Equity merger plan not given approval

The Supreme Court of British Columbia’s decision with respect to the vote held by the limited partners of First Exploration Fund 1987 and Company Limited partnership was announced April 29.

As a result of the decision, the vote on the share exchange agreement between First Exploration Fund 1987 and Co. Ltd. partnership and Equity Preservation Corp., which would have effectively merged Equity Preservation with Equity Reserve, did not receive the required 75% approval.

Consequently, on the wind-up of First Ex/87, anticipated to take place May 13, the partnership will be distributing to its former limited partners the shares of Equity Reserve which are conditionally listed on the Montreal Exchange.