TORONTO, June 12, 2012 /CNW/ - NewGrowth Corp. (the "Company") announced
today that it has called 62,784 Preferred Shares for cash redemption on
June 26, 2012 (in accordance with the Company's Articles) representing
approximately 2.284% of the outstanding Preferred Shares as a result of
the special annual retraction of 62,784 Capital Shares by the holders
thereof. The Preferred Shares shall be redeemed on a pro rata basis,
so that each holder of Preferred Shares of record on June 22, 2012 will
have approximately 2.284% of their Preferred Shares redeemed. The
redemption price for the Preferred Shares will be $13.70 per share.
In addition, holders of a further 30 Capital Shares and 30 Preferred
Shares have deposited such shares concurrently for retraction on June
26, 2012. As a result, a total of 62,814 Capital Shares and 62,814
Preferred Shares, or approximately 2.285% of both classes of shares
currently outstanding, will be redeemed.
Holders of Preferred Shares that are on record for dividends but have
been called for redemption will be entitled to receive dividends
thereon which have been declared but remain unpaid up to but not
including June 26, 2012.
Payment of the amount due to holders of Preferred Shares will be made by
the Company on June 26, 2012. From and after June 26, 2012 the holders
of Preferred Shares that have been called for redemption will not be
entitled to dividends or to exercise any right in respect of such
shares except to receive the amount due on redemption.
NewGrowth Corp. is a mutual fund corporation whose investment portfolio
consists primarily of publicly listed securities of selected Canadian
chartered banks, telecommunication, pipeline and utility issuers. The
Capital Shares and Preferred Shares of NewGrowth Corp. are both listed
for trading on The Toronto Stock Exchange under the symbols NEW.A and
SOURCE NewGrowth Corp.
For further information:
Web site: www.scotiamanagedcompanies.com