KIRKLAND, QC, Jan. 11, 2019 /CNW Telbec/ - Manitex Capital Inc. ("Manitex") is pleased to announce that its board of directors has declared a special dividend-in-kind (the "Dividend") of 1,256,127 common shares of Valeo Pharma Inc., ("Valeo") held by Manitex. The Dividend has a deemed price of $0.40 per Valeo Share and is payable on, or about, February 1, 2019 to holders of record of common shares of Manitex ("Manitex Shares") at the close of business on January 22, 2019 (the "Record Date").
The Dividend will be distributed on a pro rata basis. Based upon the number of Manitex Shares currently outstanding, and ignoring the effect of rounding for fractional interests, one Valeo Share will be paid under the Dividend for every ten Manitex Shares (or 0.1 Valeo Share per Manitex Share) held on the Record Date.
The distribution of the Valeo Shares forming the Dividend is exempt from the prospectus requirement pursuant to Regulation 45-106. After distribution of the Dividend, Manitex will continue to hold 20,138,908 Valeo Shares.
The Dividend is an "eligible dividend" for the purposes of the Income Tax Act (Canada) and corresponding provincial legislation and therefore the dividend will be taxable in the hands of Manitex shareholders. Manitex shareholders with questions regarding the tax treatment of dividends should consult with their own tax advisors or contact their local office of the Canada Revenue Agency and, where applicable, the provincial taxation authorities.
Valeo received a final receipt from the securities regulators for its non-offering prospectus on December 27, 2018. A copy of the prospectus is available under Valeo's profile on SEDAR (). Valeo has applied for listing of its Class "A" shares on the Canadian Securities Exchange (the "CSE") ". Listing of the Valeo Shares will be subject to the corporation fulfilling all of the listing requirements of the CSE.
For more details on Valeo Pharma Inc., please consult the issuer's profile on SEDAR at .
The distribution of the Dividend is subject to final acceptance by the TSX Venture Exchange.
Caution regarding forward-looking statements
This news release may contain certain forward-looking statements regarding the Company's expectations for future events. Such expectations are based on certain assumptions that are founded on currently available information. If these assumptions prove incorrect, actual results may differ materially from those contemplated by the forward-looking statements contained in this press release. Factors that could cause actual results to differ include, amongst others, uncertainty as to the final result and other risks. The Company disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by security laws.
About Valeo Pharma
Valeo Pharma is a specialty pharmaceutical company dedicated to the approval and launch of innovative prescription products in Canada. With a focus on neurodegenerative diseases, woman's health and rare diseases, Valeo Pharma has a growing portfolio of innovative products and a platform to properly manage these products through all stages of commercialization. Headquartered in Kirkland, Quebec, Valeo Pharma has all capabilities internally to register and market health care solutions for Canadian patients. For more information, please visit .
About Manitex Capital Inc.
Manitex Capital Inc. invests in promising emerging companies in diversified sectors including life sciences, cleantech and sustainable products/technologies. Manitex provides its portfolio companies with specialized corporate finance and advisory services including corporate strategy, mergers and acquisitions, public markets access and financing. Common shares of the company are listed on the TSX Venture Exchange, trading symbol MNX.V.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
SOURCE Manitex Capital Inc.