KIRKLAND, QC, June 6, 2016 /CNW Telbec/ - Manitex Capital Inc. ("Manitex") is pleased to announce that it has completed on June 3, 2106 its previously announced special dividend-in-kind (the "Dividend") of 1,121,142 Class "A" common shares of Ortho Regenerative Technologies Inc., ("Ortho Shares") held by Manitex. The Dividend has a deemed price of $0.50 per Ortho Share and was distributed to holders of record of common shares of Manitex ("Manitex Shares") at the close of business on May 20, 2016 (the "Record Date"). No Ortho Shares were delivered to Manitex shareholders residing outside of Canada. Consequently, non-resident shareholders of Manitex have received their pro rata share of the cash equivalent of the Dividend.
The Dividend has been distributed on a pro rata basis. Based upon the number of Manitex Shares currently outstanding, and ignoring the effect of rounding for fractional interests, one Ortho Share was paid under the Dividend for every ten Manitex Shares (or 0.1 Ortho Share per Manitex Share) held on the Record Date.
The distribution of the Ortho Shares forming the Dividend is qualified by the long-form prospectus of Ortho Regenerative Technologies Inc. dated April 29, 2016 (the "Prospectus"). After distribution of the Dividend, Manitex continues to hold 3,987,858 Ortho Shares.
The Dividend is an "eligible dividend" for the purposes of the Income Tax Act (Canada) and corresponding provincial legislation and therefore the dividend will be taxable in the hands of Manitex shareholders. Manitex shareholders with questions regarding the tax treatment of dividends should consult with their own tax advisors or contact their local office of the Canada Revenue Agency and, where applicable, the provincial taxation authorities.
For more details on the Dividend, please consult the Prospectus and documents incorporated therein under the issuer profile of Ortho Regenerative Technologies Inc. on SEDAR at www.sedar.com.
The TSX Venture Exchange has issued a bulletin on May 12, 2016 approving the distribution of the Dividend.
Caution regarding forward-looking statements
This news release may contain certain forward-looking statements regarding the Company's expectations for future events. Such expectations are based on certain assumptions that are founded on currently available information. If these assumptions prove incorrect, actual results may differ materially from those contemplated by the forward-looking statements contained in this press release. Factors that could cause actual results to differ include, amongst others, uncertainty as to the final result and other risks. The Company disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by security laws.
About Ortho Regenerative Technologies Inc.
Ortho RTi is a Canadian orthopaedic biotechnology company dedicated to the development of medical devices that treat unmet needs in the orthopaedic market. Based on a proprietary biopolymer platform, the company is developing new regenerative treatments for soft tissue tears in the shoulder and knee as well as articular cartilage injuries, all currently with few productive options for repair.
About Manitex Capital Inc.
Manitex Capital Inc. specializes in the acquisition of equity interests in emerging life science companies and actively participates in their management. Manitex currently has 12,561,276 common shares outstanding which are quoted for trading on the TSX Venture Exchange.
TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
SOURCE Manitex Capital Inc.
For further information: Manitex Capital Inc., Steve Saviuk, Chairman and CEO Tel.: 514-694-0150, [email protected]