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Canadian General Investments, Limited Refiles
Common Share Dividend as an "Estimated Dividend"
Morgan Meighen & Associates
Toronto, Canada, November 25, 2008 -- Canadian General Investments, Limited (CA:CGI) announced today that as a result of market conditions and a dividend payment restriction contained in its Class A, Series 2 and Series 3 Preference Share provisions, it was not certain at today's date whether the Company would be permitted to pay the $0.06 per common share dividend declared on October 15, 2008 to shareholders of record on November 28, 2008 and payable on December 15, 2008. The common shares will commence trading on the Toronto Stock Exchange (TSX) on an "ex dividend" basis at the opening of trading on Wednesday, November 26, 2008.
The dividend payment restriction provides that the Company shall not pay a dividend on its common shares unless after giving effect thereto, the ratio of its Assets to Obligations (both as defined in the Preference Share provisions) exceeds 2.5 times. As at the close of business on November 24, 2008, such ratio was approximately 2.6 times.
With the approval of its board of directors, the company has notified the TSX that the common share dividend is now refiled as an "estimated dividend", and will make a further announcement regarding payment prior to December 15, 2008. In the event that payment of the common share dividend is deferred, the dividend will be paid to registered shareholders as of the original record date at such later time as the Company determines it can properly be paid.
The restriction does not affect the scheduled payment of dividends on the Series 2 and Series 3 Preference Shares on December 15, 2008, which will proceed as previously announced.
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