MCM Split Share Corp. - Announces Shareholder Approval of Proposal to Extend Redemption Date

    TORONTO, Dec. 12 /CNW/ - MCM Split Share Corp. (the "Company") today
announced that its shareholders have approved a reorganization permitting the
Company to extend the life of the Company for an additional 5 years to
February 1, 2013. As part of the reorganization, the Preferred Shares will be
renamed "Priority Equity Shares" and the Company will adopt a portfolio
protection plan for the benefit of the holders of such shares. The dividend
entitlement of the shares will remain unchanged at 5.50% per annum (on the
$15.00 original issue price). Class A Shareholders will continue to benefit
from a unique, highly leveraged investment in a blue-chip portfolio, and will
receive distributions initially set at approximately 10% per annum on the net
asset value of the Class A Shares.
    Holders of Class A Shares and Preferred Shares will retain their annual
and monthly retraction rights originally provided to them. In addition, under
the reorganization, shareholders will be given a special retraction right to
cause the Company to redeem their Class A Shares at net asset value of a Class
A Share and Preferred Shares for $15.00 per share on January 31, 2008. The
reorganization will only be implemented if holders of at least 2,000,000 Class
A Shares elect not to retract their shares under the special retraction right.
    The Company invests its net assets in a diversified portfolio consisting
principally of common shares issued by some or all of a group of corporations
selected from among those included in the S&P/TSX 60 Index. In order to allow
for greater potential portfolio diversification, the reorganization will
permit the Company to invest up to a maximum of 40% of its net assets in
common shares of corporations listed on the S&P 100 Index.
    The Company's investment portfolio is managed by its investment manager,
Mulvihill Capital Management Inc. The Class A Shares and Preferred Shares of
MCM Split Share Corp. are both listed on the Toronto Stock Exchange under the
symbols MUH.A and MUH.PR.A respectively.

For further information:

For further information: John Mulvihill, President & CEO, Donald Biggs,
Senior Vice-President, Sheila Szela, CFO, Mulvihill Structured Products, MCM
Split Share Corp., 121 King Street West, Suite 2600, Toronto, Ontario, M5H
3T9, (416) 681-3966, (800) 725-7172, URL:, e-mail:

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