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TORONTO, Feb. 21, 2024 /CNW/ - Cymbria Corporation ("Cymbria" or the "Company") (TSX: CYB) announced today that 809,496 class A shares ("Class A Shares") and 12,750 class J shares ("Class J Shares") have been tendered for redemption in accordance with the Company's previously announced liquidity realization opportunity.
With the approval of the Board of Directors, the Company will increase the aggregate amount of funds available to redeem Class A Shares and redeem 809,496 Class A Shares at a price per Class A Share of $69.2376 and 12,750 Class J Shares at a price per Class J Share of $77.7396 on February 22, 2024. Holders of Class A Shares and/or Class J Shares shall receive payment for their redeemed Class A Shares and/or Class J Shares by March 7, 2024.
To assist shareholders in determining the Canadian income tax consequences of the redemption of their Class A Shares and/or Class J Shares, the Company has determined that for purposes of the Income Tax Act (Canada) (the "Tax Act"), the paid-up capital per Class A Share and Class J Share is estimated to be $9.38 and $10.00, respectively, at the time of the redemption under the liquidity realization opportunity. The dividends deemed to have been paid by the Company are designated as "eligible dividends" for purposes of the Tax Act and any corresponding provincial and territorial tax legislation.
The "specified amount" for purposes of subsection 191(4) of the Tax Act is $65.30 in respect of each Class A Share and $73.32 and in respect of each Class J Share.
ABOUT CYMBRIA CORPORATION
Cymbria's investment objective is to provide shareholders with long-term capital appreciation through an actively managed portfolio comprised primarily of global equities and an investment in EdgePoint Wealth Management Inc. Cymbria began trading on the TSX on November 4, 2008, under the symbol CYB.
FORWARD-LOOKING STATEMENTS
This news release may contain forward-looking statements, specifically relating to the planned redemption of Class A Shares and Class J Shares, that are based on current expectations and are subject to known and unknown uncertainties and risks, which could cause actual results to differ materially from those contemplated or implied by such forward-looking statements. Cymbria is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or otherwise.
SOURCE Cymbria Corporation
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