Deans Knight Income Corporation Announces Completion of Wind-Up and Dissolution

VANCOUVER, BC, Dec. 29, 2023 /CNW/ - Deans Knight Income Corporation (the "Company") today announced that it has completed the winding-up of its business and has been dissolved under the provisions of the Business Corporations Act (British Columbia).

Background

After receipt of a notice of assessment from the Canada Revenue Agency ("CRA"), on April 30, 2014 the Company ceased all investing activities. On May 26, 2023, the Company announced the Supreme Court of Canada upheld the CRA's application of the general anti-avoidance rule in the Income Tax Act (Canada) to deny the Company from deducting its tax attributes from 2009 – 2012 and dismissed the Company's appeal. Upon the dismissal of the Company's appeal, the Company notified its shareholders on October 3, 2023 that upon dissolution of the Company, the voting common shares would automatically be redeemed pursuant to the terms of such voting common shares based on the current net asset value of the Company, being $0.00.

Forward-Looking Statements

The Company does not make any representation or warranty, express or implied, as to the accuracy, completeness or updated status of such statements. Therefore, in no case whatsoever will the Company and its affiliate companies be liable to anyone for any decision made or action taken in conjunction with the information and/or statements in this press release or for any related damages.

SOURCE Deans Knight Income Corporation

Dillon Cameron, Director, Chief Executive Officer, Deans Knight Income Corporation, [phone]; Kelsey Dunwoodie, Chief Financial Officer, Deans Knight Income Corporation, [phone]