Wilmington Capital Management Inc.

Wilmington Capital Management Inc.

September 12, 2005 17:12 ET

Wilmington Announces Payment of Special Dividend

TORONTO, ONTARIO--(CCNMatthews - Sept. 12, 2005) - Wilmington Capital Management (TSX:WCM) announced that the special dividend to holders of its Class A non-voting and Class B shares, which was announced on August 16, 2005, was paid today as follows:

- Canadian residents who held 70 or more Class A or 70 or more Class B shares received 16 non-voting shares of Parkbridge Lifestyle Communities Inc. (PRK.NV - TSX) for every whole integral number of 10 Class A or 10 Class B shares, as well as a cash dividend on any additional Class A or Class B shares equal to $8.08 per Class A or Class B share.

- Canadian residents who held fewer than 70 Class A or Class B shares and all non-resident holders received a cash dividend equal to $8.08 per Class A or Class B share.

In total, the Corporation distributed 11,622,832 Parkbridge shares to its Class A and Class B shareholders. As a result of this distribution, the Company has reduced its investment in Parkbridge from 12,931,783 non-voting shares to 1,308,951 non-voting shares. The Company's non-voting interest in Parkbridge has been reduced from 47% to 5% and its equity interest from 26% to 3%. The total cash component of this special dividend was $6.6 million.

Wilmington has implemented this special dividend in order to realize the significant value created from its investment in Parkbridge and to enable the Company's shareholders to participate directly in Parkbridge on an ongoing basis.

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.

Brian D. Lawson, President and Chief Executive Officer will be available at 416-867-9370 to answer any questions on the company's financial results.

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