WHISTLER, BC, Nov. 16, 2016 /CNW/ - Whistler Blackcomb Holdings Inc. (formerly 1068877 B.C. Ltd.) ("New Whistler"), a wholly owned subsidiary of Vail Resorts, Inc. ("Vail Resorts"), today announced that its redeemable preferable shares exchangeable for shares of common stock Vail Resorts (the "Exchangeable Shares") will not be listed on the Toronto Stock Exchange ("TSX").
The Exchangeable Shares were issued in connection with the acquisition by 1068877 B.C. Ltd. on October 17, 2016 of all of the common shares of Whistler Blackcomb Holdings Inc. ("Old Whistler"), other than the common shares held by 1068877 B.C. Ltd., pursuant to a plan of arrangement under Division 5 of Part 9 of the Business Corporations Act (British Columbia) (the "Arrangement"). Shortly following the completion of the Arrangement, Old Whistler and 1068877 B.C. Ltd. amalgamated to form New Whistler, which promptly changed its name to "Whistler Blackcomb Holdings Inc." and, as a result of such amalgamation, the Exchangeable Shares constitute securities of New Whistler.
As previously disclosed, TSX had conditionally approved the listing of the Exchangeable Shares on TSX, subject to the fulfillment of all the requirements of listing, including the distribution of the Exchangeable Shares to a minimum number of public shareholders. It has now been confirmed that such minimum distribution requirements have not been met, as a result of an insufficient number of former shareholders of Old Whistler electing to receive Exchangeable Shares in connection with the Arrangement.
Eligible former shareholders of Old Whistler who had elected to receive Exchangeable Shares as part of the consideration payable under the Arrangement remain entitled to make a valid tax election to defer all or part of the Canadian income tax on any capital gain that would otherwise arise on an exchange of common shares of Old Whistler pursuant to the Arrangement, as set forth in more details in the management information circular of Old Whistler dated August 31, 2016 under "Certain Canadian Federal Income Tax Considerations".
The Vail Shares are listed and posted for trading on the New York Stock Exchange under the symbol "MTN". The Vail Shares to be issued upon exchange of the Exchangeable Shares will also be listed and posted for trading on the New York Stock Exchange.
SOURCE Whistler Blackcomb Holdings Inc.