Urbana Corporation
TSX : URB
TSX : URB.A

Urbana Corporation

December 01, 2009 09:25 ET

Urbana Corporation Pleased With the Settlement of Exercise Right Appeals Regarding the Chicago Board Options Exchange

TORONTO, ONTARIO--(Marketwire - Dec. 1, 2009) -

NOT FOR DISTRIBUTION TO U.S. WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

Urbana Corporation ("Urbana") (TSX:URB)(TSX:URB.A) invests in seats and shares of private and public securities exchanges in North America and around the world. Urbana's largest single exchange investment is 23 seats on the Chicago Board Options Exchange ("CBOE"). As of last night's close, Urbana's CBOE investment was worth $67,898,875 million or approximately 39% of the value of the portfolio.

On Tuesday, November 30, 2009, the CBOE announced they "have reached a settlement of the appeals in the exercise right litigation. Under this settlement, CBOE would pay the appealing parties an aggregate amount of $4,171,243 to settle all appeals. The Chicago Mercantile Exchange ("CME") would reimburse the CBOE for one-half of this settlement about so CBOE's net payment would be $2,085,621.50.

This settlement is conditioned on the Delaware Supreme Court granting that dismissal within two weeks.

The CBOE believes this settlement of the appeals would eliminate all remaining litigation impediments to demutualization within days or weeks instead of months and would avoid further legal expenses related to the appeals."

There CBOE has also implemented a seat transaction moratorium from 7am – 10am today.

Urbana views this as a positive development for its holdings in the CBOE.

Forward Looking Statements

Certain statements in this press release constitute "forward-looking" statements that involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Urbana to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Unless required by applicable securities law, Urbana does not assume any obligation to update these forward-looking statements.

Contact Information

  • Urbana Corporation
    Elizabeth Naumovski
    Investor Relations
    416-595-9106