November 12, 2014
As part of the pension wind up process, it was subsequently determined that there was approximately $3.8 million of excess funds that remained in the HCPH plans after the purchase of the annuities with BMO using the pension fund assets. The company applied to the Financial Services Commission of Ontario (“FSCO”) for a refund of those funds and on November 12, 2014, FSCO approved the payment of approximately $3.8 million from the HCPH pension plans to HCPH. HCPH has advised us that it expects to receive these funds imminently. When received, these funds will also contribute towards the next distribution and will generate a higher payment to retirees.