Wilmington Seeks to Monetize Marinas Investment
CALGARY, Alberta, Jan. 30, 2024 (GLOBE NEWSWIRE) — Wilmington Capital Management Inc. (“Wilmington” or the “Corporation”) is pleased to announce that its Board of Directors has determined that the embedded value of Wilmington’s marinas investment, including Maple Leaf Marinas Limited Partnership (“MLM”), has been substantially realized. As a result, the Corporation will seek to effect a sale of its approximate 17.32% interest therein (along with its corresponding general partner interest) in accordance with the MLM limited partnership agreement. Subject to applicable laws and after giving consideration to its ongoing liquidity needs, the Corporation anticipates that it will effect a distribution to its shareholders out of proceeds received in connection with any such sale.
Executive Officers of the Corporation are available at 403-705-8038 to answer any questions with respect to this news release.
STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements. Forward-looking statements that are predictive in nature, depend upon or refer to future events or conditions, include statements regarding the operations, business, financial conditions, expected financial results, performance, opportunities, priorities, ongoing objectives, strategies and outlook of the Corporation and its investee entities and contain words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “estimate”, “seek”, or similar expressions and statements relating to matters that are not historical facts constitute “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking statements contained in this news release include statements regarding the potential disposition of the Corporation’s interest in its marinas investment and the potential distribution of proceeds thereof to the Corporation’s shareholders.
Forward-looking statements are subject to a variety of risks and uncertainties that could cause actual events or results to materially differ from those reflected in the forward-looking statements. These risks and uncertainties include but are not limited to: risks related to investor interest (or lack thereof) in the Corporation’s marina investment, risks related to the financial markets and the marinas business generally and risks related to the Corporation’s ability to distribute proceeds to its shareholders. There can be no assurance that forward-looking statement will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. The Corporation undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change except as required by applicable Canadian securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.