DundeeWealth Inc.

DundeeWealth Inc.

December 08, 2006 17:13 ET

Dundee Wealth Management Inc. Announces Exercise of Put Right by Minority Shareholder of DWM Inc.

TORONTO, ONTARIO--(CCNMatthews - Dec. 8, 2006) - Dundee Wealth Management Inc. (TSX:DW) announced today that the Caisse de depot et placement du Quebec ("CDP") has exercised its put right to require Dundee Wealth to purchase CDP's 16.3% minority interest in DWM Inc. ("DWM") for its "en bloc" fair market value pursuant to the shareholders' agreement governing DWM. Dundee Wealth owns 83.7% of DWM. Dundee Wealth has sufficient resources to pay or cause DWM to pay the purchase price for CDP's minority interest. In this regard, Dundee Wealth has entered into a committed term credit facility with a Canadian chartered bank for up to $350 million.

As previously announced, Dundee Wealth has called a meeting of its shareholders for December 29, 2006 in order to approve the amalgamation of Dundee Wealth and DWM, and mailed a Management Proxy Circular dated November 30, 2006. Notwithstanding CDP's exercise of their put right, CDP has indicated that there is a possibility that it may wish to negotiate a continuing shareholding in Dundee Wealth prior to the date of the meeting. Further announcements will be made when appropriate.

Dundee Wealth is a Canadian owned, TSX listed, innovative wealth management company. Through its various subsidiaries, including Dundee Bank of Canada, a Schedule I chartered bank, Dundee Wealth creates and provides investment solutions as well as capital markets and advisory services for financial advisors, institutions, corporations and foundations. Dundee Wealth oversees $55.9 billion in assets under management and administration through independent financial advisors across Canada.

Contact Information

  • Ned Goodman
    President and CEO
    Dundee Wealth Management Inc.
    (416) 365-5665
    Joanne Ferstman
    Chief Financial Officer
    Dundee Wealth Management Inc.
    (416) 365-5010