LWP CAPITAL INC. ANNOUNCES FINAL DISTRIBUTION TO SHAREHOLDERS AND THE CONCLUSION OF ITS LIQUIDATION PROCEEDINGS

TORONTO, Dec. 6, 2024 /CNW/ - LWP Capital Inc. (formerly Legumex Walker Inc.) ("LWP" or the "Company"), by KSV Advisory Inc., in its capacity as the Court-appointed liquidator (in such capacity, the "Liquidator"), today announced that pursuant to an Order dated December 4, 2024 (the "Termination, Discharge and Final Distribution Order") by the Ontario Superior Court of Justice (Commercial List) (the "Court"), it has received approval for, among other things, the final accounts of the Liquidator, a final distribution to shareholders and dissolution of LWP.

Final Accounts

Pursuant to the Termination, Discharge and Final Distribution Order, the Court approved 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 the effective date of the Company's Liquidation Plan (the "Plan"), being December 31, 2015.

Final Distribution to Shareholders

The shareholders of the Company as of December 9, 2024 (the "Record Date") will be entitled to receive a final distribution (the "Final Distribution") pursuant to the Plan of approximately CAD$0.02 per share held at the close of business on the Record Date. The Plan was approved by the Court pursuant to an Order dated January 11, 2016 (the "Liquidation Order").

Only Record Date holders will be entitled to receive the Final Distribution, and the aggregate amount of the Final Distribution is expected to total approximately CAD$300,000. On or around December 9, 2024, the Liquidator will transfer the aggregate value of the Final Distribution, on behalf and for the account of the Company, to the Company's transfer agent. The Liquidator anticipates that the Final Distribution will be paid by the transfer agent on or around December 18, 2024. The Company currently has 16,294,635 issued and outstanding common shares.

The Final Distribution represents all the remaining cash of LWP. The Final Distribution brings total shareholder distributions paid by the Liquidator over the course of the liquidation proceedings to approximately CAD$18.5 million (CAD$1.14 per share).

The inspectors appointed under the Plan have elected to characterize the Final Distribution as a reduction of stated capital.

Dissolution of LWP

On December 4, 2024, the Court also approved the dissolution of LWP. The Liquidator currently expects that articles of dissolution will be filed with the Director appointed under the Canada Business Corporations Act in the coming weeks and that a certificate of dissolution will be issued on the filing date. It is also anticipated that LWP will cease to be a reporting issuer at such time.

The Plan, the Liquidation Order, the Termination, Discharge and Final Distribution Order, and other materials filed in the Company's liquidation proceedings, can be found on the Liquidator's website at: https://www.ksvadvisory.com/experience/case/lwp-capital-inc-(formerly-legumex-walker-inc-) (the "Liquidator's Website"). The Liquidator's 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 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.

SOURCE LWP Capital Inc.

For further information: David Sieradzki, Managing Director, KSV Advisory Inc., [email protected], [phone]