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Canadian World Fund Limited Announces Amount of Cash Consideration to be received per Share under Plan of Arrangement

TORONTO, April 20, 2018 (GLOBE NEWSWIRE) -- Canadian World Fund Limited (TSX:CWF) (“CWF” or the “Company”) and Third Canadian General Investment Trust Limited (“Third Canadian”) announced today that pursuant to the previously announced March 5, 2018 acquisition agreement (the “Acquisition Agreement”) providing for the acquisition by Third Canadian of all of CWF’s issued and outstanding common shares (the “Shares”) not already owned by Third Canadian and its affiliates and associates by way of a plan of arrangement under the Ontario Business Corporations Act (the “Arrangement”),  each CWF minority shareholder will be entitled to receive cash consideration per Share equal to $9.25 if the Arrangement is approved by shareholders and the court and is implemented.

Under the terms of the Acquisition Agreement, the cash consideration each CWF minority shareholder is entitled to receive per Share is equal to 95% of the Net Asset Value per Share calculated on April 20, 2018, being the day that is four business days prior to the meeting of shareholders of the Company which has been called for April 26, 2018 to consider the Arrangement (the “Meeting”).  The Net Asset Value has been calculated in accordance with the valuation principles set out in the Company’s Annual Information Form and consistent with past practice. Generally, publicly traded securities held by the Company are valued based on their closing market prices. The Net Asset Value per Share of the Company at April 20, 2018 as calculated by Morgan Meighen & Associates Limited, the Manager of the Company, is $9.74.

As at April 20, 2018, the consideration to be received by a shareholder of $9.25 per Share represents a premium of approximately 1.65% per Share based on the $9.10 closing price of the Shares on the Toronto Stock Exchange on April 20, 2018. Share prices since March 6, 2018 may reflect the announcement of the proposed Arrangement after the close of trading on March 5, 2018. As at March 5, 2018, the closing price of a Share was $6.17 and the Net Asset Value per Share was $9.96.

The Company will make further announcements regarding the voting at the Meeting, the approval by shareholders and the court and the implementation of the Arrangement, as appropriate.

Jonathan A. Morgan, President and CEO or Vanessa L. Morgan, Chair
Phone: (416) 366-2931
Fax: (416) 366-2729

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