TORONTO, Canada, June 12, 2023 (GLOBE NEWSWIRE) -- Canadian General Investments, Limited (CGI or the Company) (TSX: CGI) (LSE: CGI) today completed the previously announced redemption of its $75,000,000 3.75% Cumulative Redeemable Class A Preference Shares, Series 4. This redemption was in accordance with the terms of the Series 4 shares.

The aggregate amount of $75,685,800 (including accrued and unpaid dividends from March 15, 2023 to, but excluding, June 12, 2023) was funded primarily through margin borrowing pursuant to a prime brokerage services agreement the Company had entered into with a Canadian chartered bank in 2021.

CGI has engaged in a leverage strategy since its first issuance of Class A preference shares in 1998 with the intent to enhance returns to common shareholders. As at June 12, 2023, the total leverage of $175 million in margin borrowing was 15.7% of CGI’s net assets.

FOR FURTHER INFORMATION PLEASE CONTACT:
Canadian General Investments, Limited
Jonathan A. Morgan
President and CEO
Phone: (416) 366-2931
Fax: (416) 366-2729
e-mail: cgifund@mmainvestments.com
website: www.canadiangeneralinvestments.ca

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.