TORONTO, May 21, 2013 /CNW/ - Utility Corp. (the "Company") announced today the completion of its previously announced extension which involved (i) extending the redemption date of the Company to May 22, 2018, (ii) a one-time adjustment to the portfolio of the Company, and (iii) implementing a moderate leverage strategy with a target borrowing of 15% of the total asset value of the Company's portfolio. The extension was approved at a meeting of shareholders of the Company on April 5, 2013.
As previously announced, 131,734 Class C Shares (representing approximately 5.5% of the then outstanding Class C Shares) were tendered to the Company for retraction on May 21, 2013 and, as a result, 2,271,500 Class C Shares of the Company are outstanding.
About Utility Corp.
Utility Corp. is a mutual fund corporation whose investment portfolio consists of publicly listed securities of selected Canadian utility and telecommunication issuers. The Class C Shares of Utility Corp. are listed for trading on the Toronto Stock Exchange under the symbol UTC.C.
SOURCE: Utility Corp.
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