Sale Transaction
The Company sold its final remaining mortgage interest (the "Company's Interest") relating to a residential property located in
Delisting from TSX
The Company is not expected to engage in any active or ongoing business following the completion of the Sale Transaction. As a result, the Company has filed a voluntary delisting application with TSX on the basis that Shareholders have a near term liquidity event for which all material conditions have been satisfied and the likelihood of non-completion is remote. As such, Shareholder approval is not required and the Shares will be delisted on
Special Distribution
In connection with closing of the Sale Transaction, the Company's board of directors (the "Board") intends to distribute (the "Initial Distribution") the majority of net proceeds from the Sale Transaction to Shareholders following the Delisting, with the balance of such proceeds to be reserved (the "Cash Reserve") for the final wind-up costs of the Company as determined by the Board and its advisors. The details relating to the Initial Distribution, including the distribution amount per Share, the record date and payment date, will be announced by the Company following the Delisting. In order to be entitled to the Initial Distribution, Shareholders will be required to maintain ownership of their Shares following Delisting and up until the record date (the "Record Date") set by the Company.
Shareholders as of the Record Date may also be entitled to a potential final distribution (the "Final Distribution", together with the Initial Distribution, the "Distributions) of any proceeds remaining from the Cash Reserve as approved by the Board. There can be no certainty that the Company will have sufficient funds to pay any distributions following the Initial Distribution nor as to the timing and quantum of the Final Distribution, if any.
About the Company
The Company previously held a portfolio of mortgages in
Forward-Looking Statements
Statements in this press release contain forward-looking information. Such forward-looking information may be identified by words such as "anticipates", "plans", "proposes", "estimates", "intends", "expects", "believes", "may" and "will". The forward-looking statements are founded on the basis of expectations and assumptions made by the Company and necessarily involve known and unknown risks and uncertainties, many of which are beyond the Company's control. Such risk factors include, but are not limited to: risks related to the Company's strategy going forward, and the timing and quantum of the Initial Distribution and Final Distribution, if any. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Readers are cautioned that the foregoing list of factors is not exhaustive.
Details of additional risk factors relating to the Company and its business are discussed under the heading "Business Risks and Uncertainties" in the Company's annual Management's Discussion & Analysis for the year ended
SOURCE
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