The shareholders of ACE previously approved a special resolution providing for the voluntary liquidation of ACE, and the
Pursuant to an order issued by the Court, the Liquidator established a process for the identification, resolution and barring of claims and other contingent liabilities against ACE. The interim consolidated financial statements of ACE for the nine-month period ended September 30, 2023 and the related management's discussion and analysis include a description of proofs of claim which were filed and the status thereof.
As at
On
ACE currently has 32,475,434 common shares issued and outstanding. The final amount to be distributed to shareholders is $5.3 million, representing a final payment of approximately
The record date to determine shareholders entitled to receive the final distribution will be March 5, 2024 and the payment date for the distribution will be March 13, 2024.
The common shares of ACE are listed on the NEX board of the
The final distribution to shareholders of ACE will generally be treated as a deemed dividend from a Canadian tax standpoint. The final distribution is hereby designated as an eligible dividend for purposes of the Income Tax Act (
The Court also approved the dissolution of ACE. The Liquidator currently expects that articles of dissolution will be filed with the Director appointed under the Canada Business Corporations Act on or about
The Court order provides that the common shares of ACE will be cancelled immediately prior to the dissolution of ACE which is expected to occur on or about
ACE also expects that the common shares of ACE will be delisted from the NEX board of the
ACE will file a copy of the certificate and articles of dissolution at www.sedarplus.ca upon its dissolution, at which point ACE will cease to be a reporting issuer under the securities laws of each of the provinces of
Shareholders and other parties who have questions or require additional information with respect to ACE and the final distribution and dissolution process may contact the Liquidator by telephone (1-855-279-8388 or 416-943-4444) or by fax (1-416-943-3300).
For additional information with respect to the liquidation, distributions and dissolution of ACE, refer to the management proxy circular dated
Neither
Certain statements in this news release may contain forward-looking statements. Forward-looking statements may relate to analyses and other information that are based on forecasts of future results and estimates of amounts not yet determinable. These statements may involve, but are not limited to, comments relating to strategies, expectations, future actions, the amount, record date, payment date and ex-distribution date for the final distribution to shareholders, and the timing of cancellation of the common shares of ACE, delisting and dissolution of ACE. These forward-looking statements are identified by the use of terms and phrases such as "anticipate", "believe", "could", "estimate", "expect", "intend", "may", "plan", "predict", "project", "will", "would", and similar terms and phrases, including references to assumptions. Forward-looking statements, by their nature, are based on assumptions and are subject to important risks and uncertainties. Any forecasts or forward-looking predictions or statements cannot be relied upon due to, amongst other things, changing external events and general uncertainties of the business. Actual results may differ materially from results indicated in forward-looking statements due to a number of factors, including without limitation, market, regulatory developments or proceedings, and actions by third parties as well as the factors identified throughout ACE's filings with securities regulators in
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