NorRock Realty Finance Corporation
As at June 30, 2014, the Corporation held approximately $76,000 of cash. This cash is available to fund working capital requirements of the corporation while the corporation is listed on the NEX exchange. NEX is a separate board of the TSX that provides a trading forum for listed companies that have low levels of business activity or have ceased to carry on an active business.
As a result of the asset sale to Partners REIT, NorRock substantially discontinued its business and subsequently, did not meet the original listing requirement of the Toronto Stock Exchange (“TSX”). The Preferred shares were cancelled on February 1, 2012 pursuant to the transaction with Partners REIT. The NorRock Class A shares were voluntarily delisted from TSX at the close of business on March 2, 2012 and were listed for trading on NEX at the opening of the markets on March 5, 2012 with the trading symbol RF.H. On February 13, 2013 the NorRock Class A shares were halted from trading by IIROC pending a proposed reactivation transaction with HighView Financial Holdings Inc. On May 12, 2014 the Company subsequently announced that it would not be proceeding with its proposed transaction with HighView Financial Holdings Inc. and shares resumed trading on Tuesday, June 17, 2014,
The Class A Share distribution was suspended effective March 31, 2011 and remains suspended until such time as the Board or the Corporation has determined that is it economically feasible to re-establish distributions.
NorRock’s board of directors and management continues to explore options, which they believe will be in the best interests of NorRock and its shareholders. Any proposed transaction will be subject to receipt of all necessary regulatory approvals. The business of NorRock may remain in the commercial real estate lending industry or be in a different industry.