TORONTO, Nov. 13,
2023 /CNW/ - Standard Mercantile Acquisition Corp.
(TSX: SMA) (the "Company") announces that it has completed
its voluntary delisting of its class A shares ("Shares")
from the facilities of the Toronto Stock Exchange effective at the
close of business on November 13,
2023.
The Company also announces that in connection with its
previously announced sale of its final mortgage interest to a
third-party purchaser, the board of directors of the Company has
declared a special distribution of $0.265 per Share (the "Special
Distribution"). The Special Distribution, which constitutes a
return of capital pursuant to the winding-up of the Company's
business as approved by shareholders of the Company on June 16, 2016, as amended on May 6, 2021 (the "Orderly Wind-Up"), will
be paid on November 20, 2023 to
holders ("Shareholders") of Shares of record at the
close of business on November 14,
2023. As of November 13, 2023,
there were 7,801,330 Class A shares outstanding. The Special
Distribution payment is not subject to any condition and will be
paid in cash.
Following the payment of the Special Distribution,
the Company will continue to take steps to dissolve under the
provisions of the Canada Business Corporations
Act after satisfying its remaining liabilities and
distributing any remaining assets to Shareholders.
About the Company
The Company previously held a portfolio of mortgages
in Canada and is currently in the process of winding up
its business in accordance with the Orderly Wind-up. At the
Company's 2021 annual and special meeting of shareholders, the
Company sought and received shareholder approval to change its name
to "Standard Mercantile Acquisition Corp.", among other amendments
to the articles of the Company.
Forward-Looking
Statements
Statements in this press release contain forward-looking
information. Such forward-looking information may be identified by
words such as "anticipates", "plans", "proposes", "estimates",
"intends", "expects", "believes", "may" and "will". The
forward-looking statements are founded on the basis of expectations
and assumptions made by the Company. Details of the risk factors
relating to the Company and its business are discussed under the
heading "Business Risks and Uncertainties" in the Company's annual
Management's Discussion & Analysis for the year ended
December 31, 2022 and under the
heading "Risk Factors" in the Company's Annual Information Form
dated March 24, 2023, copies of which
are available on the Company's SEDAR profile at www.sedar.com. Most
of these factors are outside the control of the Company. Investors
are cautioned not to put undue reliance on forward-looking
information. These statements speak only as of the date of this
press release. Except as otherwise required by applicable
securities statutes or regulation, the Company expressly disclaims
any intent or obligation to update publicly forward-looking
information, whether as a result of new information, future events
or otherwise.
SOURCE Standard Mercantile Acquisition Corp.