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Address: 4500 - 777 King St
W
Toronto ON M5K 1K7
Phone: 416 304 4440
Fax: 416 304 4441
Website:
https://www.m-split.com
Warrant Symbol - XMF.WT
Number Trading -
Expiration Date - February
28, 2011
Cusip - 55376A 11 5
Exercise Price - $10.00
Warrant Symbol - XMF.WT.A
Number Trading -
Expiration Date - February
28, 2012
Cusip - 55376A 12 3
Exercise Price - $12.50
Warrants called to trade news:
M Split shares
substitutional listing
2010-03-19 11:31 MT -
Substitutional Listing
TSX bulletin 2010-0332
Further to Toronto Stock
Exchange bulletin 2010-0209
dated Feb. 22, 2010,
effective at the opening on
Tuesday, March 23, 2010, the
following securities of M
Split Corp. will be listed
and posted for trading under
the trading information set
out below in substitution
for the securities of the
company (symbols: XMF and
XMF.PR.A) which will be
delisted at that time.
Old security Old New security New New
name symbol name symbol Cusip
Class A shares XMF Capital shares XMF.A 55376A 70 1
Priority equity
shares XMF.PR.A $5 Class I
preferred shares XMF.PR.B 55376A 50 3
$5 Class II
preferred shares XMF.PR.C 55376A 60 2
2011 warrants XMF.WT 55376A 11 5
2012 warrants XMF.WT.A 55376A 12 3
read more... || collapse
The foregoing results from
the recently effective
capital reorganization of
the company. For further
details of the
reorganization see TSX
bulletin 2010-0209 dated
Feb. 22, 2010.
As a result of the
reorganization, holders of
priority equity shares
(symbol: XMF.PR.A) who did
not exercise the special
retraction right (as such
term is defined in TSX
bulletin 2010-0209) by the
retraction deadline, will
receive the following
securities in exchange for
each priority equity share
held:
One $5 Class I preferred
share (symbol: XMF.PR.B);
One $5 Class II preferred
share (symbol: XMF.PR.C);
One 2011 warrant (symbol:
XMF.WT);
One 2012 warrant (symbol:
XMF.WT.A).
Since more priority equity
shares were tendered for
retraction under the special
retraction right than Class
A shares, the outstanding
Class A shares will
effectively be consolidated
through an adjustment to the
number of capital shares to
be issued to holders of
Class A shares in the
reorganization. The
consolidation will be
implemented so that
following the
reorganization, there will
be an equal number of
capital shares, Class I
preferred shares and Class
II preferred shares
outstanding.
As a result of the
reorganization and the
consolidation, holders of
Class A shares (symbol: XMF)
who did not exercise the
special retraction right by
the retraction deadline will
receive 0.944808 of a
capital share (symbol:
XMF.A) in exchange for each
Class A share held, after
giving effect to the
consolidation.
Fractional capital shares
will not be issued pursuant
to the reorganization. All
resulting fractional
interests will be rounded
down to the next lowest
whole number of capital
shares.
A summary of some of the
provisions attaching to the
Class I preferred shares,
Class II preferred shares,
2011 warrants, 2012 warrants
and capital shares follows
at the end of this bulletin.
For additional information
regarding the provisions
attaching to the Class I
preferred shares, Class II
preferred shares, 2011
warrants, 2012 warrants and
capital shares reference
should be made to the
company's management
information circular dated
Dec. 23, 2009.
Pursuant to the special
retraction right, each
holder of a priority equity
share who exercised the
special retraction right by
the retraction deadline
received $7.63 per share,
while holders of Class A
shares who exercised the
special retraction right by
the retraction deadline
received 33.4 cents per
share on March 16, 2010.
The Class A shares and
priority equity shares of
the company traded in the
book-entry-only system of
CDS Clearing and Depository
Services Inc. and no
certificates for the Class I
preferred shares, Class II
preferred shares, 2011
warrants, 2012 warrants and
capital shares will be
issued to beneficial
holders. Beneficial holders
of Class A shares and
priority equity shares do
not need to take any action
in order to receive the new
securities or cash to which
they are entitled.
The following is a summary
of some of the principal
provisions of the Class I
preferred shares, Class II
preferred shares, 2011
warrants, 2012 warrants and
capital shares.
Class I preferred shares
Each Class I preferred share
(symbol: XMF.PR.B) pays
fixed cumulative
preferential monthly
dividends to yield 7.50 per
cent per annum on the $5
notional issue price and
having a repayment objective
on Dec. 1, 2014, or such
other date as the company
may be terminated of $5.
Class II preferred shares
Each Class II preferred
share (symbol: XMF.PR.C)
pays distributions to yield
7.50 per cent per annum on
the $5 notional issue price
if and when the net asset
value per unit exceeds
$12.50 and having a
repayment objective on the
termination date of $5. Each
unit consists of one Class I
preferred share, one Class
II preferred share and one
capital share.
2011 warrant
Each 2011 warrant (symbol:
XMF.WT) can be exercised to
purchase one unit for an
exercise price of $10 per
unit at specified times
until Feb. 28, 2011.
2012 warrant
Each 2012 warrant (symbol:
XMF.WT.A) can be exercised
to purchase one unit for an
exercise price of $12.50 per
unit at specified times
until Feb. 28, 2012.
Capital shares
Capital shares (symbol:
XMF.A) will continue to
participate in any net asset
value growth over $10 per
unit and dividends would be
reinstated only if and when
the net asset value per unit
exceeds $15. The dividend
rate on the capital shares
will be set by the board of
directors of the company at
its discretion, based on
market conditions. No
dividend payments will be
made on the capital shares
unless all dividends on the
Class I preferred shares
and, if applicable, Class II
preferred shares have been
declared and paid.
M Split reorganization to
take effect March 23
2010-03-19 11:16 MT - News
Release
M SPLIT CORP. ANNOUNCES
EFFECTIVE DATE OF
REORGANIZATION
The reorganization
previously approved by M
Split Corp. shareholders
will be effective on March
23, 2010.
At the opening of trading on
March 23, 2010, holders of
priority equity shares
(symbol: XMF.PR.A) will have
received the following
securities in exchange for
each priority equity share
held:
One $5 Class I preferred
share (symbol: XMF.PR.B);
One $5 Class II preferred
share (symbol: XMF.PR.C);
One 2011 warrant (symbol:
XMF.WT);
One 2012 warrant (symbol:
XMF.WT.A).
As previously announced in
Stockwatch on March 4, 2010,
since more priority equity
shares were tendered for
retraction under the special
retraction right than Class
A shares, the outstanding
Class A shares will
effectively be consolidated
through an adjustment to the
number of capital shares to
be issued to holders of
Class A shares in the
reorganization. The
consolidation will be
implemented so that
following the
reorganization, there will
be an equal number of
capital shares, Class I
preferred shares and Class
II preferred shares
outstanding.
As a result of the
reorganization and the
consolidation, holders of
Class A shares (symbol: XMF)
will receive 0.944808 of a
capital share (symbol:
XMF.A) in exchange for each
Class A share held.
The following is a summary
of some of the principal
provisions of the Class I
preferred shares, Class II
preferred shares, 2011
warrants, 2012 warrants and
capital shares.
Class I preferred shares
Each Class I preferred share
(symbol: XMF.PR.B) pays
fixed cumulative
preferential monthly
dividends to yield 7.50 per
cent per annum on the $5
notional issue price and
having a repayment objective
on Dec. 1, 2014, or such
other date as the company
may be terminated of $5.
Class II preferred shares
Each Class II preferred
share (symbol: XMF.PR.C)
pays distributions to yield
7.50 per cent per annum on
the $5 notional issue price
if and when the net asset
value per unit exceeds
$12.50 and having a
repayment objective on the
termination date of $5. Each
unit consists of one Class I
preferred share, one Class
II preferred share and one
capital share.
2011 warrant
Each 2011 warrant (symbol:
XMF.WT) can be exercised to
purchase one unit for an
exercise price of $10 per
unit at specified times
until Feb. 28, 2011.
2012 warrant
Each 2012 warrant (symbol:
XMF.WT.A) can be exercised
to purchase one unit for an
exercise price of $12.50 per
unit at specified times
until Feb. 28, 2012.
Capital shares
Capital shares (symbol:
XMF.A) will continue to
participate in any net asset
value growth over $10 per
unit and dividends would be
reinstated only if and when
the net asset value per unit
exceeds $15. The dividend
rate on the capital shares
will be set by the board of
directors of the company at
its discretion, based on
market conditions. No
dividend payments will be
made on the capital shares
unless all dividends on the
Class I preferred shares
and, if applicable, Class II
preferred shares have been
declared and paid.
For additional information
regarding the provisions
attached to the Class I
preferred shares, Class II
preferred shares, 2011
warrants, 2012 warrants and
capital shares, reference
should be made to the
company's management
information circular dated
Dec. 23, 2009.
The current portfolio of M
Split is 99 per cent in cash
with a 1-per-cent holding in
Manulife common shares. The
company will initiate its
full investment plan and
increase its investment in
Manulife common shares and
its supplemental covered
call writing program
beginning on March 23, 2010.
The company will provide the
actual opening net asset
value per unit on the
effective date of the
reorganization.
