Bid to shake up Canada's biggest industrial landlord gets a boost

Toronto

FRONTFOUR Capital Group's efforts to shake up Granite Real Estate Investment Trust, Canada's largest industrial landlord, received a boost on Friday as a prominent shareholder-advisory firm recommended the activist investor's slate of directors, saying the dissidents "have made a reasonably compelling case" for change.

Institutional Shareholder Services (ISS) recommended shareholders vote for the three nominees put forth by FrontFour and its partner, Vancouver-based Sandpiper Group, at Granite's annual general meeting on June 15. It suggested they withhold votes for existing director Brydon Cruise, chairman Wesley Voorheis, and vice chairman Peter Dey.