Walton is set to distribute CAD$1,889,602 distribution to investors on behalf of McConachie Development Investment Corporation (“MDIC” or the “Corporation”) on May 31, 2021. The distribution is the remaining amount from the total $5.3 million distribution made to investors in McConachie Asset Management Corporation on April 30, 2021.
This completes the first distribution made in 2021, which includes a portion of the annual interest payment due on the Corporation’s restructured bonds, as well as a paydown of the principal amount owed. The distribution will be paid to all bondholders of the Corporation on a pro rata basis. An additional distribution is expected to be paid to investors later this year.
McConachie is a residential development project in Edmonton, Alberta where Walton is the project manager. Based on an established plan to complete the development of the community, maximize cash proceeds and satisfy other obligations, Walton has completed key tasks in the first quarter of 2021 and is continuing to work toward completing the project and make its final distributions on behalf of McConachie as project milestones progress.