Manulife Financial Corporation has announced:
– Manulife Asset Management Limited, the manager of Copernican World Banks Split Inc. (TSX: CBW.PR.A; CBW) (“Copernican World Banks”), today announced that due to the number of Preferred Shares retracted under the Special Retraction Right, the board of directors has decided, as described in the management information circular dated September 27, 2013, not to proceed with the Proposal and will take the necessary steps to dissolve Copernican World Banks. Copernican World Banks will redeem all Class A Shares and Preferred Shares on December 2, 2013. The payment date for the final redemption will be December 12, 2013. The Preferred Shares and Class A Shares of Copernican World Banks will be delisted from the Toronto Stock Exchange at the close of business November 28, 2013.
Holders of Preferred Shares of Copernican World Banks will be entitled to receive a final redemption price per Preferred Share equal to the lesser of i) $10 plus any accrued and unpaid distributions thereon and ii) the net asset value (the “NAV”) of Copernican World Banks on December 2, 2013 divided by the total number of Preferred Shares of Copernican World Banks then outstanding. Holders of Class A Shares of Copernican World Banks will be entitled to receive a final redemption price per Class A Share equal to the greater of i) the NAV per Unit on December 2, 2013 minus $10 and any accrued and unpaid distributions on a Preferred Share, and ii) nil. A Unit means a notional unit consisting of one Preferred Share and one Class A Share. The manager expects that proceeds to the Class A shareholders will be nil as a result of the final redemption.
According to a product summary prepared as of month-end, the NAV was 4.61.
The abortive intention to extend term was reported on PrefBlog.
This entry was posted on Friday, December 13th, 2013 at 7:50 pm and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed.
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CBW.PR.A: Preferred Shareholders Force Dissolution Of Company
Manulife Financial Corporation has announced:
According to a product summary prepared as of month-end, the NAV was 4.61.
The abortive intention to extend term was reported on PrefBlog.
This entry was posted on Friday, December 13th, 2013 at 7:50 pm and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.