District of: Nova Scotia Division No.

District of:
Division No.
Court No.
Estate No.
Nova Scotia
01- Halifax
37693
51-1803946
--FORM 29-Trustees Report on Cash-Flow Statement
(Paragraphs 50(6)(b) and 50.4(2)(b) of the Act)
In the matter of the Notice of Intention to file a Proposal of
UC Investments Inc.
of the City of Halifax, Province of Nova Scotia
The attached statement of projected cash flow of UC Investments Inc., as of the 5th day of November 2013,
consisting of a 10 week projection for the period of October 29, 2013 to January 5, 2014, has been prepared by
the management of the insolvent person for the purpose described in the notes attached, using the probable and
hypothetical assumptions set out in the notes attached.
Our review consisted of inquiries, analytical procedures and discussion related to information supplied to us
by: EI the management and employees of the insolvent person or 0 the insolvent person. Since hypothetical
assumptions need not be supported, our procedures with respect to them were limited to evaluating whether they
were consistent with the purpose of the projection. We have also reviewed the support provided by:
management or 0 the insolvent person for the probable assumptions and preparation and presentation of
the projection.
Based on our review, nothing has come to our attention that causes us to believe that, in all material
respects,
(a) the hypothetical assumptions are not consistent with the purpose of the projection;
(b) as at the date of this report, the probable assumptions developed are not suitably supported and
consistent with the plans of the insolvent person or do not provide a reasonable basis for the projection,
given the hypothetical assumptions; or
(c) the projection does not reflect the probable and hypothetical assumptions.
Since the projection is based on assumptions regarding future events, actual results will vary from the
information presented even if the hypothetical assumptions occur, and the variations may be material.
Accordingly, we express no assurance as to whether the projection will be achieved.
The projection has been prepared solely for the purpose described in the notes attached, and readers are
cautioned that it may not be aoropriate for other DurDoses.
Dated at the City of Halifax in the Province of Nova Scotia, this 5th day of November 2013.
PricewaterhouseCoopers
Per
Phi2jk
4001601 Lo'cet-WaTer Street
Halifax NS B3J 3P6
Phone: (902) 491-7474
Fax: (902) 491-7403
Page 1 of 1
District of:
Division No.
Court No.
Estate No.
Nova Scotia
01 - Halifax
37693
51-1803946
-FORM 30Report on Cash-Flow Statement by the Person Making the Proposal
(Paragraphs 50(6)(c) and 50.4(2)(c) of the Act)
In the matter of the Notice of Intention to file a Proposal of
UC Investments Inc.
of the City of Halifax, Province of Nova Scotia
I, UC Investments Inc., have developed the assumptions and prepared the attached statement of
projected cash flow of the insolvent person, as of the5th day of November2013, consisting of a 10
week projection for the period of October 29, 2013 to January 5, 2014.
The hypothetical assumptions are reasonable and consistent with the purpose of the projection
described in the notes attached, and the probable assumptions are suitably supported and consistent
with the plans of the insolvent person and provide a reasonable basis for the projection. All such
assumptions are disclosed in the notes attached.
Since the projection is based on assumptions regarding future events, actual results will vary from
the information presented, and the variations may be material.
The projection has been prepared solely for the purpose described in the notes attached, using a
set of hypothetical and probable assumptions set out in the notes attached. Consequently, readers are
cautioned that it may not be appropriate for other purposes.
Da'd at)te C)ty'HaIifax in thPrvince of Nova Scotia, this 5thy,hf November 2013.
Name and title of signing officer
Name and title of signing officer
Page 1 of 1
Page 1 of 2
UC INVESTMENTS INC.
WEEKLY CASH FLOW FORECAST
Beginning (Monday)
Ending (Sunday)
Operating Cashf low
Receipts
Rent Payments
Other Revenue
Tatal Receipts
Week 1
29-Oct-13
3-Nov-13
Week 2
4-Nov-13
10-Nov-13
Week 3
It-Nov-t3
17-Nov-13
Week 4
18-Nov-t3
24-Nov-13
Week 5
20-Nov-13
1-Dec-13
Week 6
2-Dec-13
8-Dec-t3
Week 7
9-Dec-13
15-Dec-13
Week 8
16-Dec-13
22-Dec-13
Week 9
23-Dec-13
29-Dec-13
Week 10
30-Dec-13
5-Jan-14
333,374,67
-
139,153.30
-
42,561,95
7,107.00
39,564,97
6,348.60
149,St4,95
-
367,364,02
-
75,842,10
7,107.00
46,633.90
-
122,753.62
6,348.60
338,809.20
-
1,655,r372,72 1
26,911.20 2
33337467
13910330
4966990
4591307
14901495
36736402
8294915
4663390
12910222
33880920
168198392
3,000.00
2,985,00
690,55
21,600.00
692.68
3,000.00
2,880.00
690,00
692.68
3,000.00
2,880.00
690.00
692.68
9,762.00
2,685.00
16,106.20
7,439.69
5,543.91
(375.00)
584,90
9,762.00
2,685.00
16,106.20
7,439,69
5,043.91
(375.00)
584,90
9,762.00
2,680.00
16,106.20
7,439,69
0,543.91
(375,00)
584.90
3,000.00
2,880.50
690.00
692.68
03,846.64
9,762.00
2,685.00
16,106.20
7,439.69
5,543.91
(375.00)
584,90
3,000.00
2,880.00
690.00
21,600.00
692.68
2,200,00
9,762.00
2,685.00
16,106.20
7,439.69
5,043.91
(375.00)
584,90
3,000.00
2,880.00
690.00
692.60
9,762.00
2,685.00
16,106.20
7,439.69
5,043.91
(375,00)
584,90
3,000.00
2,880.00
690.00
682,68
9,762.00
2,685.00
16,106.20
7,439.69
5,543.91
(375.00)
584,90
3,000,00
2,880.00
690.00
692,6v
53,846,64
9,762.00
2,685,00
16,106.20
7,439.69
5,543.91
(375.00)
584,90
3,000.00
2,880.00
690.00
692.60
2,200.00
9,762,00
2,685.00
16,106,20
7,439.69
5,543,91
(375.00)
584,95
30,000.00
28,800.00
6,900,00
43,200,00
6,926,79
112,093.28
97,620.00
26,850.00
161,061.99
74,396,95
55,439,06
(3,750.00>
5,849,04
3
4
3
5
3
6
3
3
7
7
7
3
3
171,000,00
2,250,00
4,500,00
6,000.00
8
9
9
9
Disbursements (Property Expenses>
Bad Debt
3,000.00
Equipment Leases
2,890.00
Garbage
690.50
Insurance Property
Pest Control
692.69
Property Tan
Repairs and Maintenance
9,762.00
Superintendent Fees
2,685.00
Utilities Fuel
16,106.20
Utilities Power
7,439.69
Utilities Water
5,543.91
Retained Security Deposits
(375.00)
Other (Rental Promotions, Cable, Secyrity System, Dues & Fees)
584,90
Disbursements (General & Admin Expenses>
Salaries and Benetits
Workers Compensation
225,00
Banking Fees
450,00
Moneris/ Visa Fees
600.00
Subcontractor Fees
Professional Fees
Office Supplies and Related Eopenses
3,165,00
Other (Vending Machines, Travel, Misc. Vehicle)
780,00
Vehicle Lease
1,050,00
Vehicle Insurance
Miscianplanned enpennes
6,000.00
Total Disbursements
Net Operating Cashf lows before restructuring
activities
225,00
450,00
600,00
-
45,000.00
225.00
450,00
600,00
9,000,00
-
225,00
450.00
600,00
-
42,000,00
225,00
450,00
600.00
9,000,00
-
-
42,000,00
225,00
450,00
600,00
9,000,00
-
225,00
450,00
600,00
-
42,000,00
225.00
450,00
600,00
9,000.00
-
225,00
450,00
600,00
-
36,000.00 8
-
10
3,165.00
3,165,00
3,165,00
3,165,00
3,165,00
3,165,00
3,165,00
3,165,00
3,165.00
31,650.00 9
780,00
1,050,00
6,000,00
780,00
1,050,00
1,080,00
6,000,00
780,00
1,050,00
6,500.W
780,00
1,050,00
6,000,00
780,00
1,050,00
6,000.00
780,00
1,050,00
1,080.00
6,000.00
780,00
1,050.00
6,000,00
780,00
1,050,00
6,000,00
780,00
1,050,00
6,000,00
7,800.00
10,500.00
2,160,00
60,000,00
6127937
9287937
11635937
61 27937
16612601
8507937
272,095,30
56,273,93
(66,690.42)
(15,365.81)
(17,111.06)
Debt Servicing
BMO Bank of Montreal
First National
Harbour Edge
Trez Capital
Restructuring/Monitoring Costs
PricewaterhouseCoopers Inc.
Stewart McKelvey
Heritage Gas
Increased Banking Fees
225,00
450,00
600.00
TOTAL
22,500,00
30,000,00
300,00
22,500,00
36,000,00
300,00
300,00
300,00
300,00
282,284,64
113359376127937
16612601
(30,410.22)
(37,023.80)
(14,645.48)
6347937
91508701
275,329,83
766,896.91
9
11
12
13
17,617,16
29,740,05
15,051.92
147,590,87
-
-
-
-
17,617.16 14
29,740.05 14
15,051.92 14
147,590.87 14
210,000.00
-
-
-
-
210,000.00
-
-
300,00
300,00
300,00
300.00
300.00
45,000.00
30,000.00
36,800.00
3,000.00
52,800.00
58,800.00
300.00
300.00
300.00
300.00
300.00
300.05
300.00
300.00
114,000.00
Total Net Cashflow
21929530
(252607)
(66 990 42)
(IS 665 81)
(17411 06)
7198464
(3071022)
(14945 48)
(37 322 80)
27502983
44289691
Opening cash balance (October 29, 20t3)
Net cash flow (above)
Closing cash balance
32,127.94
219,295.30
251,423.24
251,423,24
(2,526.07)
248,897.17
101,005.76
(66,990.42)
34,015.34
34,015.34
(15,665.81)
18,349.53
18,349.53
(17,411.06)
938.47
938.47
71,984.64
72,923.11
72,923.11
(30,710.22)
42,212.89
42,212.89
(14,945.48)
27,267.41
27,267.41
(37,323.80)
(10,056.38)
(10,056.38)
275,029,83
264,973.45
Page 2 of 2
Reallocate Reef Deposits to In-Trust Account
Closing cash balance
25t,423.24
(147,891.41)
lSt,505.76
34,015.34
18,349.53
938.47
72,923.11
42,212.89
27,267.41
(to,056.39)
264,973.45
Aseumption/Notes:
Overall UC Investment Inc. Weekly Cash Flow
Calculated based on 60% of the consolidated Company (UC Investments Inc., Edge Marketing Inc., and 3214113 NS Ltd.) cash flows,
60% allocation based on the percentage of rents collected by the Company and anributed to DC Investments Inc. in October 2St3.
1
Rent Payments
Based on historical daily collections in September and October 2013.
2
Other Revenue
Timing and amounts based on recent months: relates to coin laundry, vending machines, rebates )BeII-Aliant, Pepsi, Rogers), parking, and storage lockers.
3
Property Expenses
Based en October 20t3 actual results and enpected November & December 2013 expenditures. Timing based on monthly expectation over four weeks evenly.
4
Equipment Leases
Includes capital and non-capital equipment lease payments based on enisting lease obligations. Timing based on monthly enpectatinn over four weeks evenly.
5
Insurance Property
Automatic withdrawal on approximately the 7th of every month.
6
Property Tanes
Automatic withdrawals on approximately the 28th and 0th of every month.
7
Utilities (Fuel, Power, Water)
Based en August 2013 actuals and budget billing information provided by the utility suppliers.
8
Salaries and Benefits, Subcontractor Fees
Timing and amounts based on October 2013 actual results and expected November & December 2013. Week 1 payroll and subcontractor fees excluded as it was paid prior 1029, 20t3.
9
General & Administrative Enpenses
Based on October 2013 actual results and expected November & December 2013, Timing based on monthly expectation ever fnur weeks evenly.
15
Professional Fees
Reflected in restructuring/monitnring costs line.
11
Vehicle Leases Non-capital
Includes capital and nnn-capital vehicle lease payments based on existing lease obligations. Timing based xx monthly enpectatinn over four weeks evenly.
12
Vehicle Insurance
Timing and amount based on prior months and expected in Nxvember 2013 & December 2013.
13
Miscisnplanned expenses
Cushion txr unplanned expenses (increased upfrnnt deposits, emergency issues, etc.)
14
Debt Servicing
Payment made to secured crediturs )$350k n 60% x secured creditor rate) based on funds/timing available during 10 week cash flnw. Percentage allocation based xv enpected Nnvember 2013 monthly
rents by secured creditnr:
BMO Bank nf Montreal
First National
Harbour Edge
Trez Capital
Total
86,864.21
146,638.04
74,215.86
727,720.16
1,035,43827
8%
14%
7%
70%
100%
Scheduled xonsnlidated debt servicing costs prior In NOI were:
Principal Payments Mortgages & Capital Leases
Mortgage Interest enpeese
VTB Interest
Trez Lnan A&B Payment
Drimmer cap ex
Capital Lease interest enpense
Total Mortgage and Lnan Interest
Monthly
49,360,00
260,871.59
8,573.50
242,000.00
25,000.00
4,329.59
590,134.68
Weekly (/4)
12,340.00
65,217.90
2,143.38
60,500.00
6,250.00
1,082.40
147,533.67
Multiplied by 60%
88,520.20 weekly