TORONTO, Dec. 4, 2012 /CNW/ - Duff & Phelps Canada Restructuring Inc.,
in its capacity as liquidator of Coventree Inc. ("Coventree") (the
"Liquidator") today announced that it will be making a motion before
the Ontario Superior Court of Justice - Commercial List (the "Court")
to seek the approval of, among other things, a second interim
distribution to shareholders of Coventree, of up to $0.58 per share.
The Liquidator's motion is scheduled for hearing on December 14, 2012.
If approved by the Court, it is expected that the interim distribution
will occur as soon as practicable after receiving the settlement funds
in connection with Coventree's directors' and officers' liability
insurance policy. Such a distribution will be made as a taxable
dividend and Coventree will issue tax forms to its shareholders on that
At the same time, the Liquidator will be seeking an order declaring that
neither the Liquidator nor Coventree must call any annual shareholders'
meeting in addition to the annual meetings required to be called by the
Liquidator and that Coventree is exempt from the requirement to appoint
an auditor. The Liquidator will also be seeking approval for its fees
and disbursements including those of its counsel.
A copy of the materials for this motion is posted on the Liquidator's
website at www.duffandphelps.com/restructuringcases
This press release is intended for distribution in Canada only.
SOURCE: Coventree Inc.
For further information:
Duff & Phelps Canada Restructuring Inc.
Tel: (416) 932-6225