Dear Shareholder,
We would like to take this time to present you with the following updates for Sage Properties Corp. (“Sage”).
A. STRATEGIC PLAN UPDATE – ANNUAL GENERAL MEETING (AGM)
Sage has hired an advisory firm to assist with the development of Sage’s
divestiture strategy. The board will be providing a further update to
its shareholders regarding the plan at its AGM which will be held at the
Executive Royal Inn, Leduc, Alberta on September 14, 2019. Further details, including the information circular, will be mailed to shareholders this August.
B. PRINCE OF PEACE LUTHERAN SCHOOL (“POP School”)
As a purchase agreement with Rocky View Schools (RVS) was not
attained, Sage commenced marketing of the school through a direct
mailing campaign to educational institutions throughout Alberta. As a
result of the campaign, Sage has engaged with several interested
parties, including organizing tours of the property. Please note that
RVS new lease agreement for the POP School comes into effect on
September 1, 2019. The new lease includes an 18-month termination clause
for either RVS or Sage.
C. UTILITIES OWNERSHIP
Over the past year, Sage and the Prince of Peace Village
condominium board (“the Village”) held discussions to try to come to a
resolution on the utility ownership issues. Unfortunately, a resolution
was not obtained and so on April 5, 2019, a court date was scheduled to
obtain the court’s assistance to resolve the issues. Prior to the court
date, the Village hired new legal counsel who requested a postponement
of the court date. Sage agreed to the Village’s request and a new court
date is scheduled for August 8, 2019.
D. ALBERTA UTILITIES COMMISSION – RULE 11 WATER APPLICATION
On June 28, 2019, Sage Water Services Corp. (“Sage Water”)
submitted a water rate application (the “Application”) to the Alberta
Utilities Commission (the “AUC”) to increase its water rates and
stabilize its water business operations. The water application forms
part of the AUC Rule 11 process, details of which can be found online at
www.auc.ab.ca
E. SUBDIVISION
Sage is in on-going discussions with Rocky View County regarding
subdivision. Based on feedback received from the county, Sage is
currently developing a revised proposal with its urban planner, IBI
Group, to proceed with the next steps in its subdivision application.
F. EMPLOYEE UNIONIZATION
On June 4, 2018, Sage received notice that over 65% of its
auxiliary nursing care staff were in favour of unionization and the
Alberta Labour Relations Board issued a union certification to the
Canadian Union of Public Employees (CUPE). After close to a year of
negotiations with CUPE, Sage is pleased to report that both the Board
and 100% of Sage’s auxiliary nursing care staff voted to ratify the
collective agreement this past May.
If you have any questions or concerns, please contact Sage at (403) 478-9661 or at info@sageproperties.ca
Sincerely yours,
Signed “Sandra Jory”
Sandra Jory, CPA, CA
Board Chair
Sage Properties Corp.