Urbana Corporation Announces Approval of Sale of Integrated Grain Processors Co-operative Inc.
November 20 2024 - 9:32AM
Urbana Corporation ("Urbana") (TSX and CSE: URB, URB.A) is pleased
to announce that at a special general meeting held on November 13,
2024, Members and Preference Shareholders of Integrated Grain
Processors Co-operative Inc. ("IGPC") approved a conversion of IGPC
from a co-operative corporation to a business corporation and the
subsequent sale of all shares of IGPC under a statutory plan of
arrangement (the “Arrangement”) to Alco Energy SA, through its
Canadian subsidiary, Alco Energy Canada Corp.
IGPC is Canada's largest cooperatively owned
fuel ethanol producer and Urbana currently holds 2,052,066 Class E
preferred shares or 18.7% of the equity in IGPC.
Completion of the proposed Arrangement is
subject to certain conditions, including regulatory approval. The
closing of the Arrangement is expected to occur in December
2024.
Urbana’s original investment in IGPC totaled
approximately $7.5 million. To date, Urbana has received
approximately $11.9 million in dividends and capital
distributions.
The current distribution, comprised of sale
proceeds and additional dividends, is expected to approximate $64.8
million to Urbana. Much of this amount has already been accrued but
it is expected that Urbana’s Net Assets per share (after-tax) will
incrementally increase by approximately $0.16.
On behalf of Urbana’s Board of Directors Thomas
S. Caldwell, C.M.
For further information: Elizabeth Naumovski,
Investor Relations enaumovski@urbanacorp.com 416-595-9106
Certain statements in this news release
constitute “forward-looking” statements that involve known and
unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of Urbana or IGPC to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. Unless required by applicable securities law, Urbana
does not assume any obligation to update these forward-looking
statements.
150 KING ST. W., SUITE 1702, P.O. Box 47,
TORONTO, ONTARIO M5H 1J9 TEL: 416-595-9106
FAX: 416-862-2498
www.urbanacorp.com
Urbana (TSX:URB.A)
Historical Stock Chart
From Nov 2024 to Dec 2024
Urbana (TSX:URB.A)
Historical Stock Chart
From Dec 2023 to Dec 2024