06:58 AM EDT, 07/05/2024 (MT Newswires) -- Lanesborough Real Estate Investment Trust (LRT-UN.V) overnight Thursday provided an update on future operations and reported the resignation of independent trustees.

The update follows the failure of the holders of the REIT's trust units to approve a special resolution at a meeting of unitholders on June 27 green lighting the sale of all of its properties.

Effective immediately, Shelter will stop providing most administrative services to LREIT because of LREIT's failure to pay amounts outstanding to Shelter. As a result, LREIT will no longer be making ongoing public disclosure, including filing financial statements.

The management expects that LREIT to receive a cease trade order for trading in its securities by the Manitoba Securities Commission or other securities regulatory authorities soon. LREIT also expects that trading in its securities will be suspended by the TSXV and its listing will be moved to the NEX board of the TSXV.

As of March 31, the REIT had total liabilities of $201.1 million, including $159.2 million owing to related parties 2668921 Manitoba and Shelter Canadian Properties.

Charles Loewen and Earl Coleman have resigned as independent trustees of LREIT. Arni Thorsteinson is now the sole trustee of LREIT.