TORONTO, Nov. 10 /CNW/ - Kinetics Asset Management Inc. ("Kinetics") announces that it has the power to exercise control or direction over 13,558,605 non-voting Class A shares (the "Class A Shares") of Urbana Corporation ("Urbana Corporation"), a Toronto, Ontario based investment company.
Kinetics is an investment manager and has control of the 13,558,605 Class A Shares of Urbana Corporation representing approximately 17.49% of the presently issued and outstanding Class A Shares that are held in various funds and accounts for which Kinetics provides portfolio management services.
The Class A Shares were acquired by the various funds and accounts for which Kinetics provides portfolio management services in multiple trades over several months through the facilities of the Toronto Stock Exchange at prices ranging from $0.9551 to $5.05, and an average price of $1.4568. The securities were acquired for investment purposes, and Kinetics may acquire further Class A Shares, or dispose of their holdings of Class A Shares, both as investment conditions warrant for funds or accounts for which it provides portfolio management services. The Class A Shares of Urbana Corporation are listed on the Toronto Stock Exchange under the symbol "URB.A".
Kinetics has its head office at 555 Taxter Road, Suite 175, Elmsford, New York, 10523 United States of America.
SOURCE KINETICS ASSET MANAGEMENT INC.
For further information: For further information: Jay Kesslen, General Counsel for Kinetics, at (914) 703-6904