TORONTO, Sept. 26,
2022 /CNW/ - Economic Investment Trust Limited
(TSX: EVT) (the "Company") announced today the
preliminary results of its "modified Dutch auction" substantial
issuer bid (the "Offer"). Pursuant to the Offer, the Company
offered to purchase for cancellation up to $20,000,000 in value of its outstanding common
shares (the "Shares") from holders of Shares (the
"Shareholders") for cash. The Offer expired at 5:00 p.m. (Toronto time) on September 26, 2022.
Based on the preliminary count by Computershare Investor
Services Inc. (the "Depositary"), the Company expects to
take up and pay for approximately 103,007 Shares at a price of
$140.00 per Share under the Offer,
representing an aggregate purchase amount of approximately
$14,420,980 and 1.85% of the total
number of the Company's issued and outstanding Shares before giving
effect to the Offer. After giving effect to the Offer, the Company
expects to have 5,464,628 Shares issued and outstanding.
Payment and settlement of the Shares purchased pursuant to the
Offer will be effected by the Depositary in accordance with the
settlement procedures described in the Offer Documents. As the
total number of Shares tendered was less than the total that could
have been acquired by the Company under the terms of the Offer, all
Shares validly deposited and not withdrawn prior to the expiry of
the Offer will be acquired at the maximum purchase price offered
under the Offer and no proration will be required.
The number of Shares to be purchased and the purchase price
under the Offer are preliminary. Final results will be determined
subject to confirmation by the Depositary of the proper delivery of
the Shares validly tendered and not withdrawn. Upon take up and
payment of the Shares purchased, the Company will release the final
results, including the final purchase price, the estimated paid-up
capital per Share and the "specified amount" for purposes of
subsection 191(4) of the Income Tax Act (Canada).
Details of the Offer are described in the offer to purchase and
issuer bid circular dated August 16,
2022, as amended by a notice of change dated August 31, 2022, as well as the related letter of
transmittal and notice of guaranteed delivery (the "Offer
Documents"), copies of which were filed and are available on
SEDAR at www.sedar.com.
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.
About Economic Investment Trust
Limited
The Company is a closed-end investment corporation that trades
on the Toronto Stock Exchange. The Company has always been an
investment vehicle for long-term growth through investment in
common equities, as management believes that over long period of
time, common equities, as an asset class, will outperform
fixed-income instruments or balanced funds. The investment
objective is to earn an above-average rate of return, primarily
through long-term capital appreciation and dividend income. The
equity investments in the portfolio reflect investment
opportunities worldwide. For more information, please visit:
https://www.evt.ca/.
Forward Looking
Statements
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
terms and conditions of the Offer, including the aggregate number
of Shares to be purchased for cancellation under the Offer, the
final purchase price under the Offer and the number of Shares
expected to be issued and outstanding after completion of 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.sedar.com).
SOURCE Economic Investment Trust Limited