Jannock Properties Limited Announces Final Distribution Amount
January 04 2011 - 8:15AM
Marketwired
Jannock Properties Limited ("JPL") (TSX VENTURE: JPL.UN) is pleased
to announce a final distribution of CAD $0.056 per unit (each unit
being comprised of one Class B common share and 65 Class A special
shares) to be paid on January 28, 2011 to shareholders of record on
January 14, 2011. This distribution should be treated as a return
of capital and shareholders should not realize any taxable
dividends (as defined in the Income Tax Act (Canada)) in respect of
the distribution.
At the Annual General and Special Meeting held on May 14, 2009,
holders of Class B common shares and Class A special shares, each
voting as a separate class, authorized the voluntary dissolution of
JPL, the delisting of the units of JPL from trading on the TSX
Venture Exchange and the distribution of JPL's remaining assets to
shareholders.
Subsequent to the payment of the final distribution to the
shareholders, JPL will apply to the TSX Venture Exchange to delist
and will apply to the securities commissions of all the provinces
and territories of Canada to cease to be a reporting issuer and JPL
will be dissolved.
Corporate Items
The mandate for JPL is to dispose of its assets in manner that
maximizes value and distributes the net proceeds realized from
those assets to shareholders in a timely fashion.
JPL's units are listed on the TSX Venture Exchange (trading
symbol: JPL.UN).
This news release may contain "forward-looking" statements
within the meaning of applicable securities legislation which
involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of
JPL to be materially different from any future results, events,
expectations, performance or achievements expressed or implied by
such forward-looking statements. Forward-looking statements
typically contain such words or phrases such as "may", "outlook",
"objective", "intend", "estimate", "anticipate", "should", "could",
"would", "will", "expect", "believe", "plan" and other similar
terminology suggesting future outcomes or events. These statements
reflect current expectations regarding future events and are based
on information currently available to the management of JPL.
Forward-looking statements involve numerous assumptions, and
significant and inherent risks and uncertainties, should not be
read as guarantees of future results and will not necessarily be
accurate indications of whether or not such results will be
achieved. You should not unduly rely on forward-looking statements
as a number of factors, many of which are beyond the control of
JPL, could cause actual results to differ materially from the
results discussed in the forward-looking statements. Although the
forward-looking statements contained in this release are based upon
what management of JPL believes are reasonable assumptions, JPL
cannot assure investors that actual results will be consistent with
these forward-looking statements. All forward-looking statements in
this news release are qualified by these cautionary statements.
These forward-looking statements and outlook are made as of the
date of this news release and, except as required by applicable
law, JPL assumes no obligation to update or revise them to reflect
new events or circumstances.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Contacts: Jannock Properties Limited Brian Jamieson (905)
821-4464 bjamie@jannockproperties.com
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