PLAZACORP INTERNALIZES MANAGEMENT AND APPROVES MID-YEAR DIVIDEND INCREASE
June 15 2011 - 7:00AM
PR Newswire (Canada)
FREDERICTON, NB, June 15 /CNW/ -- FREDERICTON, NB, June 15 /CNW/ -
Plazacorp Retail Properties Ltd. (TSXV: PLZ) announced today it has
approved an agreement to purchase the shares of Plaza Group
Management Limited (PGML), its property management company.
Plazacorp will purchase the shares of PGML at book value estimated
to be $120,000. The acquisition will consolidate the company's
management team. The transaction will close on June 30, 2011.
Plazacorp has approved an increase in its annual dividend from
20.25 cents to 21.00 cents per common share effective August 2011.
This 3.7% dividend increase represents the tenth dividend increase
in nine years. Earl Brewer, shareholder of PGML and Chairman of
Plazacorp said "The purchase of the management company by Plazacorp
at book value, which we believe to be unprecedented in Canadian
real estate, will reduce overall management costs, streamline our
operations and grow dividends. We have contemplated this transfer
to Plazacorp for some time, with the consistent growth and
financial strength of the company, this is the most appropriate
time to complete the transaction." The transaction is subject to
regulatory approval, due diligence and is a related party
transaction as PGML is indirectly owned by Earl Brewer and Michael
Zakuta, directors, officers and major shareholders of PLZ.
Plazacorp Retail Properties Ltd. is an owner of shopping malls and
strip plazas throughout the Atlantic Provinces, Québec and Ontario.
Plazacorp owns interests in 112 properties comprising 5.1 million
square feet of retail real estate. Neither TSX Venture Exchange nor
its Regulation Services Provider (as that term is defined in
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release. on Plazacorp, visit our
website at www.plaza.ca or contact: Earl Brewer, Chairman or Kim
Sharpe, Director of Business Development, 506-451-1826
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