IFL Investment Foundation (Canada) Limited announces liquidation of its portfolio and subsequent dissolution
06 November 2011 - 2:38PM
PR Newswire (Canada)
MONTREAL, Nov. 9, 2011 /CNW Telbec/ - IFL Investment Foundation
(Canada) Limited ("IFL") announces that its Board of Directors has
approved a proposal to its shareholders for the liquidation of the
corporation's investment portfolio and its subsequent dissolution.
In light of the current regulatory environment, IFL will have
difficulty meeting regulatory requirements for registration as an
investment fund manager. As a result, the Board of Directors has
decided in favour of the orderly liquidation of the portfolio
holdings of the Corporation with a view to maximizing shareholder
value. Such liquidation is subject to a special vote by IFL's
shareholders. It is expected that the final distribution to
shareholders shall occur in early 2012. "It is with sadness that
the Board is forced to embark upon this course of action. IFL
has always been a rewarding investment for its shareholders.
In order to satisfy current regulatory requirements, IFL would have
to reconsider its management structure, employ additional staff and
retain various professionals and registrants. This would have
added material costs and would have reduced returns to
shareholders. It is a shame to end 83 extraordinary years of
faithful and profitable service to our shareholders" declared Mr.
A. Scott Fraser, its President. The liquidation and eventual
dissolution and delisting of IFL is subject to the requisite
regulatory approvals. IFL is a closed-end investment corporation
whose common shares are listed on the TSX Venture Exchange
under the symbol IF. The investment fund's business consists of
investing in marketable securities, predominantly in common stock.
IFL Investment Foundtion (Canada) Limited CONTACT: A. Scott Fraser,
President, IFL Investment Foundation (Canada)Limited.514-394-2770
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