TORONTO, April 30, 2025 /CNW/ – Economic Investment Trust Limited (“the Company”) EVT today announced the results of its annual and special meeting of shareholders (the “Meeting”) held on April 30, 2025. All director nominees were elected as directors of the Company and PricewaterhouseCoopers LLP was reappointed as the Company’s auditors and the Board of Directors was authorized to fix their remuneration. Shareholders approved the previously announced amendments to the Company’s articles of continuance to give effect to a ten-for-one share split of the Company’s common shares (the “Share Split”), all as further described in the Company’s management information circular dated March 19, 2025 (the “Circular”).
Meeting Results
The detailed results of the Meeting were as follows:
Election of Directors
By a vote conducted by poll, the six nominees set forth in the Circular were elected as directors of the Company. The specific voting results are as follows:
|
Director Nominee |
Votes For |
% of Votes Cast |
Votes Against |
% of Votes Cast |
|
Duncan N.R. Jackman |
4,893,620 |
99.40 |
29,448 |
0.60 |
|
M. Victoria D. Jackman |
4,884,218 |
99.21 |
38,850 |
0.79 |
|
Jonathan Simmons |
4,906,524 |
99.66 |
16,544 |
0.34 |
|
Mark M. Taylor |
4,923,035 |
100 |
33 |
0.00 |
|
Kevin J. Warn-Schindel |
4,906,524 |
99.66 |
16,544 |
0.34 |
|
Stuart D. Waugh |
4,914,359 |
99.82 |
8,709 |
0.18 |
Appointment of Auditors
By a vote conducted by poll, PricewaterhouseCoopers LLP was reappointed as the auditor of the Company and the Board of Directors was authorized to fix their remuneration. The specific voting results are as follows:
|
Votes For |
% of Votes Cast |
Votes Withheld |
% of Votes Cast |
|
4,922,979 |
99.82 |
8,809 |
0.18 |
Share Split
By a vote conducted by poll, the special resolution in respect of the Share Split, details of which were set forth in the Circular, was passed by a two-thirds majority of the votes cast. The specific voting results are as follows:
|
Votes For |
% of Votes Cast |
Votes Against |
% of Votes Cast |
|
4,930,115 |
99.97 |
1,673 |
0.03 |
Share Split
After consideration, the Company’s Board of Directors has decided to proceed with the Share Split, and the Company will proceed to file the articles of amendment under the Canada Business Corporations Act to effect the Share Split. Shareholders of record as of the close of business on May 14, 2025 (the “Record Date”) will receive from Computershare Investor Services Inc. (“Computershare”), the Company’s registrar and transfer agent, on May 22, 2025 (the “Payment Date”) nine additional common shares, as applicable, for every one share held. The Share Split will not change the rights of holders of common shares and will not change a shareholder’s proportionate ownership in the Company. As of the close of business on April 30, 2025, the Company had 5,421,897 common shares issued and outstanding. Adjusted for the Share Split, as of April 30, 2025, there would have been 54,218,970 common shares issued and outstanding.
The Company’s common shares will begin trading with “due bills” on the Toronto Stock Exchange (“TSX”) at the opening of business on Wednesday, May 14, 2025 (being the Record Date) until the close of business on Thursday, May 22, 2025 (being the Payment Date), inclusively. A due bill is an entitlement attached to listed securities undergoing a material corporate action, in this case the Share Split. During such period, anyone who purchases Company common shares on the TSX will receive the entitlement to the additional common shares issuable pursuant to the Share Split. The Company common shares will commence trading on an “ex-distribution” (post-split) basis on the TSX at the opening of business on Friday, May 23, 2025, as of which date purchases of Company common shares will no longer have the attaching entitlement to the additional common shares. The due bill redemption date will be May 23, 2025.
Shareholders do not need to take any action. Currently outstanding share certificates representing the Company common shares will continue to be effective. They should be retained by shareholders and should not be forwarded to the Company or Computershare. The Company will use the direct registration system (“DRS”) to electronically register the common shares issued pursuant to the Share Split, rather than issuing physical share certificates. On or about May 22, 2025, Computershare will mail DRS advice statements to registered shareholders indicating the number of additional Company common shares that they are receiving as a result of the Share Split. Non-registered (beneficial) shareholders who hold their shares in an account with their investment dealer or other intermediary will have their accounts automatically updated to reflect the Share Split in accordance with the applicable brokerage account providers’ usual procedures.
All share and per share data for future periods will reflect the Share Split. The Company’s normal course issuer bid will be adjusted to reflect the Share Split.
Further details of the Share Split are contained in the Circular, which is available on the Company’s profile on SEDAR+ at www.sedarplus.ca and on its website at www.evt.ca.
About Economic Investment Trust Limited
The Company is a closed-end investment corporation that trades on the TSX. The Company has always been an investment vehicle for long-term growth through investment in common equities, as management believes that over long period of time, common equities, as an asset class, will outperform fixed-income instruments or balanced funds. The investment objective is to earn an above-average rate of return, primarily through long-term capital appreciation and dividend income. The equity investments in the portfolio reflect investment opportunities world-wide. For more information, please visit: https://www.evt.ca/.
Forward-Looking Statements
This press release may contain forward-looking information within the meaning of applicable securities regulation. The words “may”, “will”, “would”, “should”, “could”, “expects”, “plans”, “intends”, “trends”, “indications”, “anticipates”, “believes”, “estimates”, “predicts”, “likely” or “potential” or the negative or other variations of these words or other comparable words or phrases, are intended to identify forward-looking statements. These statements include, without limitation, statements regarding the Company’s intentions and expectations with respect to the Share Split. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties that may cause the results or events mentioned in this press release to differ materially from those that are discussed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, general, local economic, and business conditions. All forward-looking information in this press release speaks as of the date hereof. The Company does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise, except as required by law. Additional information about these assumptions and risks and uncertainties is disclosed in filings with securities regulators filed on the Company’s profile on SEDAR+ (www.sedarplus.ca).
SOURCE ECONOMIC INVESTMENT TRUST LIMITED
