conditions. Phases 3 and 4 contain 132 lots. Of the remaining lots, 47 have been retained by Genesis' internal builder, and 14 have been held in reserve for future sales. Genesis also confirms that 319 acres of raw land originally purchased for $20.7 million and held by Limited Partnership Land Pool (2007) (LPLP) have been annexed into the City of Airdrie on March 24, 2012. Annexation into the City of Airdrie enhances the likelihood that these lands can be developed in the future. Pursuant to a management agreement dated June 29, 2007 and assuming a minimum 50% return to LPLP investors, Genesis can either acquire these lands at a discount or participate in the profits if sold. Full Article
Genesis Land Development Announces Conclusion Of Strategic Review
Genesis Land Development announces that its Board of Directors has concluded the strategic alternatives process that was commenced on June 20, 2011. A Special Committee of independent members of Genesis' Board of Directors conducted a thorough review of the strategic alternatives available to the Corporation including consideration of corporate transactions. The process did not result in a transaction adequately reflecting value. The Special Committee determined that it is in the best interest of Genesis' shareholders to terminate the process. The Board of Directors and Management will focus on enhancing shareholder value through streamlining the Corporation's structure and operations, improving cash flows and the strategic divestiture of assets. Full Article
Genesis Land Development Appoints Jeff Blair as Interim CEO
Genesis Land Development and its Board of Directors announced that Jeff Blair has been appointed Interim Chief Executive Officer (CEO) of Genesis. Full Article
Genesis Land Development Announces Resignation Of President And Chief Executive Officer
Genesis Land Development announced that Gobi Singh has resigned as an officer and director of the Company effective immediately. As a result of Mr. Singh's resignation, his duties will be assumed by senior officers of the Company including Mr. Jeff Blair, Chief Operating Officer and Simon Fletcher, Chief Financial Officer of the Company. The Company intends to pursue discussions with Mr. Blair to enter into an agreement and appoint him interim Chief Executive Officer of the Company. Full Article
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