MONTREAL, Nov. 9, 2011 /CNW Telbec/ - IFL Investment Foundation (Canada)
Limited (TSXV: IF) ("IFL") announces that its Board of Directors has approved a proposal to its
shareholders for the liquidation of the corporation's investment
portfolio and its subsequent dissolution.
In light of the current regulatory environment, IFL will have difficulty
meeting regulatory requirements for registration as an investment fund
manager. As a result, the Board of Directors has decided in favour of
the orderly liquidation of the portfolio holdings of the Corporation
with a view to maximizing shareholder value. Such liquidation is
subject to a special vote by IFL's shareholders. It is expected that
the final distribution to shareholders shall occur in early 2012.
"It is with sadness that the Board is forced to embark upon this course
of action. IFL has always been a rewarding investment for its
shareholders. In order to satisfy current regulatory requirements, IFL
would have to reconsider its management structure, employ additional
staff and retain various professionals and registrants. This would have
added material costs and would have reduced returns to shareholders. It
is a shame to end 83 extraordinary years of faithful and profitable
service to our shareholders" declared Mr. A. Scott Fraser, its
The liquidation and eventual dissolution and delisting of IFL is subject
to the requisite regulatory approvals.
IFL is a closed-end investment corporation whose common shares are
listed on the TSX Venture Exchange under the symbol IF. The investment
fund's business consists of investing in marketable securities,
predominantly in common stock.
SOURCE IFL Investment Foundtion (Canada) Limited
For further information:
A. Scott Fraser, President, IFL Investment Foundation (Canada) Limited.