TORONTO, April 25, 2017 /CNW/ - LWP Capital Inc. (formerly "Legumex Walker Inc.") ("LWP" or the "Company"), by KSV Advisory Inc. in its capacity as the Court-appointed liquidator of LWP (the "Liquidator"), today announced that shareholders as of May 5, 2017 (the "Record Date") will be entitled to receive an interim distribution (the "Distribution") made pursuant to a Liquidation Plan dated December 31, 2015 (the "Plan") of $0.40 per share held at the close of business on the Record Date. The Plan was approved by the Ontario Superior Court of Justice (Commercial List) (the "Court") pursuant to an Order dated January 11, 2016 (the "Liquidation Order"), and the Court approved the Distribution pursuant to an Order dated April 25, 2017. The inspectors appointed under the Plan have elected to characterize the Distribution as a reduction of stated capital.
Only Record Date holders will be entitled to receive the Distribution, and the aggregate amount of the Distribution is expected to be approximately $6.5 million. On May 11, 2017, the Liquidator will transfer the aggregate value of the Distribution, on behalf and for the account of the Company, to the Company's transfer agent. The Liquidator anticipates that the Distribution will be made by the transfer agent on or around May 13, 2017. The Company currently has 16,294,635 issued and outstanding common shares.
The Plan, Liquidation Order and other materials filed in the Company's liquidation proceedings can be found on the Liquidator's website at: http://www.ksvadvisory.com/insolvency-cases/lwp-capital-inc-formerly-legumex-walker-inc/. The Liquidator will continue to make available on its website additional information and updates on the status of LWP's liquidation proceedings. The Liquidator's Fourth Report to Court dated April 20, 2017 provides additional information on the status of the Company's liquidation proceedings, including information on timing and quantum of expected future distributions to shareholders.
All references to currency in this press release are references to Canadian dollars.
Cautionary Note on Forward-looking Statements
This press release contains "forward-looking information" within the meaning of Canadian securities laws which may include, but is not limited to, statements relating to the anticipated liquidation of the Company and distributions to equity holders, including the Distribution. Such forward-looking information reflects the Company's and the Liquidator's views with respect to future events and is subject to risks, uncertainties and assumptions, including changes in law and risks generally relating to the liquidation process. For more information regarding these and other risks, readers should consult the Company's reports on file with applicable securities regulatory authorities accessible online by going to SEDAR at www.sedar.com and such information should be reviewed in conjunction with this press release. Although the Company and the Liquidator has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Although the Company and the Liquidator believes the assumptions inherent in forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this press release. The Company and the Liquidator expressly disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws.
SOURCE LWP Capital Inc.
For further information: David Sieradzki, Managing Director, KSV Advisory Inc., [email protected], (416) 932-6030