Utility Corp. Announces Change of Auditor

TORONTO, May 13, 2013 /CNW/ - The  Board  of  Directors  of  Utility  Corp.  (the  "Company")  announced  today  that  it  has  engaged PricewaterhouseCoopers LLP (the "Successor Auditor") as the Company's new auditors effective May 10, 2013. PricewaterhouseCoopers LLP will audit the Company's financial statements for the year ended May 21, 2013. The Company had previously engaged Ernst & Young LLP (the "Former Auditor") as its auditor.

The change follows a request for proposal initiated by Scotia Managed Companies Administration Inc. (the "Administrator") in late 2012 for all of the investment funds managed by the Administrator. Previously, several audit firms were engaged for the investment funds (the "Funds") managed by the Administrator. At a shareholders' meeting held on April 5, 2013, Class C Shareholders considered and voted in favour to permit the Board of Directors to change the auditors of the Company. Changing and consolidating audit firms is expected to result in cost efficiencies for the Company.

There were no disagreements with the Former Auditor on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure for the period that their auditing services were provided.

The Former Auditor audited the annual financial statements of the Company for the most recently completed fiscal year. Their audit report did not contain any reservations and did not provide a modified opinion. There were also no reportable events between the Company and the Former Auditor including disagreements, unresolved issues or consultations as defined in National Instrument 51-102, continuous disclosure.

The resignation of the Former Auditor and the recommendation to appoint the Successor Auditor was approved by the Audit Committee, the Board of Directors and the Independent Review Committee of the Company.

Utility Corp. is a mutual fund corporation whose investment portfolio consists of publicly listed securities of selected Canadian utility and telecommunication issuers.  The Class C Shares of Utility Corp. are listed for trading on the Toronto Stock Exchange under the symbol UTC.C.

SOURCE: Utility Corp.

Investor Relations
Utility Corp. [phone]
E-mail: [email protected]
Web site: www.scotiamanagedcompanies.com