|By Marketwired .||
|December 10, 2013 11:25 AM EST||
TORONTO, ONTARIO -- (Marketwired) -- 12/10/13 -- Big 8 Split Inc. (TSX: BIG.A) (TSX: BIG.PR.B) (TSX: BIG.PR.C) (the "Company") announced today the redemption prices for its 585,093 Class B Preferred Shares ("Old Class B Preferred Shares"), 651,155 Class C Preferred Shares ("Old Class C Preferred Shares") and 1,236,248 Class A Capital Shares ("Old Capital Shares") currently outstanding which were called for redemption on October 24, 2013 and will be redeemed in accordance with their terms on December 13, 2013.
The Old Class B Preferred Share redemption price is $12.00 per share and the Old Class C Preferred Share redemption price is $12.00 per share, both payable in cash, together with dividends thereon in the amount of $0.2100 per Class B Preferred Share, $0.1725 per Class C Preferred Share, and $0.1275 per Class A Capital Share which have been declared but remain unpaid up to but not including December 13, 2013. The Old Capital Share redemption price is $27.0359 ("Capital Share Redemption Price") per share, payable either in cash or, if a holder has previously elected, by delivery of a pro rata share of the common shares of Bank of Montreal, The Bank of Nova Scotia, Canadian Imperial Bank of Commerce, Royal Bank of Canada, The Toronto-Dominion Bank, Great-West Lifeco Inc., Manulife Financial Corporation and Sun Life Financial Inc. (the "Portfolio Shares") and the holder's pro rata share of the other net assets of the Company. Payments of the redemption prices for the Old Class B Preferred Shares, Old Class C Preferred Shares and Old Capital Shares will be made by the Company on December 13, 2013.
On October 24, 2013, the Company filed a preliminary short form prospectus for an offering of Class D Capital Shares, Series 1 ("New Capital Shares") and Class D Preferred Shares, Series 1 ("New Preferred Shares"). In conjunction with this offering, and in order to enable holders of Old Capital Shares to continue their investment in the Company, such holders were offered the opportunity to acquire New Capital Shares in satisfaction of the redemption price of their Old Capital Shares. Holders of 423,725 Old Capital Shares have so elected and they will be entitled to receive 2.1629 New Capital Shares for each Old Capital Shares tendered under this exchange option. This exchange was calculated by dividing the Capital Share Redemption Price by the New Capital Share issue price of $12.50 per share. Fractional shares will not be issued.
The Company holds a portfolio of common shares of Bank of Montreal, The Bank of Nova Scotia, Canadian Imperial Bank of Commerce, Royal Bank of Canada, The Toronto-Dominion Bank, Great-West Lifeco Inc., Manulife Financial Corporation and Sun Life Financial Inc.
The Class A Capital Shares, Class B Preferred Shares, and Class C Preferred Shares of Big 8 Split are listed on the Toronto Stock Exchange under the symbols BIG.A, BIG.pr.B and BIG.pr.C, respectively. Information concerning Big 8 Split Inc. is available on our website at www.tdsponsoredcompanies.com.
Big 8 Split Inc.