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GENTRA INC. ANNOUNCES BOARD APPOINTEES AND INFORMATION MEETINGS

 TORONTO, July 28 /PRNewswire/ -- In an amendment to its Plan of Arrangement to be mailed to securityholders in the next few days, Gentra Inc. (formerly Royal Trustco Limited) announced the names of the directors who will form Gentra's Board after the close of the sale of its subsidiaries to Royal Bank of Canada.
 The amendment provides for 10 board members rather than the nine previously announced. They are:
 Fraser M. Fell, Chairman and Chief Executive Officer
 Designate, Gentra Inc.;
 Gordon E. Arnell, President, Carena Developments Limited;
 Peter A. Crossgrove, Corporate Director;
 Melvin M. Hawkrigg, Chairman, Trilon Financial Corporation;
 George F. Michals, President, Baymont Capital Resources Inc.;
 George E. Myhal, President and Chief Executive Officer,
 Trilon Financial Corporation;
 Mark J. Polubiec, President Marpol Investments Inc.;
 E. Duff Scott, Vice-Chairman and President Multibanc NT;
 John P. Clarke, former Senior Vice-President, Special Loans,
 Royal Bank of Canada
 and a tenth person to be announced.
 Burns Fry and S.G. Warburg have advised to the Independent Committee of the board and the board, respectively, that the plan of arrangement remains fair to all Gentra securityholders.
 James W. Miller, President and CEO of Gentra stated: "I am pleased with the continuing progress of this transaction towards its September 1, 1993 closing. It ensures that Gentra will be managed on an ongoing basis by an independent board. The individuals named today are first rate, and will provide effective ongoing leadership to Gentra. The Board of Directors, including its independent directors will be concerned to represent, as it should, the interests of all Gentra securityholders."
 Information meetings to provide securityholders with an opportunity to discuss the Plan of Arrangement prior to voting meetings have been scheduled as follows:
 1. Senior and subordinated debtholders - August 3 1993 at
 10:00am (London time) at the offices of S.G. Warburg & Co.
 Ltd. London, England.
 2. Senior and subordinated debtholders - August 4, 1993 at
 2:00pm (ECT) Plaza Hotel, New York.
 3. Senior and subordinated debt - August 5, 1993 at 10:00am
 (ECT) Toronto Marriott Eaton Centre, Toronto.
 4. Common and Preferred shareholders - August 6, 1993 at
 10:00am (ECT) Toronto Marriott Eaton Centre, Toronto.
 The Plan of Arrangement implements the sale of Gentra's subsidiaries to Royal Bank of Canada and makes certain changes to Gentra's outstanding debentures and preferred shares, as previously announced.
 -0- 7/28/93
 /CONTACT: Sheila Robb, Gentra Inc. Public Affairs, 416-981-6655; Lorraine McAlpine, Gentra Inc. Public Affairs, 416-981-6458/
 (GTA.)


CO: Gentra Inc. ST: Ontario IN: FIN SU: PER

LG -- NY017 -- 6619 07/28/93 08:57 EDT
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Publication:PR Newswire
Date:Jul 28, 1993
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