Urbana Corporation is pleased with reports that 4% of the Bombay Stock Exchange has been purchased for $40 million
Toronto, Ontario – July 28, 2010 – Major financial journals worldwide have reported that Mr. George Soros, through his investment firm, has acquired a 4% stake in the Bombay Stock Exchange (“BSE”), pending regulatory approval.
Urbana Corporation (“Urbana”) (TSX: URB.A) beneficially owns over 2.8 million shares of the BSE, representing 2.6% of the exchange. In aggregate, funds managed by Caldwell Investment Management Ltd. (“Caldwell”), Urbana’s investment manager, beneficially own 4.25% of the BSE.
Reports have stated that the recent purchase price is approximately $40 million, which values the entire BSE at $1 billion. Should this reported valuation prove to be correct, it represents a 20% increase over the price at which Urbana currently values the BSE in its portfolio.
The BSE comprises over 15% of Urbana’s investment portfolio, which makes Urbana the only public company in the world with such a significant weighting in Asia?s oldest securities exchange.
Through Caldwell, Urbana has been a BSE shareholder since 2007 and has purchased additional BSE shares this year because of the strength and performance of the BSE’s new management team. The BSE has also expressed its intent to become a public company in 2011.
The BSE holding in Urbana is made within the context of the company’s current strategy of investing in businesses within the financial services sector. Urbana is an investment corporation listed on the Toronto Stock Exchange (TSX: URB.A). Urbana also has interests in numerous North American and international securities exchanges.
Please contact Elizabeth Naumovski, Investor Relations at 416-595-9106 for further information.
Certain statements in this press release constitute “forward-looking” statements that involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Urbana to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Unless required by applicable securities law, Urbana does not assume any obligation to update these forward-looking statements.