Pollard Banknote announces completion of conversion and dividend

WINNIPEG, May 14 /CNW/ - Pollard Banknote Income Fund (TSX Symbol PBL.UN, the "Fund") and Pollard Banknote Limited ("PBL") today announced the completion of the previously announced plan of arrangement resulting in the successful conversion of the Fund from an income trust to a public corporation.

Pursuant to the plan of arrangement:

    
    -   holders of trust units of the Fund (the "Fund Units") transferred
        their Fund Units to PBL in consideration for common shares (the
        "Common Shares") of PBL on the basis of one Common Share for each
        Fund Unit so transferred; and

    -   Pollard Equities Limited transferred the class B and class C limited
        partnership units (the "Exchangeable LP Units") of Pollard Holdings
        Limited Partnership, the special voting units (the "Special Voting
        Units") of the Fund and the common shares (the "GP Common Shares") of
        Pollard Banknote GP Limited held by it to PBL in consideration for
        Common Shares on the basis of one Common Share for each group of one
        Exchangeable LP Unit (together with the accompanying Special Voting
        Unit) and one GP Common Share so transferred.
    

The Common Shares are expected to start trading on the Toronto Stock Exchange under the symbol "PBL" at the opening of trading on May 18, 2010. Concurrently, the Fund Units will be delisted from the Toronto Stock Exchange and the Fund will submit an application to cease to be a reporting issuer in all provinces and territories of Canada in which it is a reporting issuer or the equivalent thereof.

PBL also announced today that its board of directors has declared a cash dividend of $0.02 per Common Share for the period from May 1, 2010 to June 30, 2010. Payment will be made on July 15, 2010 to shareholders of record on June 30, 2010.

About Pollard Banknote Limited

Pollard Banknote Limited ("PBL") is one of the world's leading full-service lottery vendors and is a major supplier to North America's charitable gaming industry. The company manufactures instant tickets and provides related programming, design, and marketing support. As well, PBL manufactures pull tab tickets and bingo paper, and supplies lottery management services (including warehousing and distribution). Established in 1907, PBL is owned approximately 73.5% by the Pollard family and 26.5% by public shareholders and currently serves more than 45 lotteries worldwide, including some of the largest and most respected lotteries in the United States, Canada, Europe, Asia, and Central and South America.

Forward-Looking Statements

Certain statements in this report may constitute "forward-looking" statements and information which involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. When used in this document, such statements include such words as "may," "will," "expect," "believe," "plan" and other similar terminology. These statements, which include the expected dividend payment date, and the expected date for the Common Shares to commence trading on the Toronto Stock Exchange and the date upon which the Fund Units will cease trading on the Toronto Stock Exchange, reflect management's current expectations regarding future events and operating performance and speak only as of the date of this document. There should not be an expectation that such information will in all circumstances be updated, supplemented or revised whether as a result of new information, changing circumstances, future events or otherwise.

SOURCE Pollard Banknote Limited

For further information: For further information: John Pollard, Co-Chief Executive Officer, Telephone: (204) 474-2323 ext 204, Facsimile: (204) 453-1375; Gordon Pollard, Co-Chief Executive Officer, Telephone: (204) 474-2323 ext 211, Facsimile: (204) 453-1375; Rob Rose, Chief Financial Officer, Telephone: (204) 474-2323 ext 250, Facsimile: (204) 453-1375


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