Date Closed

September 27, 2022

Lead Office

Toronto

Value

50.00 Million CAD

On September 27, 2022, United Corporations Limited ("United") announced the final results of its “modified Dutch auction” substantial issuer bid. United took up and paid for a total of 454,545 common shares at a price of $110.00 per common share, representing an aggregate purchase amount of approximately $50,000,000 and 3.77% of the total number of United’s issued and outstanding common shares before giving effect to the offer.

An aggregate of 477,287 common shares were validly tendered and not withdrawn pursuant to auction tenders at or below the purchase price and purchase price tenders. Since the bid was oversubscribed, shareholders who made auction tenders at or below the purchase price and purchase price tenders had approximately 95.10% of their successfully tendered common shares purchased by United (other than "odd lot" tenders, which were not subject to proration).

United, headquartered in Toronto, Ontario, is a closed-end investment corporation that trades on the Toronto Stock Exchange.

McCarthy Tétrault advised United with a team led by Andrew Parker that included Karen Luu, Lama Kahiel, Daryna Kutsyna, Angela Lizotte (Business), Stefanie Morand, and Dean Xiao (Tax).