M Split Corp. Capital Share Consolidation

/EIN News/ -- TORONTO, Dec. 12, 2019 (GLOBE NEWSWIRE) -- M Split Corp. (the “Company”) announces further details regarding the XMF.A Capital Share (“Capital Share”) consolidation.

In connection with the termination date extension of the Company, an additional retraction right was offered allowing existing shareholders to tender any or all classes of Shares and receive a retraction price based on the November 29, 2019 net asset value per unit. 

Immediately after the retraction payment on or before December 16, 2019, there will be an unequal number of shares outstanding between the Capital Shares, XMF.PR.B Class I Preferred Shares and XMF.PR.C Class II Preferred Shares.  As outlined in the November 22, 2019 press release, in order to restore an equal amount of shares outstanding for each Class, the Capital Shares will be consolidated at a ratio of 0.722920066 for each Capital Share outstanding.  In the event that the share consolidation would otherwise result in the issuance of fractional shares, no fractional Capital Shares will be issued and the number of Capital Shares each holder shall receive will be rounded down to the nearest whole number.  The consolidation will be a non-taxable event.

It is expected that the Capital Shares will trade on a post-consolidation basis at the opening of trading on December 17, 2019.

The aggregate intrinsic value of the Capital shareholders’ holdings will remain the same and as a result the net asset value per Capital Share will increase on a proportionate basis for each post-consolidation share on the consolidation date.   

The impact of the Capital Share consolidation will be reflected in the next reported net asset valuer per unit as at December 31, 2019. 

Certain statements included in this news release constitute forward-looking statements, including, but not limited to, those identified by the expressions “expect”, “intend”, “will” and similar expressions to the extent they relate to the Company. The forward-looking statements are not historical facts but reflect the Company’s current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statement or information whether as a result of new information, future events or other such factors which affect this information, except as required by law.  Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Investors should read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Please read the Company’s publicly filed documents which are available at www.sedar.com.

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