Parkbridge Lifestyle Communities Inc. will ask its shareholders to approve a $790-million takeover of the property company. This is expected to happen later this week. The mentioned company has said its fourth quarter profit has risen to $4.9 million.

This is almost equivalent to 7.2 cents per share, up from $4.4 million. In other words, it is equal to seven cents per share in a financial year. The company based on Calgary has also approved a dividend at 3.7 per cent on every common share. This is meant to be paid on Dec 15 to shareholders of record as of Dec 3.

The announcement Tuesday comes two days before Parkbridge shareholders meet in Calgary for voting on a proposed takeover by British Columbia Investment Management Corp.

BCIMC manages assest for B.C. public pension plans, injured workers system, insurance funds and public trusts. It has agreed last month to pay $7.30 per share cash and assume Parkbridge’s debt. It has been reported to $7.6 million or 11 cents per share.