All amounts are in CDS$ unless otherwise stated
MONTREAL, Feb. 10 /CNW Telbec/ - Pebercan Inc. (the "Corporation") ("PBC.H" on NEX) announces that it has obtained an order from the Superior Court, district of Montréal, province of Québec, authorizing a first distribution to its shareholders of a maximum amount of $76,459,152, or approximately $1.01 per diluted common share. There are currently 75,518,335 common shares outstanding, on a diluted basis.
The Corporation also announces that pursuant to its plan of arrangement, all of its common shares will be cancelled on March 5, 2010. The shares will no longer be listed on NEX at the opening of business on March 8, 2010. As of that time, Samson Bélair/Deloitte & Touche Inc. will take over all of the powers and duties of the directors and shareholders of the Corporation in accordance with the order issued by the Court. The two principal senior officers of the Corporation will retain corporate functions for some time with a view to assisting the monitor.
As previously disclosed, the first distribution will be paid, up to a maximum of approximately $1.01 per diluted common share, through a reduction of the stated capital of the common shares. As a large portion of the assets of the Corporation are made of cash and cash-equivalent denominated in Euros, and that their value in Canadian dollars vary in accordance with the exchange rate between the Canadian dollar and the Euro, the specific amount to be paid will be set using the exchange rate between the Euro and the Canadian dollar effective on the business day preceding the payment of the first distribution. Payment of the first distribution will be made in Canadian dollars for the shareholders who are resident of Canada, and in Euros for all others.
The Corporation has set the record date for the first distribution on March 2, 2010.
As previously disclosed, there can be no certainty that the Corporation will be able to make further distributions. The timing and amount of future distributions by the Corporation is dependent on its ability to free up reserves as it settles or otherwise makes final determination of its liabilities.
Any additional distribution, as the case may be, will be made through the payment of an additional portion of the reduction of the stated capital, up to approximately $0.04 per share, and as a dividend for any excess amount over such balance of the stated capital paid per common share.
In connection therewith, the board of directors of the Corporation has declared a dividend equal to the net asset value of the Corporation, after deducting corporate costs to be incurred until the Corporation's final liquidation and the reduction of the stated capital of approximately $1.05 per share, less $0.01 per common share.
Shareholders of record on the record date for the first distribution, i.e. March 2, 2010, will be entitled to receive any additional distribution made, as the case may be, through the payment of a portion of the reduction of the stated capital up to approximately $0.04 per share. Shareholders of record upon cancellation of the common shares will be entitled to any additional distribution, as the case may be, made through the above-mentioned dividend.
Any additional distribution, as the case may be, will be paid in one or several installments after the cancellation of the common shares. The payment dates and amounts of each installment will be determined by the monitor, subject to the approval by the Court.
Reporting issuer status
Following the cancellation and delisting of its common shares, the Corporation also intends to make filings with applicable securities regulatory authorities in Canada to cease to be a reporting issuer. In accordance with the order issued by the Court, the monitor will post on a dedicated web site maintained by the monitor notice of the occurrence of events that would reasonably be expected to have a significant effect on the timing and amount of any future distribution.
Forward-looking statements contained in this press release involve known and unknown risks, uncertainties or other factors that may cause actual amounts relating to the reduction in declared capital and payment of dividends expressed or implied by such forward-looking statements. We consider that these forward-looking statements are reasonable given the hypothesis on which they are based and which the Board of Directors of the Company reviewed and ascertained as being well founded. Pebercan disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Important additional information identifying risks and uncertainties is contained in the Company's most recent annual and interim reports and forms filed with the applicable Canadian securities regulatory authorities.
SOURCE PEBERCAN INC.
For further information: For further information: Pebercan Inc.: Christophe Ranger, email@example.com, (514) 286-5200, Fax: (514) 286-5177