AN ATOMY OF A DEAL CABBAGE ROLLS SET TO ROLL OFF...

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FINANCIAL POST FP6 financialpost.com NATIONAL POST, MONDAY, JANUARY 19, 2015 China’s government said it will set up a 40-billion yuan ($7.7 billion) venture capital fund to support startups in emerging indus- tries such as technology and green energy, in its latest move to support the private sec- tor and foster innovation. No timetable was given, but past experience suggests it could be launched within a few weeks. China’s VC market remains small, a legacy of decades of a planned economy in which private sector development is subject to many restrictions. In the first half of 2014, 83 funds were set up, with fresh capital eligible for investment in the mainland surging 157% from a year ear- lier, private equity firm Zero21PO Capital said. Funding will come from capital already designated for expansion of emerging indus- tries, as well as private partners. Reuters VENTURE CAPITAL China commits $7.7 billion for green energy, tech startups FP ENTREPRENEUR BEN NELMS FOR NATIONAL POST Dragon and restaurateur Vikram Vij, left, with DTV Food Group business partners Dustin Coelho and Patricia Bell. The pitch Patricia Bell and Dustin Coelho like to say that cabbage rolls are the one food that has everything on Canada’s Food Guide except for dairy. Their goal is to bring their cabbage rolls to store shelves everywhere. Though they had no sales, the entre- preneurs entered the Den with a proven recipe, solid reviews from their test market and a commitment and vision to share their homemade, healthy cabbage rolls. Burnaby, B.C.-based Ca- salinga Food Services, launched by Ms. Bell more than 20 years ago, now caters across the Lower Mainland, preparing and delivering more than 500 meals a day to individuals and businesses. It is the caterer of choice for lo- cal fire departments when hit with a three-alarm or greater fire and seven movie sets. Sales have grown to $80,000 a month without ad- vertising, but Ms. Bell regular- ly works seven days a week to keep up with demand. “Our focus is on creating healthy meals,” said Ms. Bell, who makes all meals from scratch with her team, even brining the corned beef. “I’m Italian-Irish and I was born to cook,” she said. About seven years ago, she purchased a canning machine and pressure cooker to try to put her most popular item, her cabbage rolls, on store shelves. She finalized the recipe and even created a label but didn’t have the time to pursue it fur- ther. Until, in the summer of 2013, when Dustin Coelho, a marketer from Surrey, B.C., approached her with an idea for a food product. He soon joined the company as direc- tor of marketing and started working on turning her cab- bage rolls into that product. They decided a retort pouch would be healthier and more cost-effective than cans. Made from flexible plastic and metal foils, retort pouches are sterile, may reduce processing times up to 50% from com- parable-sized cans, are less expensive to ship and take up less space. It also allows for a longer shelf life, Ms. Bell said. “Five to seven years as opposed to one to two years for cans.” To mass produce the cab- bage rolls, they also needed equipment, namely a rolling machine, which they found in New Jersey, that can roll 25 cabbage rolls a minute. “We needed the money for the equipment,” Ms. Bell said about why they went on the show. Mr. Coelho also pointed to the dragons’ connections. “They can help take your product to the next hemi- sphere,” he said. The deal While the pair asked for $200,000 in exchange for a 30% equity stake, valuing the pre-revenue business at $666,700, they accepted an offer from Vikram Vij giving him a 50% stake. The deal has closed and a new busi- ness — DTV Food Group — was formed, which is equally owned by Ms. Bell, Mr. Coelho and Mr. Vij. “Vikram wanted us all to be equal partners in the cabbage roll business. He has just been amazing to work with.” ANATOMY OF A DEAL CABBAGE ROLLS SET TO ROLL OFF DRAGON’S LINE Production is set to get underway on two types of cab- bage rolls — traditional and a butter chicken version — at Mr. Vij’s facility in the next six weeks or so. New labels have been designed for the pouches, which hold as many as seven cabbage rolls. Mr. Coelho said from the grocery chains he contacted Loblaws has shown interest. A dragon’s point of view Mr. Vij is impressed with the product and the pair’s know- ledge — their understanding of what it takes to prepare and sell good food. “They knew what they were doing and had strong roots to grow a business. I felt I could help. That’s why I wasn’t con- cerned they didn’t have sales,” he said. It’s also a good fit with his business. “It’s a strategic in- vestment that will allow me to run my plant more efficiently and they don’t have to come up with the capital to set up their own facility and hire more people.” They plan to price the prod- uct at an economical $5.99. Mr. Vij said once they land shelf space, the big challenge will be dealing with the bureaucracy that comes with supplying large grocery chains. “It took me eight months to get into Loblaws after our product was approved. I will help but they will have to knock on the doors.” An expert’s opinion “The entrepreneurs have part- nered with the right drag- on,” said John Cho, partner, KPMG Enterprise. “Vikram Vij is already doing what they want to do and they can learn through his experience deal- ing with supply chain and retailers and his success. With marketing being critical, Mr. Cho said it’s bene- ficial that one of the entrepre- neurs is focused on market- ing. He also liked their “if they build it, they will come” ap- proach of investing in equip- ment and packaging without having purchase orders. “The focus now has to be on securing demand. It helps that they are leveraging Vikram’s facilities but they should have some commitment from him in terms of dedicated pro- duction lines for the cabbage rolls,” Mr. Cho added. Financial Post I f you’ve ever listened to the radio, you probably re- member Joel Matlin. He’s the kind, caring voice who continually offered us 24-hour home protection and two-way voice service for just $25 a month. (If you don’t, you’ll cer- tainly recall the officious voice actor who would scare the life out of would-be burglars by shouting: “This is the Alarm- Force central station. Identify yourself immediately! The po- lice have been dispatched.”) Matlin founded Toronto- based AlarmForce Industries Inc. in 1988 as a niche technol- ogy play after failing to con- vince his partner at Montreal- based commercial security firm Frisco Bay Industries, to expand into consumer mar- kets. Matlin saw the industry as sleepy, fragmented and ready for disruption; with its two- way voice alarms that enabled worried homeowners to talk to real people when they heard a strange noise, AlarmForce be- came a national market leader. The company even went public in 1997. While the stock stagnated for years, between 2003 and 2013 the shares soared from $1 to $13 as the company expanded into the United States and revenue grew to $49 million. But that success didn’t stop AlarmForce’s board from vot- ing in August 2013 to termin- ate Matlin as chief executive. Matlin bounced back, suing the company and launch- ing a marketing firm to help entrepreneurs benefit from the chutzpah that built Alarm- Force and made “The po- lice have been dispatched” a household phrase. Matlin was restricted by a one-year non-compete agree- ment from going back into the alarm business. So he and his son Joel, who had been doing marketing for AlarmForce for seven years, founded Matlin Marketing. They work for com- panies in such diverse indus- tries as retail, golf, mortgages and weight loss. “It’s fun, chal- lenging and nerve-racking, be- cause their problems become your problems,” Matlin says. So how does four decades of promoting alarm services help Matlin help other entrepre- neurs? Matlin says he brings an entrepreneur’s optimism and persistence to the job: “What I’ve learned over the years is that every problem has a solution.” He also has a simple ap- proach to figuring out wheth- er your marketing is working. “Take all of your marketing and advertising costs and div- ide that by customer acquisi- tion,” he says. That will tell you how much you’ve been paying to acquire each new customer, and help you decide whether to do more of the same or try something new. He’s concerned many entre- preneurs have a skewed view of marketing. Some expect him to build their brand with a one- month campaign. Others want to use just one channel to pro- mote their wares, whether it’s online, print or broadcast. Mat- lin insists it’s hard to learn for sure what message or medium drives a client to your business or website. “It was easier to build a brand 25 years ago than it is today,” he notes. “You need more experts,” to understand the different channels, and help you find the best combination of media and messaging. To deliver creative services, from jingle-writing to web analytics, Matlin Creative, with five employees, draws on a network of about 25 freelance consultants across North America. Asked how, specifically, he has helped some of his cli- ents, Matlin cites client con- fidentiality. But he does offer a few clues. “I’ve learned that guarantees are a great form of marketing,” he says. “There was always a guarantee at AlarmForce.” In addition, he says, find ways to let pros- pects try your product at a one-time reduced price. Combine a low-cost trial with a guarantee, and you’ll overcome the perceived risks of doing business with a new supplier: “The consumer will be much more confident about doing business with you.” Given Matlin’s longtime status as a radio star, I had to ask: In the age of satellite radio and iPod playlists, is radio still a worthwhile adver- tising medium? “Radio’s not as strong as it was,” Matlin notes. “But if you find the right sta- tion, with the right audience for your product, radio can still be a very powerful medium.” And does CEO-as-spokes- man still work? Definitely, Mat- lin says: “It’s very effective to have the leaders of the brand talk directly to their market.” Ironically, he says his new company has so many clients in Canada and the U.S. that it no longer needs to advertise. Most marketing consultants will tell you that selling on price is a losing proposition. But Mat- lin loves to say his company, with low overheads, “can do everything a big agency does, at a fraction of the cost.” Yet, he has trouble articulating a single powerful reason why people should choose his agency. And when asked to quantify the re- sults he’s created for clients, he could only muster an example where he helped an unnamed client become “very successful.” While he might not be as polished a marketer as some, Matlin insists his track record counts for more. Many entre- preneurs want to deal with a veteran decision-maker, not a newly graduated marketing student, he says. “You can’t put a value on experience.” Financial Post Rick Spence is a writer, consult- ant and speaker specializing in entrepreneurship. He can be reached at [email protected] Is optimism and persistence enough? R ICK S PENCE Growth Curve Matlin trades on AlarmForce successes Each week, Financial Post contributor Mary Teresa Bitti revisits CBC’s previous week’s episode of Dragons’ Den. She captures what the cameras didn’t and in the process provides a case study for readers, zeroing in on what pitchers and dragons were thinking and what the challenges for the deal are going forward. We needed the money for the equipment It’s a strategic investment that will allow me to run my plant more efficiently Joel Matlin Notice is hereby given of the following dividend record dates: *Eligible Cash Dividend Issuer Issue Record Date Record Date Record Date *Baytex Energy Corp. Common Jan. 30, 2015 Feb. 27, 2015 Mar. 31, 2015 *Big Rock Brewery Inc. Common n/a n/a Mar. 31, 2015 *Bonavista Energy Corporation Common Jan. 30, 2015 Feb. 27, 2015 Mar. 31, 2015 *Cardinal Energy Ltd. Common Jan. 30, 2015 Feb. 27, 2015 Mar. 31, 2015 *Computer Modelling Group Ltd. Common n/a n/a Mar. 5, 2015 *DirectCash Payments Inc. Common Jan. 30, 2015 Feb. 27, 2015 Mar. 31, 2015 *Liquor Stores N.A. Ltd. Common Jan. 30, 2015 Feb. 27, 2015 Mar. 31, 2015 *Newalta Corporation Common n/a n/a Mar. 31, 2015 *Peyto Exploration & Development Corp. Common Jan. 31, 2015 Feb. 28, 2015 Mar. 31, 2015 *Pulse Seismic Inc. Common n/a n/a Mar. 27, 2015 *Twin Butte Energy Ltd. Common Jan. 30, 2015 Feb. 27, 2015 Mar. 31, 2015 *Vitreous Glass Inc. Common n/a Feb. 2, 2015 n/a *Zargon Oil & Gas Ltd. Common Jan. 31, 2015 Feb. 28, 2015 Mar. 31, 2015 Vancouver, British Columbia January 15, 2015 MADISON PACIFIC PROPERTIES INC. NOTICE OF DIVIDEND NOTICE is hereby given that the Board of Directors of Madison Pacific Properties Inc. (TSX:MPC) (TSX:MPC.C) has declared a regular cash dividend of $0.0525 per share payable on February 25, 2015 to holders of Class B voting common shares and Class C non-voting common shares of record at the close of business on February 9, 2015. The dividend is considered an “eligible dividend” for tax purposes. FOR FURTHER INFORMATION PLEASE CONTACT: Madison Pacific Properties Inc. Dino Di Marco (604) 732-6540 LEGAL For advertising information call: (416) 386-2811 or 1-800-668-5617 x2811 Fax (416) 386-2642 DIVIDEND For advertising information call: (416) 386-2811 or 1-800-668-5617 x2811 Fax (416) 386-2642 LEGAL NOTICE REGARDING THE ESTATE OF: MURIEL GLADYS GRANDMAISON who died on August 29, 2014. If you have a claim against this estate, you must file your claim by March 4, 2015 and provide details of your claim with: SIRRS LLP Barristers & Solicitors at: 5201 - 51 Avenue Box 6060 Wetaskiwin, AB T9A 2E8 If you do not respond by March 4, 2015, the estate property can lawfully be distributed without regard to any claim you may have. LEGAL For advertising information call: (416) 386-2811 or 1-800-668-5617 x2811 | Fax (416) 386-2642

Transcript of AN ATOMY OF A DEAL CABBAGE ROLLS SET TO ROLL OFF...

Page 1: AN ATOMY OF A DEAL CABBAGE ROLLS SET TO ROLL OFF …casalinga.ca/.../07/Financial-Post-Jan-19-Cabbage.pdf · their cabbage rolls to store shelves everywhere. Though they had no sales,

F I N A N C I A L P O S TFP6 financialpost.com NATIONAL POST, MONdAy, JANuAry 19, 2015

China’s government said it will set up a 40-billion yuan ($7.7 billion) venture capital fund to support startups in emerging indus-tries such as technology and green energy, in its latest move to support the private sec-tor and foster innovation. No timetable was given, but past experience suggests it could be launched within a few weeks. China’s VC market remains small, a legacy of decades of

a planned economy in which private sector development is subject to many restrictions. In the first half of 2014, 83 funds were set up, with fresh capital eligible for investment in the mainland surging 157% from a year ear-lier, private equity firm Zero21PO Capital said. Funding will come from capital already designated for expansion of emerging indus-tries, as well as private partners. Reuters

v e n t u r e c a p i t a l

China commits $7.7 billion for green energy, tech startups

F P e N T r e P r e N e u r

BEN NELMS FOr NATIONAL POST

Dragon and restaurateur Vikram Vij, left, with DTV Food Group business partners Dustin Coelho and Patricia Bell.

The pitch Patricia Bell and dustin Coelho like to say that cabbage rolls are the one food that has everything on Canada’s Food Guide except for dairy. Their goal is to bring their cabbage rolls to store shelves everywhere. Though they had no sales, the entre-preneurs entered the den with a proven recipe, solid reviews from their test market and a commitment and vision to share their homemade, healthy cabbage rolls.

Burnaby, B.C.-based Ca-sa l inga Food Ser v ices , launched by Ms. Bell more than 20 years ago, now caters across the Lower Mainland, preparing and delivering more than 500 meals a day to individuals and businesses. It is the caterer of choice for lo-cal fire departments when hit with a three-alarm or greater fire and seven movie sets.

Sa les have grown to $80,000 a month without ad-

vertising, but Ms. Bell regular-ly works seven days a week to keep up with demand.

“Our focus is on creating healthy meals,” said Ms. Bell, who makes all meals from scratch with her team, even brining the corned beef. “I’m Italian-Irish and I was born to cook,” she said.

About seven years ago, she purchased a canning machine and pressure cooker to try to put her most popular item, her cabbage rolls, on store shelves. She finalized the recipe and

even created a label but didn’t have the time to pursue it fur-ther. until, in the summer of 2013, when dustin Coelho, a marketer from Surrey, B.C., approached her with an idea for a food product. He soon joined the company as direc-tor of marketing and started working on turning her cab-bage rolls into that product.

They decided a retort pouch would be healthier and more cost-effective than cans. Made from flexible plastic and metal foils, retort pouches are sterile, may reduce processing times up to 50% from com-parable-sized cans, are less expensive to ship and take up less space.

It also allows for a longer shelf life, Ms. Bell said. “Five to seven years as opposed to one to two years for cans.”

To mass produce the cab-bage rolls, they also needed equipment, namely a rolling machine, which they found in New Jersey, that can roll 25 cabbage rolls a minute. “We needed the money for the equipment,” Ms. Bell said about why they went on the show.

Mr. Coelho also pointed to the dragons’ connections. “They can help take your product to the next hemi-sphere,” he said.The deal While the pair asked for $200,000 in exchange for a 30% equity stake, valuing the pre-revenue business at $666,700, they accepted an offer from Vikram Vij giving him a 50% stake. The deal has closed and a new busi-ness — dTV Food Group — was formed, which is equally owned by Ms. Bell, Mr. Coelho and Mr. Vij.

“Vikram wanted us all to be equal partners in the cabbage roll business. He has just been amazing to work with.”

A n A t o m y o f A D e A l

Cabbage rolls set to roll off dragon’s line

Production is set to get underway on two types of cab-bage rolls — traditional and a butter chicken version — at Mr. Vij’s facility in the next six weeks or so. New labels have been designed for the pouches, which hold as many as seven cabbage rolls. Mr. Coelho said from the grocery chains he contacted Loblaws has shown interest.A dragon’s point of view Mr. Vij is impressed with the product and the pair’s know-ledge — their understanding of what it takes to prepare and sell good food.

“They knew what they were doing and had strong roots to grow a business. I felt I could help. That’s why I wasn’t con-cerned they didn’t have sales,” he said.

It’s also a good fit with his business. “It’s a strategic in-vestment that will allow me to run my plant more efficiently

and they don’t have to come up with the capital to set up their own facility and hire more people.”

They plan to price the prod-uct at an economical $5.99. Mr. Vij said once they land shelf space, the big challenge will be dealing with the bureaucracy that comes with supplying large grocery chains.

“It took me eight months to get into Loblaws after our product was approved. I will help but they will have to knock on the doors.”An expert’s opinion “The entrepreneurs have part-nered with the right drag-on,” said John Cho, partner, KPMG Enterprise. “Vikram Vij is already doing what they want to do and they can learn through his experience deal-ing with supply chain and retailers and his success.

With marketing being critical, Mr. Cho said it’s bene-ficial that one of the entrepre-neurs is focused on market-ing.

He also liked their “if they build it, they will come” ap-proach of investing in equip-ment and packaging without having purchase orders.

“The focus now has to be on securing demand. It helps that they are leveraging Vikram’s facilities but they should have some commitment from him in terms of dedicated pro-duction lines for the cabbage rolls,” Mr. Cho added.

Financial Post

I f you’ve ever listened to the radio, you probably re-member Joel Matlin. He’s

the kind, caring voice who continually offered us 24-hour home protection and two-way voice service for just $25 a month. (If you don’t, you’ll cer-tainly recall the officious voice actor who would scare the life out of would-be burglars by shouting: “This is the Alarm-Force central station. Identify yourself immediately! The po-lice have been dispatched.”)

Matlin founded Toronto-based AlarmForce Industries Inc. in 1988 as a niche technol-ogy play after failing to con-vince his partner at Montreal-based commercial security firm Frisco Bay Industries, to expand into consumer mar-kets. Matlin saw the industry as sleepy, fragmented and ready for disruption; with its two-way voice alarms that enabled worried homeowners to talk to real people when they heard a strange noise, AlarmForce be-came a national market leader.

The company even went public in 1997. While the stock stagnated for years, between 2003 and 2013 the shares soared from $1 to $13 as the company expanded into the united States and revenue grew to $49 million.

But that success didn’t stop AlarmForce’s board from vot-ing in August 2013 to termin-ate Matlin as chief executive. Matlin bounced back, suing the company and launch-ing a marketing firm to help entrepreneurs benefit from the chutzpah that built Alarm-Force and made “The po-lice have been dispatched” a household phrase.

Matlin was restricted by a one-year non-compete agree-ment from going back into the alarm business. So he and his son Joel, who had been doing

marketing for AlarmForce for seven years, founded Matlin Marketing. They work for com-panies in such diverse indus-tries as retail, golf, mortgages and weight loss. “It’s fun, chal-lenging and nerve-racking, be-cause their problems become your problems,” Matlin says.

So how does four decades of promoting alarm services help Matlin help other entrepre-neurs? Matlin says he brings an entrepreneur’s optimism and persistence to the job: “What I’ve learned over the years is that every problem has a solution.”

He also has a simple ap-proach to figuring out wheth-er your marketing is working. “Take all of your marketing and advertising costs and div-ide that by customer acquisi-tion,” he says. That will tell you how much you’ve been paying to acquire each new customer, and help you decide whether to do more of the same or try something new.

He’s concerned many entre-preneurs have a skewed view of marketing. Some expect him to build their brand with a one-month campaign. Others want to use just one channel to pro-mote their wares, whether it’s online, print or broadcast. Mat-lin insists it’s hard to learn for sure what message or medium drives a client to your business or website. “It was easier to build a brand 25 years ago than it is today,” he notes. “you need more experts,” to understand the different channels, and help you find the best combination of media and messaging.

To deliver creative services, from jingle-writing to web analytics, Matlin Creative, with five employees, draws on a network of about 25 freelance consultants across North America.

Asked how, specifically, he has helped some of his cli-ents, Matlin cites client con-fidentiality. But he does offer a few clues. “I’ve learned that guarantees are a great form of marketing,” he says. “There was always a guarantee at AlarmForce.”

In addition, he says, find ways to let pros-pects try your product at a one-time reduced price. Combine a low-cost trial with a guarantee, and you’ ll overcome the perceived risks of doing business with a new supplier:

“The consumer will be much more confident about doing business with you.”

Given Matlin’s longtime status as a radio star, I had to ask: In the age of satellite radio and iPod playlists, is radio still a worthwhile adver-tising medium? “radio’s not as strong as it was,” Matlin notes. “But if you find the right sta-tion, with the right audience for your product, radio can still be a very powerful medium.”

And does CEO-as-spokes-man still work? definitely, Mat-lin says: “It’s very effective to have the leaders of the brand talk directly to their market.”

Ironically, he says his new company has so many clients in Canada and the u.S. that it no longer needs to advertise.

Most marketing consultants will tell you that selling on price is a losing proposition. But Mat-lin loves to say his company, with low overheads, “can do everything a big agency does, at a fraction of the cost.” yet, he has trouble articulating a single powerful reason why people should choose his agency. And when asked to quantify the re-sults he’s created for clients, he could only muster an example where he helped an unnamed client become “very successful.”

While he might not be as polished a marketer as some, Matlin insists his track record counts for more. Many entre-preneurs want to deal with a veteran decision-maker, not a newly graduated marketing student, he says. “you can’t put a value on experience.”

Financial Post

Rick Spence is a writer, consult-ant and speaker specializing

in entrepreneurship. He can be reached at [email protected]

Is optimism and persistence enough?

R i c k S p e n c e

Growth Curve

matlin trades on Alarmforce

successes

Each week, Financial Post contributor Mary Teresa Bitti revisits CBC’s previous week’s episode of Dragons’ Den. She captures what the cameras didn’t and in the process provides a case study for readers, zeroing in on what pitchers and dragons were thinking and what the challenges for the deal are going forward.

We needed the money

for the equipment

It’s a strategic investment that

will allow me to run my plant more efficiently

Joel Matlin

Notice is hereby given of the following dividend record dates:*Eligible Cash Dividend

Issuer Issue Record Date Record Date Record Date

*Baytex Energy Corp. Common Jan. 30, 2015 Feb. 27, 2015 Mar. 31, 2015*Big Rock Brewery Inc. Common n/a n/a Mar. 31, 2015*Bonavista Energy Corporation Common Jan. 30, 2015 Feb. 27, 2015 Mar. 31, 2015*Cardinal Energy Ltd. Common Jan. 30, 2015 Feb. 27, 2015 Mar. 31, 2015*Computer Modelling Group Ltd. Common n/a n/a Mar. 5, 2015*DirectCash Payments Inc. Common Jan. 30, 2015 Feb. 27, 2015 Mar. 31, 2015*Liquor Stores N.A. Ltd. Common Jan. 30, 2015 Feb. 27, 2015 Mar. 31, 2015*Newalta Corporation Common n/a n/a Mar. 31, 2015*Peyto Exploration &Development Corp. Common Jan. 31, 2015 Feb. 28, 2015 Mar. 31, 2015

*Pulse Seismic Inc. Common n/a n/a Mar. 27, 2015*Twin Butte Energy Ltd. Common Jan. 30, 2015 Feb. 27, 2015 Mar. 31, 2015*Vitreous Glass Inc. Common n/a Feb. 2, 2015 n/a*Zargon Oil & Gas Ltd. Common Jan. 31, 2015 Feb. 28, 2015 Mar. 31, 2015

Vancouver, British ColumbiaJanuary 15, 2015

MADISON PACIFIC PROPERTIES INC.NOTICE OF DIVIDEND

NOTICE is hereby given that the Board ofDirectors of Madison Pacific Properties Inc.(TSX:MPC) (TSX:MPC.C) has declared aregular cash dividend of $0.0525 per sharepayable on February 25, 2015 to holders ofClass B voting common shares and ClassC non-voting common shares of record atthe close of business on February 9, 2015.The dividend is considered an “eligibledividend” for tax purposes.

FOR FURTHER INFORMATIONPLEASE CONTACT:

Madison Pacific Properties Inc.Dino Di Marco (604) 732-6540

LEGALFor advertising information call:

(416) 386-2811 or 1-800-668-5617 x2811Fax (416) 386-2642

DIVIDENDFor advertising information call:

(416) 386-2811 or 1-800-668-5617 x2811Fax (416) 386-2642

LEGAL NOTICE REGARDINGTHE ESTATE OF:

MURIEL GLADYS GRANDMAISONwho died on August 29, 2014.

If you have a claim against this estate, youmust file your claim by March 4, 2015 andprovide details of your claimwith: SIRRS LLP Barristers & Solicitorsat: 5201 - 51 Avenue Box 6060Wetaskiwin, AB T9A 2E8If you do not respond by March 4, 2015, theestate property can lawfully be distributedwithout regard to any claim you may have.

LEGALFor advertising information call:

(416) 386-2811 or 1-800-668-5617 x2811 | Fax (416) 386-2642