TORONTO, Feb. 6, 2013 /CNW/ - UTILITY CORP. (the "Company") announced
today that it is calling a meeting of holders of Utility Corp. shares
("Shareholders") to consider a proposal to extend the term of the
Company. The extension will involve (i) extending the redemption date
permitting Shareholders to hold their investment to May 21, 2018, (ii)
adjusting and rebalancing the Company's portfolio; (iii) amending the
articles to permit the Company to employ leverage of up to 20% of total
assets, and (iv) the creation of a special retraction right to provide
Shareholders who do not wish to extend their investment with the option
of retracting their units as originally contemplated on May 21, 2013.
A special meeting of Unitholders has been called and will be held on
April 5, 2013 to consider and vote on the extension. There is no
guarantee that the proposal will be approved by Shareholders. Details
of the proposed extension will be outlined in an information circular
to be prepared and delivered to Shareholders in connection with the
special meeting and which will be available on www.sedar.com. The extension will be subject to receipt of all necessary regulatory
About Utility Corp.
Shareholders are entitled to receive dividends as declared by the Board
of Directors of Utility Corp. It is the Company's policy to declare and
pay equal monthly dividends on the outstanding Class C Shares based on
revenue received less expenses.
Utility Corp. is a mutual fund corporation whose investment portfolio
consists of publicly listed securities of selected Canadian utility and
telecommunication issuers. The Class C Shares of Utility Corp. are
listed for trading on the Toronto Stock Exchange under the symbol
SOURCE: Utility Corp.
For further information:
Web site: www.scotiamanagedcompanies.com