United Corporations Limited Announces Reallocation of Assets
November 09 2012 - 2:01PM
Marketwired
The Board of Directors of United Corporations Limited (TSX:UNC)
(TSX:UNC.PR.A) (TSX:UNC.PR.B) (TSX:UNC.PR.C) ("United") announces,
after careful consideration, that it plans to reduce United's
exposure to Canadian equities and increase its exposure to global
equities. Although both of United's external investment managers
have a global equities mandate, Canadian equities have constituted
approximately 30-35% of United's externally managed assets for many
years. While that has served United well as a result of the
outperformance of the Canadian equity market and the appreciation
of the Canadian dollar, the Board believes that the objective of
United, to earn an above-average rate of return through long-term
capital appreciation and dividend income, will be better served in
the future by investing all of its externally managed assets in
global equities and reducing its concentration in Canadian
equities.
As a consequence of this decision, approximately $282 million
(market value as at September 30, 2012) of Canadian equities will
be sold and exposure to global markets will be obtained through the
purchase of exchange traded funds until such time as the funds are
placed under active management. Following this reallocation,
United's exposure to non-Canadian equities will be approximately
95% of United's investments.
Contacts: United Corporations Limited Frank J. Glosnek Treasurer
(416) 947-2578 (416) 362-2592 (FAX) www.ucorp.ca
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