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Newly formed activist firm Smoothwater intends to file a dissident proxy circular with the aim of electing a new slate of directors at Calgary-based Genesis Land Development.
Newly formed activist firm Smoothwater intends to file a dissident proxy circular with the aim of electing a new slate of directors at Calgary-based Genesis Land Development.
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Proxy battle underway at Genesis Land Development

The tension between Calgary-based real estate developer Genesis Land Development Corp. and Stephen Griggs’ newly formed activist investor firm Smoothwater Capital Corp. has officially become a proxy fight.

Smoothwater said Friday that it would file a dissident proxy circular with the aim of electing a slate of seven directors. The two-month-old firm, which is owned by its chairman Garfield Mitchell, lays claim to 22 per cent of Genesis’s outstanding shares. Mr. Mitchell has been a shareholder of Genesis for nearly 10 years.