TORONTO, June 5, 2019 /CNW/ - The Board of Directors of NewGrowth Corp. (the "Company") has declared today ordinary dividends of $0.3327 per Preferred Share and $0.3950 per Capital Share payable on June 26, 2019 to holders of record at the close of business on June 24, 2019.
The Class A Capital Shares ("Capital Shares") and Class B Preferred Shares, Series 3 ("Preferred Shares") will be redeemed by the Company in accordance with their terms on June 26, 2019 and the Company will wind up and terminate as soon as practicable after such date. Pursuant to these provisions, the Preferred Shares will be redeemed at a price per share equal to the lesser of $32.07 and the net asset value per unit. The Capital Shares will be redeemed at a price per share equal to the amount by which the net asset value per unit exceeds $32.07.
Holders of Capital Shares who requested to receive their redemption payment in portfolio shares and gave notice to this effect and tendered $32.07 for each Capital Share by May 29, 2019 will receive their pro rata share of the portfolio shares. The redemption of Capital Shares and Preferred Shares will constitute a taxable disposition of the Company's shares at the time of the redemption whether the payment is received in the form of cash or portfolio shares.
A further press release will be issued by the Company in connection with the redemption prices on June 25, 2019. Payment of the amounts due to holders of Capital Shares and Preferred Shares will be made by the Company on June 26, 2019.
NewGrowth Corp. is a mutual fund corporation whose investment portfolio consists of publicly-listed securities of selected Canadian chartered banks, telecommunication, oil and gas, pipeline and utility issuers. The Capital Shares and Preferred Shares of NewGrowth Corp. are listed for trading on The Toronto Stock Exchange under the symbols NEW.A and NEW.PR.D respectively.
SOURCE NewGrowth Corp.
For further information: Investor Relations NewGrowth Corp. (416) 862-3931, E-mail: firstname.lastname@example.org, Web site: www.scotiamanagedcompanies.com