TORONTO, Dec. 18, 2017 (GLOBE NEWSWIRE) -- Dundee Corporation (TSX:DC.A) and (TSX:DC.PR.E) (the “Company”) today announced that it has issued a Notice of Redemption in respect of the redemption of up to a maximum of 17% of the issued and outstanding Series 5 Preferred Shares, at a price of $25.00 per Series 5 Preferred Share, plus any accrued and unpaid dividends (the “Redemption Price”), on January 31, 2018 (the “Redemption Date”) pursuant to the share provisions of the Series 5 Preferred Shares. The redemption is at the election of the beneficial holders of the Series 5 Preferred Shares, who have the right (the “Redemption Deposit Right”) to deposit and have redeemed up to a maximum of 17% of the Series 5 Preferred Shares beneficially owned by them at the Redemption Price on the Redemption Date. As the Series 5 Preferred Shares were issued in “book-entry only” form and are held by CDS Clearing and Depository Services Inc., a beneficial holder of the Series 5 Preferred Shares must contact their broker, dealer, bank, trust company or other nominee on or prior to 5:00 p.m. (Toronto time) on January 17, 2018 (the “Redemption Deposit Right Deadline”) to exercise his, her or its Redemption Deposit Right. Holders should consult their tax advisors regarding the tax treatment to them of the redemption of the Series 5 Preferred Shares based on their particular circumstances.
Beneficial holders of the Series 5 Preferred Shares who intend to exercise their Redemption Deposit Right should ensure that they contact their broker, dealer, bank, trust company or other nominee well in advance of the Redemption Deposit Right Deadline to ensure that they understand the procedures and documentation required to exercise such right. The exercise of the Redemption Deposit Right by a holder of the Series 5 Preferred Shares in accordance with the foregoing shall be deemed to be a representation and warranty by such holder to the Corporation that such holder has exercised his, her or its Redemption Deposit Right for up to a maximum of 17% of the Series 5 Preferred Shares beneficially owned by them, and no further Series 5 Preferred Shares. Any holder of the Series 5 Preferred Shares who does not exercise his, her or its Redemption Deposit Right on or prior to the Redemption Deposit Right Deadline (or such other earlier time as may be indicated by their broker, dealer, bank, trust company or other nominee) shall not be entitled to have redeemed any Series 5 Preferred Shares beneficially owned on the Redemption Date.
Payment of the Redemption Price (less applicable withholding taxes, if any) will be made by the Corporation on or after January 31, 2018. After January 31, 2018, the former holders of the redeemed Series 5 Preferred Shares will not be entitled to dividends or to exercise any rights of holders of the Series 5 Preferred Shares in respect of such shares, except the right to receive the Redemption Price.
ABOUT DUNDEE CORPORATION
Dundee Corporation is a public Canadian independent holding company, listed on the Toronto Stock Exchange under the symbol “DC.A”. Through its operating subsidiaries, Dundee Corporation is engaged in diverse business activities in the areas of investment advisory, corporate finance, energy, resources, agriculture, real estate and infrastructure. Dundee Corporation also holds, directly and indirectly, a portfolio of investments mostly in these key areas, as well as other select investments in both publicly listed and private enterprises.
FORWARD-LOOKING STATEMENTS
This press release may contain forward-looking information within the meaning of applicable securities legislation, which reflects Dundee Corporation’s current expectations regarding future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Dundee Corporation’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, the factors discussed under “Risk Factors” in the 2016 Annual Information Form of Dundee Corporation and subsequent filings made with securities commissions in Canada. Dundee Corporation does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
FOR FURTHER INFORMATION PLEASE CONTACT:
John Vincic
Investor and Media Relations
Dundee Corporation
(647) 402-6375
or
Lucie Presot
Executive Vice President and
Chief Financial Officer
Dundee Corporation
(416) 365-5157