Cision PR Newswire

TORONTO, Nov. 29, 2024 /PRNewswire/ - LWP Capital Inc. (formerly Legumex Walker Inc.) ("LWP" or the "Company") has announced that the court hearing ("Hearing") to approve the final distribution to shareholders and dissolution of the Company is scheduled to be held before a judge of the Ontario Superior Court of Justice (Commercial List) (the "Court") on December 4, 2024, at 12 p.m. EST.

At the Hearing, KSV Advisory Inc., in its capacity as the Court-appointed liquidator (in such capacity, the "Liquidator") of the Company, intends to make a final motion in LWP's liquidation proceedings (the "Motion") seeking an Order from the Court that, among other things: (i) approves the final accounts in respect of the liquidation of the Company, including a final statement of receipts and disbursements, which provides an accounting of all activity in the Liquidator's accounts since December 31, 2015 (the "Effective Date"), (ii) authorizes the dissolution of the Company, and (iii) permits the Liquidator to distribute the remaining property of the Company to its shareholders according to their respective rights (the "Final Distribution").  If approved, the Final Distribution is estimated to be in the amount of approximately $300,000 ($0.02 per share), which would bring total shareholder distributions paid by the Liquidator over the course of the liquidation proceedings to approximately $18.5 million ($1.14 per share).  The amount of the Final Distribution will remain subject to modification until the final amount of the distribution is announced following Court approval.  The record date and payment date for such distribution will be announced by subsequent press release upon receipt of approval from the Court.

The Company's voluntary liquidation under the Canada Business Corporations Act initially commenced on the Effective Date upon adoption of a plan of liquidation ("Plan"), which was approved by the Court pursuant to an Order dated January 11, 2016 ("Liquidation Order").

The Plan, the Liquidation Order, the Liquidator's Fifth Report dated November 28, 2024, which contains additional details regarding the Motion, and other materials filed in the Company's liquidation proceedings can be found on the Liquidator's website at: http://www.ksvadvisory.com/insolvency-cases/lwp-capital-inc-formerly-legumex-walker-inc/ (the "Liquidator's Website").  The Liquidator's previous reports to the Court, also available on the Liquidator's Website, provide additional information regarding the Company's liquidation proceedings.

Cautionary Note on Forward-looking Statements

This press release contains "forward-looking information" within the meaning of Canadian securities laws which may include, but is not limited to, statements relating to the anticipated liquidation of the Company and distributions, including the amount thereof, to equity holders. Such forward-looking information reflects the Company's and the Liquidator's views with respect to future events and is subject to risks, uncertainties and assumptions, including changes in law, risks that the Court may not approve the Final Distribution and risks generally relating to the liquidation process. For more information regarding these and other risks, readers should consult the Company's reports on file with applicable securities regulatory authorities accessible online by going to SEDAR+ at www.sedarplus.ca and such information should be reviewed in conjunction with this press release. Although the Company and the Liquidator have attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Although the Company and the Liquidator believe that the assumptions inherent in forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this press release. The Company and the Liquidator expressly disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws.

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SOURCE LWP Capital Inc.