GRIMSBY, ONTARIO--(Marketwired - Sept. 13, 2016) - Andrew Peller Limited/Andrew Peller Limitée (the "Company") (TSX:ADW.A)(TSX:ADW.B) announced today that at the Annual and Special Meeting of Shareholders of the Company held on September 9, 2016, shareholders approved an amendment to the Company's articles to provide for a stock split of the Company's issued and outstanding Class A shares and Class B shares on a three-for-one basis. The stock split has been approved by the Board of Directors of the Company and has been conditionally approved by the Toronto Stock Exchange, subject to the delivery of certain documents. The Company believes the stock split and the resulting tripling in the number of common shares outstanding will provide a wider opportunity for investors to become shareholders of the Company, thereby increasing liquidity in the Company's listed securities.
The record date for the stock split is the close of business on September 23, 2016. The payment date, being the date that additional Class A shares and Class B shares issuable as a result of the stock split will be issued, will be October 14, 2016. The Class A shares and Class B shares will trade on a due bill basis from September 21, 2016 to October 14, 2016, inclusively. A due bill is an entitlement attached to listed securities undergoing a material corporate action, such as a stock split. In this instance, the entitlement is to the additional Class A shares and Class B shares issuable as a result of the stock split. Any trades that are executed on the Toronto Stock Exchange during this period will be flagged to ensure purchasers receive the entitlement to the additional shares issuable as a result of the stock split. Ex-distribution trading in the Class A shares and Class B shares on a split-adjusted basis will commence on October 17, 2016. The due bill redemption date will be October 19, 2016.
For beneficial shareholders who hold their shares in an account with their investment dealer or other intermediary, their account will be automatically updated to reflect the stock split. Registered shareholders should retain their current share certificates, which will remain valid and continue to represent the number of shares indicated on those certificates. Share certificates representing additional Class A shares or Class B shares issuable as a result of the stock split will be mailed to registered shareholders on or about October 14, 2016. The combination of the current share certificates and the additional share certificates will represent each shareholder's total post-split shareholdings.
Andrew Peller Limited is a leading producer and marketer of quality wines in Canada. With wineries in British Columbia, Ontario, and Nova Scotia, the Company markets wines produced from grapes grown in Ontario's Niagara Peninsula, British Columbia's Okanagan and Similkameen Valleys, and from vineyards around the world. With a focus on serving the needs of all wine consumers, the Company produces and markets premium personal winemaking products through its wholly-owned subsidiary, Global Vintners Inc., the recognized leader in personal winemaking products. The Company owns and operates more 100 well-positioned independent retail locations in Ontario under The Wine Shop and Wine Country Vintners store names. The Company also owns Andrew Peller Imports based in Vancouver and The Small Winemaker's Collection Inc. based in Ontario; both of these wine agencies are importers of premium wines from around the world and are marketing agents for these fine wines. The Company's products are sold predominantly in Canada with a focus on export sales for its icewine and personal winemaking products.