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Sandpiper to start legal proceedings in Agellan dispute

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Sandpiper to start legal proceedings in Agellan dispute

Sandpiper Group said it intends to start legal proceedings in connection with its push for Agellan Commercial Real Estate Investment Trust to hold a special shareholder meeting.

The activist shareholder, which owns 11.5% of Agellan's outstanding units, is waging a campaign to replace certain Agellan board members with its own nominees and also wants shareholders to vote on the company's proposed management internalization, which contemplates a C$15.0 million payout to the external manager, Agellan Capital Partners Inc.

Agellan's board has called a unit holder meeting for April 17, 2018, instead of Sandpiper's proposed urgent meeting date of no later than Nov. 7. Sandpiper said it is "extremely disappointed" with the timing of the meeting.

"By employing the ultimate entrenchment tactic and setting a meeting date seven months from the date of requisition, the Board is no longer being subtle about advancing the interests of the external manager ahead of unitholders," Sandpiper CEO Samir Manji said in a release.

Sandpiper has retained Kingsdale Advisors as its strategic shareholder adviser and strategic communications adviser, and the special situations group at Norton Rose Fulbright Canada LLP is acting as its legal counsel. Sandpiper said it has the support of holders of more than 35% of Agellan's outstanding units, including Agellan's largest unit holder, ELAD Canada Inc., which holds 19% of the outstanding units.