Energy Split Corp. Inc. Announces Partial Call for Redemption
TORONTO, Sept. 1 /CNW/ - Energy Split Corp. Inc. (the "Company") announced today that it has called 11,223 Preferred Shares for cash redemption on September 16, 2010 (in accordance with the Company's Articles) representing approximately 0.629% of the outstanding Preferred Shares as a result of the special annual retraction of 11,223 Capital Shares by the holders thereof. The Preferred Shares shall be redeemed on a pro rata basis, so that each holder of Preferred Shares of record on September 15, 2010 will have approximately 0.629% of their Preferred Shares redeemed. The redemption price for the Preferred Shares will be $21.00 per share.
In addition, holders of a further 159,790 Capital Shares and 159,790 Preferred Shares have deposited such shares concurrently for retraction on September 16, 2010. As a result, a total of 171,013 Capital Shares and 171,013 Preferred Shares, or approximately 8.7975% of both classes of shares currently outstanding, will be redeemed.
Holders of Preferred Shares that are on record for dividends but have been called for redemption will be entitled to receive dividends thereon which have been declared but remain unpaid up to but not including September 16, 2010.
Payment of the amount due to holders of Preferred Shares will be made by the Company on September 16, 2010. From and after September 16, 2010 the holders of Preferred Shares that have been called for redemption will not be entitled to dividends or to exercise any right in respect of such shares except to receive the amount due on redemption.
The Company is a mutual fund corporation created to hold a portfolio consisting of 15 publicly listed oil and gas royalty trusts. The Company generates a fixed cumulative preferential tax efficient quarterly distribution for the Class B Preferred Shareholders and provides the Capital Yield Shareholders with a leveraged play on the yield and price performance from the fixed portfolio.
Capital Yield Shares and Class B Preferred Shares of Energy Split Corp. Inc. are listed for trading on The Toronto Stock Exchange under the symbols ES and ES.PR.B respectively.
For further information: For further information: Investor Relations, Energy Split Corp. Inc., (416) 945-4870, E-mail: [email protected], Web site: www.scotiamanagedcompanies.com
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