08:39 AM EDT, 04/02/2024 (MT Newswires) -- Wilmington Capital Management (WCM-A.TO, WCM-B.TO) late Monday said it will seek to reduce stated capital and return capital involving Class A and B shares as partial payment for a special dividend it declared last month.

Wilmington in a statement said the Class A and B reductions together will result in an aggregate reduction in stated capital of near $15.28 million

If approved, the Class A Reduction will be distributed to Class A shareholders as a return of capital in an amount equal to $1.25 per Class A share, and the Class B Reduction will be distributed to Class B shareholders as a return of capital in an amount equal to $1.12 per Class B share.

"The corporation has determined that it is necessary and desirable to effect the return of capital as partial payment for the corporation's previously announced special dividend of $2.75 per share. The portion of the special dividend not paid by way of the return of capital will be paid in cash in an amount of $1.50 and $1.63 per Class A share and Class B share, respectively. Regardless of whether the reduction in stated capital is approved, shareholders will receive $2.75 per share. However, approval of the Reduction in Stated Capital and the corresponding payment of the Class A Return and the Class B Return as a return of capital is expected to be preferred by shareholders," the company said.

The company's Class A shares last traded March 28, closing at C$3.00 on the Toronto Stock Exchange, while the Class B shares last traded March 4, closing at C$7.55.