Canadian Natural Resources Limited (TSX:CNQ) to Distribute Shares of PrairieSky Royalty Ltd. (TSX:PSK) to its Shareholders
TORONTO, May 24, 2016 /CNW/ - S&P Dow Jones Canadian Index Services will make the following changes in the S&P/TSX Canadian Indices:
Canadian Natural Resources Limited (TSX:CNQ) has provided the details of its previously announced distribution to its shareholders of a portion of its holding of 44,444,444 shares of PrairieSky Royalty Ltd. (TSX:PSK). After the close of trading on Tuesday, May 31, 2016, Canadian Natural Resources shareholders will receive 0.02 shares of PrairieSky for each share held. Canadian Natural Resources will continue to hold just under 10% of the shares of PrairieSky.
After the close on May 31, 2016, there will be no adjustment to the price Canadian Natural Resources stock. The spun out shares of PrairieSky will be added to all indices where Canadian Natural Resources is a constituent based on the terms above. An artificial placeholder stock will be used for this distribution.
After the close on June 1, 2016, the artificial placeholder stock for PrairieSky will be deleted from all indices where it is a constituent at the close price of PrairieSky. At the same time, the IWF of PrairieSky will increase from 0.79 to 0.89.
Note that, for indices where both Canadian Natural Resources and PrairieSky are constituents, PrairieSky will appear for the one day June 1st, 2016, with two different identifiers. There will not be any double counting of shares of PrairieSky.
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SOURCE S&P Dow Jones Indices
For further information: Tony North, Director, Canadian Index Operations, S&P Dow Jones Indices, (+) 416 507 3204, tony.north@spglobal; David Blitzer, Managing Director and Chairman of the Index Committee, S&P Dow Jones Indices, (+) 212 438 3907, david.blitzer@spglobal