MCM Split Share Corp. Announces Proposal to Extend Redemption Date



    TORONTO, Nov. 7 /CNW/ - MCM Split Share Corp. (the "Company") announced
today that its Board of Directors has approved a proposal to extend the life
of the Company for an additional 5 years to February 1, 2013.
    The final redemption date for the Class A Shares and Preferred Shares of
the Company is currently February 1, 2008 and the Company proposes to
implement a reorganization ("Reorganization") which will allow shareholders to
retain their investment in the Company for up to an additional five years. As
part of the Reorganization, the Preferred Shares will be renamed the "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 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. The
Company believes that the Reorganization will allow shareholders to maintain
their investment in the Company for up to a further five years on a basis
which will better enable it to meet its investment objectives for both classes
of shares.
    Holders of Class A Shares and Preferred Shares will retain their annual
and monthly retraction rights originally provided to them. In addition, if the
Reorganization is approved, shareholders will be given a special retraction
right to cause the Company to redeem their Class A Shares and/or Preferred
Shares at net asset value on January 31, 2008.
    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 addition, the
Company may invest up to 20% of the cost amount of its assets in common shares
issued by corporations selected from the S&P 100 Index. Under the
Reorganization, given the relative strength of the Canadian dollar and in
order to allow for greater potential portfolio diversification, the Company
proposes to change this restriction so that it will be permitted to invest up
to a maximum of 40% of its net assets in common shares of corporations listed
on the S&P 100 Index.
    A special meeting of holders of Class A Shares and Preferred Shares has
been called and will be held on December 12, 2007 to consider and vote upon
the proposal. Further details of the proposal will be outlined in an
information circular to be prepared and delivered to holders of Class A Shares
and Preferred Shares in connection with the special meeting. The
Reorganization is also subject to all required regulatory approvals.

    MCM Split Share Corp. is a mutual fund corporation incorporated under the
laws of the Province of Ontario and completed its initial public offering in
February 1998. 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.

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MCM SPLIT SHARE CORP.

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