GENWORTH FINANCIAL: Genworth MI Canada Inc. acknowledges closing of Genworth Financial, Inc. sale of majority interest to Brookfield Business Partners
Genworth Financial issued the following announcement on Dec. 12.
Genworth MI Canada Inc. (the "Company") (TSX: MIC) acknowledges closing of the previously announced sale of Genworth Financial, Inc.'s majority interest in the Company to Brookfield Business Partners L.P., together with its institutional partners (the "Transaction").
In connection with the Transaction, Brian Hurley, Rohit Gupta, Rajinder Singh and Jerome Upton resigned as Directors of the Company and the Company is pleased to announce that Spencer Enright, Paul Forestell, Alan Norris and David Nowak have been appointed to the Board of Directors of the Company. The Board of Directors wishes to thank Messrs. Hurley, Gupta, Singh and Upton for their years of dedicated service to the Company.
In connection with the closing of the Transaction, the Company has terminated the automatic purchase plan (the "APP Agreement") and related automatic disposition plan (the "ADP Agreement") entered into in connection with the Company's current normal course issuer bid (the "NCIB"). The agreements facilitated the implementation of the NCIB, including purchases of common shares from Genworth Financial, Inc. thereunder. At the time the APP Agreement and the ADP Agreement were terminated, the Company was not aware of any material fact or material change with respect to the Company or any of its securities that had not been generally disclosed.
Original source: https://newsroom.genworth.com/2019-12-12-Genworth-MI-Canada-Inc-acknowledges-closing-of-Genworth-Financial-Inc-sale-of-majority-interest-to-Brookfield-Business-Partners