TORONTO, April 18, 2012 /CNW/ - Standard & Poor's will make the following changes in the S&P/TSX Canadian Indices:
NovaGold Resources Inc. (TSX:NG) has announced the implementation schedule for the previously announced spinoff of its copper assets in Alaska. Shareholders of NovaGold will receive one share of NovaCopper Inc. (TSX:NCQ) for every 6 common shares of NovaGold held.
The S&P/TSX indices that are affected by this spinout are:
- S&P/TSX Composite and Capped Composite Index
- S&P/TSX Equity and Capped Equity Index
- S&P/TSX Completion and Equity Completion Index
- S&P/TSX Capped Materials Index
- S&P/TSX Composite Equal Weight Index
- S&P/TSX Global Mining and Global Gold Index
After the close of trading on Monday, April 30, 2012, the close price of NovaGold will be adjusted downward by 1/6th of the close price of NovaCopper in the when-issued market on TSX. New divisors will be generated for all indices.
Company additions to and deletions from an S&P equity index do not in any way reflect an opinion on the investment merits of the company.
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