The Shares to be purchased under the Offer represent an aggregate purchase price of approximately
An aggregate of 342,752 Shares were validly tendered and not withdrawn pursuant to auction tenders at or below the purchase price and purchase price tenders. Since the Offer was oversubscribed, holders of Shares ("Shareholders") who made auction tenders at or below the purchase price and purchase price tenders had approximately 98.84% of their successfully tendered Shares purchased by the Company (other than "odd lot" tenders, which are not subject to proration).
Payment and settlement of the Shares purchased pursuant to the Offer will be effected by
For Canadian federal income tax purposes, a deemed dividend arises on the repurchase of Shares under the Offer. To assist Shareholders in determining the Canadian income tax consequences of the Offer, the Company has determined that for purposes of the Income Tax Act (
The "specified amount" for purposes of subsection 191(4) of the Tax Act in respect of each Share is
Details of the Offer are described in the offer to purchase and issuer bid circular dated
This press release is for informational purposes only and does not constitute an offer to buy or the solicitation of an offer to sell the Company's Shares.
The Company is a closed-end investment corporation that trades on the Exchange. The Company has always been an investment vehicle for long-term growth through investments in common equities, as management believes that over long periods of time common equities, as an asset class, will outperform fixed income instruments or balanced funds. The equity investments in the portfolio reflect investment opportunities world-wide. For more information, please visit: https://www.ucorp.ca/.
This press release may contain forward-looking information within the meaning of applicable securities regulation. The words "may", "will", "would", "should", "could", "expects", "plans", "intends", "trends", "indications", "anticipates", "believes", "estimates", "predicts", "likely" or "potential" or the negative or other variations of these words or other comparable words or phrases, are intended to identify forward-looking statements. These statements include, without limitation, statements regarding the settlement of purchases under the Offer. The Company believes the expectations reflected in the forward-looking statements in this press release are reasonable but no assurance can be given that these expectations will prove to be correct and such forward- looking statements should not be unduly relied upon. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties that may cause the results or events mentioned in this press release to differ materially from those that are discussed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, general, local economic, and business conditions. All forward-looking information in this press release speaks as of the date hereof. The Company does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise. Additional information about these assumptions and risks and uncertainties is disclosed in filings with securities regulators filed on SEDAR+ (www.sedarplus.ca).
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