TORONTO, Jan. 18 /CNW/ - Scotiabank and DundeeWealth Inc.
("DundeeWealth") today made announcements regarding Scotiabank's offer
for all of the common shares of DundeeWealth that it does not already
own (the "Offer") and the special dividends that DundeeWealth
previously announced it would make in connection with the Offer.
Scotiabank announced that it is extending the expiry of the Offer to
12:01 a.m. ET on February 1, 2011 to allow the remaining required
regulatory approvals to be obtained. All other terms of the Offer
remain the same. A formal notice of extension will be mailed to all
shareholders of DundeeWealth in due course. The notice of extension
will be filed on SEDAR and will be available at www.sedar.com. Subject to obtaining the remaining required regulatory approvals,
Scotiabank intends to take up and pay for shares tendered to the Offer
on February 1, 2011.
In satisfaction of DundeeWealth's obligations under its support
agreement with Scotiabank, the Board of Directors of DundeeWealth has
approved the payment of a special cash dividend of $2.00 per common
share and special share and $1.67 per first preference share, series X
as well as the special dividend of one common share of Dundee Capital
Markets Inc. ("DCM") per common share and special share and 0.83 of a
DCM common share per first preference share, series X. The special cash
dividend will be payable on January 31, 2011 to shareholders of record
on January 28, 2011, or as otherwise provided under the terms of any
applicable escrow agreements. The special dividend of DCM shares is
also expected to be paid on or about January 31, 2011 to shareholders
of record on January 28, 2011. The dividends are designated as
eligible dividends for the purposes of section 89 of the Income Tax Act
(Canada). DundeeWealth will withhold the amount of non-resident
withholding tax payable by a non-resident holder in respect of the
special cash dividend and the special dividend of DCM shares by
withholding the appropriate amount in respect of the aggregate amount
of such dividends from the amount of the special cash dividend.
The final prospectus for DCM will be mailed to shareholders of
DundeeWealth before the expiry date of the Offer.
Scotiabank is one of North America's premier financial institutions and
Canada's most international bank. With more than 70,000 employees,
Scotiabank Group and its affiliates serve some 18.6 million customers
in more than 50 countries around the world. Scotiabank offers a broad
range of products and services including personal, commercial,
corporate and investment banking. With assets above $526 billion (as at
October 31, 2010), Scotiabank trades on the Toronto (BNS) and New York
Exchanges (BNS). For more information please visit www.scotiabank.com.
About DundeeWealth Inc.
DundeeWealth is a Canadian owned, independent wealth management company
that currently oversees $83.3 billion in fee earning assets. It
provides diversified wealth management and investment solutions
including alternative and tax-advantaged products, capital markets and
advisory services to financial advisors, institutions, corporations and
foundations, and innovative wealth management through independent
financial advisors across Canada. Its award winning investment brand,
Dynamic Funds®, managed by Goodman & Company, Investment Counsel Ltd., is also
available outside of Canada through distribution platforms in Europe
and the United States. DundeeWealth is listed on the Toronto Stock
Exchange (TSX: DW).
For further information:
Kingsdale Shareholder Services Inc.
416-867-2272 or 1-866-851-9601 (toll free in North America only)
Peter Slan, Senior Vice President, Investor Relations
Ann DeRabbie, Director, Media Communications
Robert Pattillo, Executive Vice-President, Marketing and Communications
Myra Reisler, Director, Public Affairs