Press Release for Early Warning Report Regarding Wall Financial Corporation

/EIN News/ -- VANCOUVER, British Columbia, March 21, 2025 (GLOBE NEWSWIRE) -- The Peter Wall Alter Ego Trust (2019) (the “AET”), Suite 2600 - 1090 West Pender Street, Vancouver, British Columbia, V6E 0E3, the majority shareholder of Wall Financial Corporation (“Wall Financial”), a company with a head office at 1010 Burrard Street, Vancouver, British Columbia, V6Z 2R9, announces changes in its trust arrangements following Peter Wall’s death earlier this month.

The AET owns, directly or indirectly, and exercises control or direction over, 17,377,762 common shares of Wall Financial (the “AET Shares”), representing 54.15% of the total number of issued and outstanding common shares of Wall Financial (the “Common Shares”). On or about March 3, 2025, Oliver Borgers accepted the appointment as Trustee Appointer of the AET due to the death of Peter Wall, the prior Trustee Appointer of the AET. Oliver Borgers also appointed himself as the Trustee of the AET, replacing Peter Wall. There has been no change in the securityholdings of AET in Wall Financial as a result of the occurrence described above. However, Oliver Borgers, in his capacity as trustee of AET, can be said to have acquired control over the AET Shares by virtue of becoming the Trustee of the AET. Oliver Borgers, in his personal capacity, also has control over 102,000 Common Shares, representing 0.32% of the total number of issued and outstanding Common Shares.

The purpose of the occurrence was to replace the Trustee Appointer and the Trustee of the AET due to the death of Peter Wall. The AET is expected to distribute the AET Shares to an executory trust called the Peter Wall Legacy Trust (the “Legacy Trust”) at a date to be determined in accordance with the AET’s trust arrangements. Oliver Borgers will also be the Trustee Appointer and the Regular Trustee of the Legacy Trust, and there will be two additional Voting Trustees. At such time, the Regular Trustees and Voting Trustees must unanimously consent in respect of all decisions related to the voting, exchanging, altering, selling or transferring of any Common Shares held by the Legacy Trust. Oliver Borgers, as the future Trustee Appointer of the Legacy Trust, will be entitled to appoint and remove the Regular Trustee and the Voting Trustees at any time and for any reason that the Trustee Appointer may decide. Peter Wall provided the trustees of the Legacy Trust with certain wishes he held by way of a statement of wishes, which are not legally binding upon the trustees of the Legacy Trust. These non-legally binding wishes include his wish that the AET Shares of Wall Financial be retained by the Legacy Trust and that two significant properties of Wall Financial (the Shannon Mansion and the Wall Centre Downtown) should be considered as legacy assets of Wall Financial, which should not be sold.

The AET or Oliver Borgers may, depending on market and other conditions, increase or decrease their ownership of Common Shares of Wall Financial, whether in the open market, by privately negotiated agreements or otherwise, subject to a number of factors, including general market conditions and other available investment and business opportunities.

For more information, or to obtain a copy of the subject early warning report, please contact:

Peter Wall Alter Ego Trust (2019)
by its trustee, Oliver Borgers
c/o Thorsteinssons LLP
Suite 2600 - 1090 West Pender Street
Vancouver, British Columbia, V6E 0E3
Telephone: 416-271-2248