WILMINGTON CAPITAL MANAGEMENT INC. ANNOUNCES DECLARATION OF DIVIDEND
Calgary, Alberta, November 8, 2019 – Wilmington Capital Management Inc. (TSX:WCM.A, WCM.B) (“Wilmington”) today announced that its Board of Directors has declared a dividend in respect of the Class A Non-Voting Shares (the “Class A Shares”) and Class B Voting Shares (the “Class B Shares”), payable on December 17, 2019, to shareholders of record at the close of business on December 5, 2019. The dividend will be 0.25 Class A Shares or, upon proper election by the shareholder, $1.00 cash, for each Class A Share or Class B Share held, subject to applicable withholding taxes for non-Canadian resident shareholders and provided that, if aggregate elections to receive the dividend in cash exceed $5 million, shareholders so electing will receive a pro-rated portion of the dividend in cash and the remainder in Class A Shares. No fractional Class A Shares will be issued. Fractional entitlements of less than 0.5 of a Class A Share will be rounded down to the nearest whole number of Class A Shares and fractional entitlements of 0.5 or more of a Class A Share will be rounded up to the nearest whole number of Class A Shares.
In order to elect to receive the dividend in cash, shareholders otherwise entitled to receive the dividend must submit a completed dividend election form (“Dividend Election Form”) (see link below and available through a www.SEDAR.com) to Wilmington’s transfer agent, AST Trust Company (“AST”) at its principal offices in Toronto prior to 5:00 pm (Toronto time) on December 11, 2019 (the “Election Deadline”). Shareholders who do not so submit the Dividend Election Form prior to the Election Deadline will receive the dividend in Class A Shares.
Wilmington’s transfer agent, AST, will send registered shareholders a DRS advice representing 0.25 additional Class A Shares or, if properly elected, $1.00 cash for each Class A Share or Class B Share held as of the Record Date, less, in each case, any applicable withholding taxes for non-Canadian resident shareholders. Holders of Class A Shares or Class B Shares who hold their shares in the name of a nominee (i.e. deposited with a securities broker, bank or other institution) will not receive a DRS advice or payment, and instead will need to contact their nominee for further information as to their entitlement to the dividend.
The dividend was designated by Wilmington to be an "eligible dividend" for purposes of the Income Tax Act (Canada) and any similar provincial or territorial legislation. An enhanced dividend tax credit applies to an eligible dividend paid to Canadian resident individuals.
Wilmington Capital Management Inc. is an alternative Canadian investment and asset management company focused on investments in the real estate and energy sectors and in special situations where assets are under valued. Wilmington invests its own capital, alongside partners and co-investors, in hard assets and private equity funds and manages these assets through operating platforms.
Wilmington organizes its business into a number of distinct operating platforms which we develop and maintain to ensure that the underlying assets are effectively managed and their values are enhanced in the near to longer term time frames.
Real Estate – Self Storage Facility - 19% ownership interest
Bow City is a 6 story self-storage facility under development west of downtown Calgary slated to open in late 2020.
Special Situations - Ontario Marinas and Development Lands - 18% ownership interest
The Maple Leaf Marina's Partnership and Bay Moorings Partnership own and operate a portfolio of five marinas located approximately 1.5 hours north of Toronto, Ontario. The marinas have approximately 2,000 boat slips, with 100 acres of waterfront land. The marinas operate under the names: Bay Port Yachting Centre, Beacon Bay Marina, Bridge Port Marina and Wye Heritage.
Private Equity - 45% ownership interest
Northbridge Capital Partners Ltd., is an energy-focused exempt market dealer, with $31.5 million of assets under management. Northbridge is focused on investing private equity in companies operating in the conventional and unconventional upstream oil and gas business and energy service companies and infrastructure opportunities, as well as real estate opportunities. As at September 30, 2019, Wilmington invested $3.0 million in funds managed by Northbridge. Northbridge raised a $32.4 million fund in late 2016 of which approximately $5.0 million remains to be deployed. Northbridge is headquartered in Calgary, Alberta.
Real Estate - Self-Storage
Wilmington was a founding investor in the Real Storage group in 2010 which initially owned and operated 5 self-storage facilities in Alberta. The Real Storage group, led by Wilmington management, grew to 38 stores across Canada making it the fourth largest self-storage business in the country. In 2019, the Real Storage group was sold for $275M.
Real Estate - Manufactured Home Communities
Wilmington was a founding investor in Parkbridge Lifestyle Communities which owned and managed manufactured home communities, RV parks and marinas in Canada. Parkbridge was led by Wilmington management and was the largest land lease business in Canada. In 2011, Parkbridge was sold to BCIMC for $790M.
The information provided on this website is derived from sources that Wilmington believes are reliable. However, Wilmington does not guarantee the accuracy of the information, nor do we assume any responsibility whatsoever for publishing it herein. This website is not to be construed as a form of promotion, an offer to sell securities nor as a solicitation to purchase Wilmington securities.
This website includes statements that are "forward looking statements" regarding expectations with respect to market conditions, development projects, acquisitions, occupancy rates, capital requirements, sources of funds, expense levels, operating performance and other matters. These assumptions and statements are subject to various factors, unknown risks and uncertainties, including general economic conditions, local market factors, delays and cost overruns in construction, completion and rent up of development communities, performance of other third parties, environmental concerns, and interest rates, any of which may cause actual results to differ from the Company's current expectations.
This website has been produced as a source of general information only.