The Toronto Stock Exchange reports that Canadian Utilities Ltd.'s Class B common shares (symbol CU.X) will be delisted at the close on Dec. 19, 2023. According to the TSX, the delisting results from the closing of an arrangement involving the company and Class B shareholders (other than Atco Ltd. and certain related parties of Atco) (Atco and such related parties being collectively referred to as the excluded Class B shareholders), whereby each outstanding Class B share (other than Class B shares held by the excluded Class B shareholders) was transferred to the company for cancellation in exchange for the issuance of 1.1 Class A non-voting shares (symbol CU) of the company.

The TSX notes that no fractional Class A shares will be issued pursuant to the arrangement. The company will deposit with TSX Trust Company the fractional Class A shares issuable pursuant to the arrangement for the benefit of the holders of such fractional Class A shares. Each person otherwise entitled to a fractional interest in a Class A share will be entitled to receive a cash payment equal to such person's pro rata allocation of the net proceeds, after brokerage commissions and expenses, received by the depositary upon the sale, on behalf of all such persons, of whole Class A shares representing an accumulation of all such fractional interests in Class A shares, without any interest thereon. To receive the Class A shares, Class B shareholders must return the letter of transmittal together with share certificates to the depositary at its principal office in Toronto.

For more information, see the company's management information circular dated Nov. 15, 2023, and its news release dated Dec. 15, 2023.