COM DEV International Ltd. (TSX:CDV) Completes a Transaction with Honeywell International Ltd. (HON)
TORONTO, Feb. 4, 2016 /CNW/ - S&P Dow Jones Canadian Index Services will make the following changes in the S&P/TSX Canadian Indices:
The Arrangement Agreement between COM DEV International Ltd. (TSX:CDV) and Honeywell International Inc. (NYSE: HON) has been completed. Honeywell will acquire the equipment business of COM DEV for an initial cash consideration of $5.125 per COM DEV share (all figures are in Canadian dollars). The maritime ship tracking business of COM DEV, called exactEarth Ltd., will be spun out to COM DEV shareholders on the basis of 0.197854963 shares of exactEarth for each COM DEV share held. A subsequent payment from Honeywell to COM DEV shareholders of up to $CDN0.125 per COM DEV share will also be made approximately 2 weeks later.
The index treatment of this event in the S&P/TSX SmallCap and the S&P/TSX Capped Information Technology Indices will be as follows. The $5.125 cash payment to CDV shareholders will be treated as a special dividend with an ex-date of Tuesday, February 9, 2016. At the same time, there will be a name and ticker change of COM DEV to exactEarth Ltd. (TSX:XCT). Also, the shares will be consolidated on a 0.197854963-for-1 basis. The consolidated shares of exactEarth Ltd. will remain in both the aforementioned indices.
As required, a separate announcement about the subsequent cash payment will be made when details are known.
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