Canadian Life Companies Split Corp. Class A Share Rebalancing
TORONTO, Dec. 13, 2018 (GLOBE NEWSWIRE) — Canadian Life Companies Split Corp. (“the Company”) announces a Class A share subdivision for all Class A shareholders of record on December 18, 2018.
In connection with the extension of the termination date of the Company, a special retraction right was offered allowing existing shareholders to tender one or both classes of shares and receive a retraction price based on the November 30, 2018 net asset value per unit. In aggregate, more Class A shares were tendered for retraction than Preferred shares. The purpose of the share consolidation is to maintain the requirement that an equal number of Class A shares and Preferred shares remain outstanding.
Immediately after the special retraction payment on December 17, 2018, there will be 14,320,344 Preferred shares and 13,641,379 Class A shares outstanding. In order to restore an equal amount of shares outstanding for each class, Class A shareholders on record as at December 18, 2018 will receive approximately 1.0497724607 Class A shares for each Class A share outstanding. The subdivision is a non-taxable event.
The impact of the Class A share consolidation will be reflected in the next reported net asset value per unit as at December 31, 2018. Net assets of the Company after the retraction payments will be approximately $174.9 million.
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