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Walton Westphalia Development Corporation Announces Revocation of Cease Trade Order

May 13th, 2018 | by Richard Paul
Walton Westphalia Development Corporation Announces Revocation of Cease Trade Order
Business and Finance
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Walton Westphalia Development Corporation Announces Revocation of Cease Trade Order

CALGARY, Alberta–(BUSINESS WIRE)–Walton Westphalia Development Corporation (the “Corporation”) is pleased to announce the revocation of the cease trade order (“CTO“) previously issued by the Alberta Securities Commission and the Ontario Securities Commission (the “Commissions“) on May 4, 2018, and disclosed in the Corporation’s press release dated May 9, 2018. The CTO was issued as the Corporation did not file its financial statements for the fiscal year-ended December 31, 2017, the related management’s discussion and analysis and its officer certifications for the fiscal year-ended December 31, 2017 (collectively, the “Annual Filings“) by April 30, 2018. The Corporation rectified the continuous disclosure default and completed the filing of its Annual Filings on May 9, 2018, and the Commissions revoked the CTO on May 11, 2018 as a result of the filings.

Additional Information

The Corporation is managed by Walton Global Investment Ltd. 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.

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.

For more information about Walton Westphalia Development Corporation, please visit www.sedar.com. For more information about Walton, visit www.walton.com.

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.

Contacts

For media inquiries:
Walton Westphalia Development Corporation
Bill Doherty
Office: 1.866.925.8668
Email: Info@walton.com

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Project Status Active
Investment Structure Corporation – Prospectus and Private Placement Offering
Property Size 310 acres
Average Syndication Date May 24, 2012

 

Located in Prince George’s County, Maryland, U.S.A., 7 miles southeast of the District of Columbia, the Westphalia Property is ideally situated for community development. The property is along the north side of Maryland State Route 4 and directly across from Joint Base Andrews, approximately 1.5 miles east of the Capital Beltway. The Capital Beltway encompasses Washington, D.C. and its inner suburbs in Maryland and Virginia. The southern edge of the property runs parallel to Pennsylvania Avenue with more than 1.5 miles of frontage. Pennsylvania Avenue is a major commuter route, which runs 13.5 miles from the property to Capitol Hill, the site of the White House and the Capitol Building.

 

The preliminary development plan that has been prepared includes three phases over an estimated seven-year time horizon. When completed, it is anticipated that the project will provide approximately 66 single family homes, 779 townhomes, 884 rental apartments, 400,000 square feet of retail space, 2,240,000 square feet of office space and 600 hotel rooms.

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Investment Strategy

The Corporation intends to preserve the capital investment of the investors and provide cash distributions on the units by executing the following four-step investment strategy:

  • Acquire the Westphalia property through a U.S. subsidiary;
  • Obtain letters of intent or expressions of interest from vertical developers and other end users to purchase lots and parcels to be serviced in each of the three planned phases of the development of the property before construction commences on that phase;
  • Construct municipal services infrastructure on the property in phases to provide a controlled supply of serviced lots and parcels to the marketplace; and
  • Use the revenue from the sale of the serviced lots and parcels to repay construction loans and other obligations of the corporation and the U.S. subsidiary, and then pay the remainder to the holders of the debentures and Class B shares by paying the interest and principal on the debentures and by declaring a dividend or dividends on the Class B shares through the life of the investment in the property and/or winding up the Corporation and distributing its assets to the holders of the Class B shares.

Interest and or Distributions Paid

On June 30, 2013, the Corporation effected payment of its first interest payment owing on the Corporation’s 8% unsecured, subordinated, convertible, extendable debentures (“Offering Debentures”) in the aggregate amount of $1,022,444 (calculated from the date of issuance to and including March 30, 2013).

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On June 30, 2014, the Corporation effected payment of its second interest payment owing on its Offering Debentures by issuing to holders of the Offering Debentures, on a pro rata basis, that principal amount of interest debentures (the “Interest Debentures”) equal to the amount of the second interest payment owing under the Offering Debentures, which was an aggregate amount of $1,206,868 (calculated from March 31, 2013 to and including March 30, 2014).

 

On June 30, 2015, the Corporation effected payment of its third interest payment owing on the Offering Debentures by issuing to the holders of the Offering Debentures, on a pro rata basis, that principal amount of Interest Debentures that is equal to the amount of the third interest payment owing under the Offering Debentures, which was an aggregate of $1,206,868 (calculated from March 31, 2014 to and including March 30, 2015).

 

In addition, on June 30, 2015, the Corporation effected payment of its first interest payment owing on the Interest Debentures that were issued on June 30, 2014 (the “2014 Interest Debentures”) by issuing to the holders of the 2014 Interest Debentures, on a pro rata basis, that principal amount of Interest Debentures that is equal to the amount of the first interest payment owing under the 2014 Interest Debentures, which was an aggregate of $72,477 (calculated from March 31, 2014 to and including March 30, 2015).

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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 is in accordance with the terms of the trust indenture governing the Offering Debentures, which terms were disclosed in the Corporation’s initial public offering prospectus dated February 27, 2012.

 

 

*Each Unit is comprised of $5.00 principal amount of offering debentures and one non-voting share having a price of $5.00.

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