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ROYAL TRUST REPORTS ON OLYMPIA & YORK EXCHANGE TOWER NOTEHOLDERS MEETING

 ROYAL TRUST REPORTS ON OLYMPIA & YORK
 EXCHANGE TOWER NOTEHOLDERS MEETING
 TORONTO, May 20 /PRNewswire/ -- A meeting of the holders of promissory notes of Olympia & York Exchange Tower Limited was held today in Toronto. The meeting was called by The Royal Trust Company, the trustee, to inform noteholders of the activities undertaken to date by the trustee to protect their interests, and to allow Olympia & York to provide its perspective.
 Noteholders were also given the opportunity to form a committee to represent their collective interests and to direct and instruct the trustee.
 A resolution to form a committee was not approved by the necessary two-thirds majority of the votes cast. Thus, no committee was formed. Following a noteholder's request for a ruling, the chair of the meeting, Robert Shirriff of Fasken Campbell Godfrey, determined that all holders of notes, including Olympia & York and any bank to which Olympia & York had pledged its notes, had an equal right to vote. The chairman noted that any interested person could apply to the court to determine if the Olympia & York votes should have been counted. While it appeared that most noteholders favored the formation of a committee, there was disagreement on the appropriate majority required for decision by the committee.
 A resolution was passed to adjourn the meeting to 1:00 p.m. (Toronto time) on Tuesday, June 2, 1992 at the same location - The Grand Ballroom, L'Hotel, 225 Front Street West, Toronto, Ontario.
 -0- 5/20/92
 /CONTACT: Sheila Robb of Royal Trust, 416-981-6655/
 (RYL.A.) CO: The Royal Trust Company; Olympia & York Exchange Tower Limited; ST: Ontario IN: FIN SU:


LR -- NY116 -- 2574 05/20/92 19:03 EDT
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Publication:PR Newswire
Date:May 20, 1992
Words:277
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