Dundee Corporation Announces the Completion of the Sale of Its Position in DundeeWealth Inc.
01 February 2011 - 11:54PM
Marketwired
Dundee Corporation (TSX: DC.A)(TSX: DC.PR.A)(TSX: DC.PR.B)
announced today that it has completed the sale of its position in
DundeeWealth Inc., comprised of 69,940,415 common shares and
5,453,668 First Preference, Series X shares, to The Bank of Nova
Scotia, pursuant to the terms of the Bank's Offer dated December
15, 2010 and in accordance with the terms of the Lock-up Agreement
among Dundee Corporation, the Bank, Ned Goodman and David Goodman.
In accordance with the Offer, Dundee Corporation received
18,599,029 common shares of the Bank and 14,897,209 3.70% preferred
shares of the Bank. In addition, Dundee Corporation received a cash
dividend of $149 million from DundeeWealth and 74,484,956 common
shares of Dundee Capital Markets Inc.
Ned Goodman, President and Chief Executive Officer of Dundee
Corporation, said: "This is an important milestone in the
development of the future of Dundee Corporation. We fully expect
that The Bank of Nova Scotia will be highly successful in the
wealth management industry in their partnership with DundeeWealth
and its employees. We wish all of them continued success in the
management of DundeeWealth."
Contacts: Dundee Corporation Ned Goodman President and Chief
Executive Officer (416) 365-5665 Dundee Corporation Lucie Presot
Vice President and Chief Financial Officer (416) 365-5157
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