Urbana Corporation
TSX : URB
TSX : URB.A
CNSX : URB
CNSX : URB.A

Urbana Corporation

April 16, 2015 11:11 ET

Urbana Corporation Reviewing New Rules Applicable to Closed-End Investment Funds

TORONTO, ONTARIO--(Marketwired - April 16, 2015) -

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

Urbana Corporation ("Urbana") (TSX:URB)(TSX:URB.A)(CSE:URB)(CSE:URB.A) announced today that its board of directors is reviewing new closed-end investment fund rules introduced by the Canadian Securities Administrators that will come into force in March of 2016. The new rules will have the effect of restricting closed-end investment funds, like Urbana Corporation, from taking an ownership position of 10% or more in underlying companies. This restriction, and several other related investment restrictions being introduced by the new rules, may be disruptive to aspects of Urbana's long-standing investment programme. The board of directors of Urbana is considering undertaking a restructuring that, if implemented, would result in Urbana no longer being an investment fund under applicable securities laws and therefore not subject to the new investment restrictions applicable to closed-end investment funds. If the board of directors determines that it is advantageous to Urbana and its shareholders to pursue the restructuring, a further press release will be made announcing the timing, steps and approvals associated with the restructuring.

On behalf of Urbana's Board of Directors,

Thomas S. Caldwell, C.M.

Contact Information

  • Urbana Corporation
    Elizabeth Naumovski
    Investor Relations
    416-595-9106
    416-862-2498 (FAX)
    www.urbanacorp.com