MCM Split Share Corp. - Announces Shareholder Approval of Proposal to Extend Redemption Date



    TORONTO, Dec. 12 /CNW/ - MCM Split Share Corp. (the "Company") today
announced that its shareholders have approved a reorganization permitting the
Company to extend the life of the Company for an additional 5 years to
February 1, 2013. As part of the reorganization, the Preferred Shares will be
renamed "Priority Equity Shares" and the Company will adopt a portfolio
protection plan for the benefit of the holders of such shares. The dividend
entitlement of the shares will remain unchanged at 5.50% per annum (on the
$15.00 original issue price). Class A Shareholders will continue to benefit
from a unique, highly leveraged investment in a blue-chip portfolio, and will
receive distributions initially set at approximately 10% per annum on the net
asset value of the Class A Shares.
    Holders of Class A Shares and Preferred Shares will retain their annual
and monthly retraction rights originally provided to them. In addition, under
the reorganization, shareholders will be given a special retraction right to
cause the Company to redeem their Class A Shares at net asset value of a Class
A Share and Preferred Shares for $15.00 per share on January 31, 2008. The
reorganization will only be implemented if holders of at least 2,000,000 Class
A Shares elect not to retract their shares under the special retraction right.
    The Company invests its net assets in a diversified portfolio consisting
principally of common shares issued by some or all of a group of corporations
selected from among those included in the S&P/TSX 60 Index. In order to allow
for greater potential portfolio diversification, the reorganization will
permit the Company to invest up to a maximum of 40% of its net assets in
common shares of corporations listed on the S&P 100 Index.
    The Company's investment portfolio is managed by its investment manager,
Mulvihill Capital Management Inc. The Class A Shares and Preferred Shares of
MCM Split Share Corp. are both listed on the Toronto Stock Exchange under the
symbols MUH.A and MUH.PR.A respectively.





For further information:

For further information: John Mulvihill, President & CEO, Donald Biggs,
Senior Vice-President, Sheila Szela, CFO, Mulvihill Structured Products, MCM
Split Share Corp., 121 King Street West, Suite 2600, Toronto, Ontario, M5H
3T9, (416) 681-3966, (800) 725-7172, URL: www.mulvihill.com, e-mail:
hybrid@mulvihill.com

Organization Profile

MCM SPLIT SHARE CORP.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890