Wilmington Capital Management Inc.
TSX : WCM

Wilmington Capital Management Inc.

August 16, 2005 09:18 ET

Wilmington Announces Distribution of Parkbridge Securities

TORONTO, ONTARIO--(CCNMatthews - Aug. 16, 2005) - Wilmington Capital Management Inc. (TSX:WCM) announced today that its directors have declared a special dividend to holders of its Class A non-voting shares and Class B shares. Canadian resident holders of 70 or more Class A shares or 70 or more Class B shares will receive 16 non-voting shares of Parkbridge Lifestyle Communities Inc. for every whole integral number of 10 Class A or Class B shares, and a cash dividend on any additional shares equal to an equivalently pro-rated number of Parkbridge non-voting shares, multiplied by the weighted average trading price of the Parkbridge common shares for the five days up to and including the third day prior to the payment date.

The Parkbridge non-voting shares will be listed on the TSX on the distribution date under the symbol PRK.NV. In order to minimize shareholder and company costs, and to comply with relevant securities regulations, holders of fewer than 70 Wilmington shares and non-resident holders, regardless of the size of their holdings, will receive a cash dividend on the same basis as described above. Based on the closing market price for Parkbridge's common shares on August 15, 2005 of $4.90 per share, the non-voting shares being distributed have a value of $7.84 for each Wilmington Class A and B share.

The dividend will be paid on September 12, 2005 to holders of Wilmington shares of record as of the close of business on August 25, 2005. The shares being distributed represent substantially all of the 12,931,783 non-voting shares of Parkbridge currently owned by Wilmington, which represent 47% of the total non-voting shares issued by Parkbridge and a 26% equity interest in the company. Wilmington will continue to hold its investment in 3,241,351 Parkbridge common shares, which represent a 15% voting interest and a 6% equity interest in Parkbridge.

Wilmington stated that it was proceeding with the distribution in order to realize the significant value created from its investment in Parkbridge, and to allow Wilmington shareholders to participate directly in Parkbridge on an ongoing basis. Wilmington will continue to participate in Parkbridge through its remaining common share interest.

Wilmington is a Canadian investment company whose principal objective is to acquire and hold assets which are capable of providing stable cash flows and value creation over the longer term.

This news release contains forward-looking statements concerning the company's business and operations. The company cautions that, by their nature, forward-looking statements involve risk and uncertainty and the company's actual results could differ materially from those expressed or implied in such statements. Reference should be made to the most recent Annual Information Form for a description of the major risk factors.

Contact Information

  • Wilmington Capital Management Inc.
    Brian D. Lawson
    President and Chief Executive Officer
    (416) 867-9370