Utility Corp. Announces Completion of Extension

TORONTO, May 21, 2013 /CNW/ - Utility Corp. (the "Company") announced today the completion of its previously announced extension which involved (i) extending the redemption date of the Company to May 22, 2018, (ii) a one-time adjustment to the portfolio of the Company, and (iii) implementing a moderate leverage strategy with a target borrowing of 15% of the total asset value of the Company's portfolio. The extension was approved at a meeting of shareholders of the Company on April 5, 2013.

As previously announced, 131,734 Class C Shares (representing approximately 5.5% of the then outstanding Class C Shares) were tendered to the Company for retraction on May 21, 2013 and, as a result, 2,271,500 Class C Shares of the Company are outstanding.

About Utility Corp.

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