The Toronto Stock Exchange reports that United Corporations Ltd. has made an offer to purchase up to $40-million of its shares pursuant to a modified Dutch auction, consisting of: (i) auction tenders, in which the tendering shareholders specify a price of not less than $105 per share and not more than $125 per share (in increments of $1 per share); or (ii) purchase price tenders, in which the tendering shareholders do not specify a price per share and shares tendered will be deemed to have been tendered at a price of $105 per share. According to the TSX, the offer will expire at 5 p.m. ET on Dec. 15, 2023, unless withdrawn or extended.

The TSX notes that if the total purchase price for shares validly deposited and not withdrawn would result in an aggregate purchase price in excess of $40-million, validly tendered shares will be purchased on a pro rata basis according to the number of shares tendered by each shareholder (with adjustments to avoid the purchase of fractional shares). Shareholders who own fewer than 100 shares as of the expiration time will not be subject to pro ration.

To tender to the offer, shareholders must return letter of transmittal together with share certificates to Computershare Investor Services Inc. (the depositary) at its principal offices in Toronto or follow the procedures for book entry transfer set out in the offer document. Shareholders whose shares are represented by a direct registration system (DRS) advice do not need to return the DRS advice and are only required to complete the letter of transmittal and return it to the depositary.

According to the TSX, the notice of guaranteed delivery must be completed and received by the depositary on or prior to the expiration time. The letter of transmittal along with the shares pertaining to the notice of guaranteed delivery must be received in Toronto prior to 5 p.m. ET on or before the second TSX trading day after the expiration time. Trades on Dec. 15, 2023, will settle on Dec. 18, 2023.

For more information, see the offer dated Nov. 7, 2023, available on SEDAR+.