Canso Select Opportunities Corporation Closes Purchase of Shares From Canso Fund Management Ltd.

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RICHMOND HILL, Ontario, Jan. 13, 2023 (GLOBE NEWSWIRE) — Canso Select Opportunities Corporation (TSX Venture: CSOC.A, CSOC.B) (the “Company” or “CSOC“) is pleased to announce that it has closed the previously announced acquisition of 70,000 Class A common shares of Lysander Funds Limited (“Lysander“) from Canso Fund Management Ltd. (“CFM“) by issuing to CFM 2,440,239 Class B subordinate voting shares of CSOC pursuant to a share purchase agreement dated October 17, 2022 (the “Transaction“). The consideration has an approximate value of $12.25 million. CFM now holds approximately 68% of the Company’s outstanding Class B subordinate voting shares, which represents a voting position of 4.7%. Prior to the Transaction, CFM did not hold any securities of CSOC.

The Transaction represents a long-term attractive growth opportunity for CSOC. The purpose of the Transaction was to diversify the Company’s portfolio and to increase its cash flows by way of consistent dividends. As a result of the Transaction, the Company’s holdings of Lysander represent approximately 13% of the Lysander Class A common shares outstanding and the Company’s beneficial ownership interest in Lysander is approximately 9%.

Lysander is a retail fund management company within the Canso Investment Counsel (“Canso“) group, the fund manager of the Lysander-Canso funds and an affiliate of Canso under common control. The value of Lysander’s business consists of its expected revenue, net income and the assets it holds.

The Transaction was deemed to be a “related party transaction” as defined under Multilateral Instrument 61-101—Protection of Minority Security Holders in Special Transactions (“MI 61-101“). Pursuant to MI 61-101, the Transaction was subject to minority shareholder approval (i.e., approval by a majority of the votes cast at a meeting of shareholders excluding any shares held by interested parties, related parties and joint actors) (“Minority Approval“). Minority Approval was obtained at a special meeting of shareholders held on January 11, 2023. In addition, the TSX Venture Exchange approved the Transaction prior to closing.

About CSOC
CSOC is a publicly-listed, investment company focused on maximizing long-term total returns to shareholders by investing in an actively managed portfolio consisting primarily of Canadian and global holdings which could include large illiquid positions in private and public equity, debt, loans, real estate and infrastructure.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has in any way passed upon the merits of the proposed transactions and neither of the foregoing entities has approved or disapproved of the contents of this press release.

More information on the Company may be found under its SEDAR profile at www.sedar.com and on the Company’s website at www.selectopportunitiescorporation.com

For further information, please contact:
Joe Morin, CEO
Canso Select Opportunities Corporation
jmorin@selectopportuntitiescorporation.com
Tel : 647-956-6264

Forward Looking Information

This press release contains forward-looking statements and information within the meaning of applicable securities legislation. Forward-looking statements can be identified by the words “seeks”, “expects”, “believes”, “estimates”, “will”, “target” and similar expressions. The press release contains forward-looking statements specifically with respect to the anticipated benefits of the Transaction for CSOC and CSOC shareholders, the expected revenue of Lysander, the expected income of Lysander and its anticipated business assets. These forward-looking statements reflect the current expectations of CSOC and management regarding future results or events and are based on information currently available to it. Certain material factors and reasonable assumptions were applied in providing these forward-looking statements. All forward-looking statements in this press release are qualified by these cautionary statements. CSOC believes that the expectations reflected in forward looking statements are based upon reasonable assumptions; however, CSOC can give no assurances that the actual results or developments will be realized. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. These risks include, but are not limited to, market risks, transaction risks and general economic risks. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, a forward looking statement speaks only as of the date on which such statement is made. CSOC undertakes no obligation to publicly update any such statement or to reflect new information or the occurrence of future events or circumstances except as required by securities laws. These forward-looking statements are made as of the date of this press release.