TORONTO, Jan. 15 /CNW/ - MCM Split Share Corp. (the "Company") is pleased
to announce that all of the conditions to the re-organization and term
extension of the Company have been satisfied. Accordingly, the Company will be
continued for a further five year period ending February 1, 2013. Continuing
holders of Class A Shares and Preferred Shares will retain all of their
existing monthly and annual retraction rights. The details of the
re-organization are set forth in the Company's Management Information Circular
dated November 6, 2007.
After the redemption of Class A Shares and Preferred Shares tendered
pursuant to the special retraction right as of January 31, 2008 (the "Special
Retraction Right"), the Company expects that 2,109,366 Class A Shares and
2,109,366 Priority Equity Shares will be outstanding. These numbers take into
consideration the anticipated redemption by the Company of Shares on a pro
rata basis effective January 31, 2008 to ensure that an equal number of
Class A Shares and Priority Equity Shares remain outstanding after the
effective date of the reorganization.
The retraction price to be received by a holder of Preferred Shares under
the Special Retraction Right will be $15.00. The retraction price to be
received by a holder of Class A Shares under the Special Retraction Right will
be the net asset value per Unit (consisting of one Class A Share and one
Preferred Share), as of January 31, 2008, less $15.00. Holders of Preferred
Shares that are redeemed pursuant to the pro rata redemption described above
will receive $15.00 per share. The retraction and redemption prices for the
shares will be payable on or before February 7, 2008.
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: www.mulvihill.com, e-mail: