CALGARY, Alberta--(BUSINESS WIRE)--Walton Westphalia Development Corporation (the “Corporation”) announced that the Corporation has paid, effective today, the fourth interest payment owing on its 8% unsecured, subordinated, convertible, extendable debentures (“Offering Debentures”) by issuing to the holders of the Offering Debentures, on a pro rata basis, that principal amount of interest debentures (the “Interest Debentures”) that is equal to the amount of the fourth interest payment owing under the Offering Debentures, which was an aggregate of $1,206,868.00 as of the March 31, 2016 determination date.
In addition, the Corporation has also paid, effective today, the interest obligation owing under the Interest Debentures that were issued in June 2014 (the "2014 Interest Debentures") and June 2015 (the "2015 Interest Debentures") by issuing to the holders of 2014 Interest Debentures and 2015 Interest Debentures, on a pro rata basis, additional Interest Debentures in the amount of $96,548.82 with respect to the 2014 Interest Debentures and $77,042.08 with respect to the 2015 Interest Debentures.
The Interest Debentures are 8% unsecured, subordinated, convertible, extendable debentures of the Corporation and have the same terms as the Offering Debentures. The issuance of the Interest Debentures was in accordance with the terms of the trust indenture governing the Offering Debentures which was disclosed in the Corporation's February 27, 2012 prospectus.
In March of 2017, each investor will receive, by mail, a T5 from the Corporation’s transfer agent or the investor’s brokerage firm. The T5 will indicate the amount of interest that the investor is required to report as a result of the issuance of the Interest Debentures.
The Corporation is managed by Walton Asset Management L.P. and the development of the project is managed by Walton Development & Management (USA), Inc., both of which are members of the Walton Group of Companies.
The Walton Group of Companies (“Walton”) is a multinational real estate investment, planning and development group concentrating on the research, acquisition, administration, planning and development of strategically located land in major North American growth corridors.
Walton has been in business for over 35 years and takes a long-term approach to land planning and development. Walton’s industry-leading expertise in real estate investment, land planning and development uniquely positions Walton to responsibly transition land into sustainable communities where people live, work and play.
Its communities are comprehensively designed in collaboration with local residents for the benefit of community stakeholders. Its goal is to build communities that will stand the test of time: hometowns for present and future generations.
This news release, required by Canadian laws, does not constitute an offer of securities, and is not for distribution or dissemination outside Canada. This news release contains forward looking information, and actual future results may differ from what is disclosed in this news release. The risks, uncertainties and other factors that could influence results are described in the prospectus and other documents filed with Canadian securities regulatory authorities and available online at www.sedar.com.