Sage Update – Sept 2, 2022

Some mixed news from Sage’s mailing list.

I haven’t seen it on their website yet so I’m quoting it in its entirety here.

ANO


September 2, 2022

Dear Shareholder,

Please see the below update from the management and the board of Sage Properties Corp. (“Sage”):

A. Waterline Update The Conrich Waterline to the Prince of Peace subdivision was successfully completed this summer and the site is now being serviced with both water and sewer by Rocky View County.  Work is currently underway to decommission the existing water distribution system

B. Redemption of Shares – Sale of Prince of Peace Harbour & Manor
As discussed in previous newsletters, as the conditions for the sale of the Prince of Peace senior care facilities were not met by February 1, 2022, the sale of the Harbour & Manor to Yarrow did not close. Accordingly, a redemption of shares, will not be possible during 2022.

The Sage board is currently working on the plan to sell the Prince of Peace senior living facilities and will provide an update to shareholders as soon possible

C. Third Academy Schools
We are pleased to announce that Third Academy commenced their ten-year lease and moved into the school on August 2, 2022.The first day of school will be held on Tuesday September 6.As part of the lease, Third Academy has the option to purchase the school from Sage until December 9, 2022.

D. 2022 Annual General Meeting
Sage is planning to hold its next annual general meeting in late fall 2022 and will advise shareholders of the date as soon as possible.

We thank you for your continued support and patience.  If you have any questions, please feel free to contact us at (403) 478-9661 or by email at info@sageproperties.ca

Sincerely yours,

Sandra Jory, CPA, CA
Executive Board Chair
Sage Properties Corp.

One note – the October 2021 sale agreement required that the Conrich waterline be completed and that Rocky View County take over water and sewer service by Feb 1, 2022. When these condition weren’t met by the deadline the sale fell through. On the plus side, completion of the water and sewer service resolves an ongoing issue that had been a problematic and expensive thorn in the side of this project from the day ABC District completed the building, drilled a well, and only then found out there was no potable water available at the site.

According to the 2015 ABC District Task Force Interim Report potable water was reported as an issue to the 2006 EnCharis report to the District Convention (page 39), the 2006 EnCharis report to the District Board (page 41), and on the Board’s agenda in 2008 (page 44).

For those who haven’t read the Task Force Report, it details misconduct that should’ve resulted in a house-cleaning in ABC District and the removal of a number of members from the clergy rolls. Instead the ABC District Board shut the Task Force down and prevented it from issuing its concluding report because of a “pending lawsuit” (ie the representative action). Any accountability the Board felt it had to its members was subsumed by its deference to the legal system. LCC Synod has also declined to investigate what happened on grounds what took place ocurred in a different company and hence outside of their purview. That this sin of Eli has resulted in admitted criminals(1) being on the clergy role as members in good standing doesn’t seem to matter.

Note 1: Alberta Securities Commission Settlement page 2

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