TORONTO, March 14, 2012 /CNW/ - R Split III Corp. (the "Company")
announced today that holders of its Class A Capital Shares ("Capital
Shares") have overwhelmingly approved a share capital reorganization
(the "Reorganization") allowing holders of Capital Shares, at their
option, to retain their investment in the Company after the scheduled
redemption date of May 31, 2012. The Reorganization will permit holders
of Capital Shares to extend their investment in the Company beyond the
redemption date of May 31, 2012 for up to an additional 5 years. The
Class A Preferred Shares will be redeemed on the same terms originally
contemplated in their share provisions and have been called for
redemption on May 31, 2012. In order to maintain the leveraged "split
share" structure of the Company, the Company expects to create and
issue a new series of Class B preferred shares on or about May 31,
Holders of Capital Shares electing to retain their investment in the
Company will continue to enjoy the benefit of a leveraged participation
in the capital appreciation of the Company's portfolio of common shares
(the ''Royal Bank Shares'') of Royal Bank of Canada (''Royal Bank'').
Holders of Capital Shares who do not wish to continue their investment
in the Company after May 31, 2012 must give notice that they wish to
exercise their special retraction right and how they wish to be paid
for their shares on or prior to April 3, 2012. Holders of Capital
Shares who retract their Capital Shares will be paid on May 31, 2012.
The Reorganization will become effective provided that holders of at
least 1,405,000 Capital Shares retain their Capital Shares and do not
exercise the special retraction right.
SOURCE R Split III Corp.
For further information:
R Split III Corp.
Web site: www.scotiamanagedcompanies.com