TORONTO, Nov. 21 /CNW/ - Big 8 Split Inc. (the "Company") announced today
that holders of its Class A Capital Shares have approved a share capital
reorganization allowing holders of Class A Capital Shares, at their option, to
retain their investment in the Company after the scheduled redemption date of
December 15, 2008. The reorganization will permit holders of Class A Capital
Shares to extend their investment in the Company beyond the redemption date of
December 15, 2008 for up to an additional 5 years, to December 15, 2013. As
part of the reorganization, holders of Class A Capital Shares were provided a
special retraction right enabling holders of Class A Capital Shares who do not
wish to extend their investment to have their shares redeemed on December 15,
2008.
Under the special retraction right, 1,052,334 Class A Capital Shares were
tendered to the Company for retraction on December 15, 2008. Holders of the
remaining 1,204,980 Class A Capital Shares (representing 53% of the currently
issued and outstanding Class A Capital Shares) will continue their investment
in the Company in excess of the minimum 700,000 required to proceed.
The Class A Preferred Shares will be redeemed by the Company on December
15, 2008 in accordance with their terms. In order to maintain the leveraged
"split share" structure of the Company, the Company will offer new preferred
shares to be known as the Class B Preferred Shares, Series 1 pursuant to a
preliminary prospectus dated October 31, 2008.
Big 8 Split was established to generate dividend income for the Preferred
Shares while providing holders of the Capital Shares with a leveraged
opportunity to participate in capital appreciation from 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. Information
concerning Big 8 Split Inc. is available on our website at
www.tdsponsoredcompanies.com.
The Class A Capital Shares and Class A Preferred Shares of Big 8 Split
are listed on the Toronto Stock Exchange under the symbols BIG.A and BIG.PR.A
respectively.
For further information: Investor Relations, Big 8 Split Inc., (416)
982-2865
