Professional Centres Canada LP — Direct-Hold Solution Structure
style(corporate): split 3 more over-length sentences — portfolio-theory 60/40 passage, auditors CSD settlement passage, professional-centres Benetti escrow passage (EN+ES; no factual changes)
@@ -34,7 +34,7 @@ The general partner retains Woodfine Advisors Inc., a wholly owned subsidiary of ## Equity-based compensation The promoter's minority equity interest in the partnership is held through Benetti Holdings Inc., a special-purpose wholly owned subsidiary of WCP created for this purpose. Benetti Holdings Inc.'s units were issued as equity-based compensation for services rather than as a cash subscription at the price paid by limited partners, and they are held in escrow: the promoter retains voting rights on the escrowed units throughout, but the units do not become freely disposable until limited partners have recovered 100% of their contributed capital, or another defined liquidity event occurs. This escrow condition ties the promoter's realized economic return directly to the capital-recovery position already achieved by the partnership's limited partners, rather than releasing it on a fixed schedule unrelated to investor outcomes. The promoter's minority equity interest in the partnership is held through Benetti Holdings Inc., a special-purpose wholly owned subsidiary of WCP created for this purpose. Benetti Holdings Inc.'s units were issued as equity-based compensation for services rather than as a cash subscription at the price paid by limited partners, and they are held in escrow. The promoter retains voting rights on the escrowed units throughout, but the units do not become freely disposable until limited partners have recovered 100% of their contributed capital, or another defined liquidity event occurs. This escrow condition ties the promoter's realized economic return directly to the capital-recovery position already achieved by the partnership's limited partners, rather than releasing it on a fixed schedule unrelated to investor outcomes. ## Regulatory standing