MISSISSAUGA, ON, June 19, 2017 /CNW/ - Temple Hotels Inc. ("Temple" or the "Company") (TSX: TPH) is pleased to announce that, further to the approval by the Company's shareholders obtained on May 8, 2017, the Company has completed the consolidation of its issued and outstanding common shares on the basis of one post-consolidation common share for every six pre-consolidation common shares (the "Consolidation") resulting in a total of approximately 25,269,946 common shares issued and outstanding following the Consolidation. No fractional common shares will be issued as a result of the Consolidation. All fractions of post-Consolidation common shares will be rounded to the next lowest whole number and such fractional common shares will be cancelled. Subject to the final approval of the Toronto Stock Exchange (the "Exchange"), the Company's common shares are expected to commence trading on the Exchange on a post-Consolidation basis on June 22, 2017. The Company's name and trading symbols will remain unchanged.
The conversion prices of the Company's outstanding convertible debentures will also be adjusted in accordance with the applicable indenture as a result of the Consolidation. The conversion price of the Company's Series D Debentures due June 30, 2017 will increase from $5.88 per common share to $35.28 per common share. The conversion price of the Company's Series E Debentures due September 30, 2017 will increase from $6.68 per common share to $40.08 per common share. The conversion price of the Company's Series F Debentures due March 31, 2018 will increase from $6.52 per common share to $39.12 per common share.
Holders of common shares of the Company who hold uncertificated common shares (i.e. shares held in book-entry form and not represented by a physical share certificate), either as registered holders or beneficial owners, will have their existing book-entry account(s) electronically adjusted by the Company's transfer agent or, for beneficial shareholders, by their brokerage firms, banks, trusts or other nominees that hold in "street name" for their benefit. Such holders do not need to take any additional actions to exchange their pre-Consolidation common shares for post-Consolidation common shares.
Beneficial shareholders holding their common shares through a bank, broker or other nominee should note that such banks, brokers or other nominees may have different procedures for processing the Consolidation than those that have been put in place by the Company for registered shareholders. If you hold your common shares with a bank, broker or other nominee and if you have questions in this regard, you are encouraged to contact your nominee.
Registered shareholders holding share certificates will be mailed a letter of transmittal to exchange their pre-Consolidation common shares for post-Consolidation common shares of the Company. Such registered shareholders should complete the letter of transmittal and return it, along with the share certificate(s) representing the pre-Consolidation common shares of the Company, to CST Trust Company in accordance with the instructions set forth in the letter of transmittal.
Temple is also pleased to announce that, further to the approval of the Company's shareholders obtained on May 8, 2017, the Company has moved the registered office of the Company from Manitoba to Ontario (the "Change of Registered Office").
Further details with respect to the Consolidation and the Change of Registered Office are contained in the Company's management information circular dated March 21, 2017, a copy of which is available on SEDAR at www.sedar.com.
Temple is a growth oriented hotel investment company with hotel properties located across Canada. Temple is listed on the Toronto Stock Exchange under the symbols TPH (common shares), TPH.DB.D, TPH.DB.E and TPH.DB.F (convertible debentures). The primary long-term investment objectives of the Company are to yield stable and growing cash flows and to maximize the long-term share value of the Company through the active management of its assets, accretive acquisitions and the performance of value-added capital improvement programs on selected properties, as deemed appropriate. For further information on Temple, please visit our website at www.templehotels.ca.
This press release contains certain statements regarding the completion of the Consolidation which may constitute forward-looking information. The forward-looking information is subject to certain risks and uncertainties which could result in actual events or results differing materially from the forward-looking statements.
SOURCE Temple Hotels Inc.
For further information: Paul Miatello, Chief Financial Officer, T 905-281-3800; Beverley G. Flynn, Vice-President, T 905-281-3800