Navina Capital Corp.

Navina Capital Corp.

April 18, 2008 12:15 ET

Navina Banc & Life Split Corp. Announces the Acceptance of Securities of Exchange Eligible Issuers and Exchange Ratios

TORONTO, ONTARIO--(Marketwire - April 18, 2008) -

THIS PRESS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES.

Navina Capital Corp., the Manager of Navina Banc & Life Split Corp. (the "Company"), is pleased to announce the acceptance of securities of Exchange Eligible Issuers deposited under its Exchange Option and the exchange ratios for its Exchange Option as announced in the preliminary prospectus of the Company dated March 6, 2008 and press release dated March 28, 2008.

Deposit Date

The Exchange Option was open for acceptance by securityholders of Exchange Eligible Issuers until 5:00 p.m. (Toronto time) on April 17, 2008.

Determination of Exchange Ratios

The number of Units (each comprising one Priority Equity Share and one Class A Share) issuable in exchange for securities of an Exchange Eligible Issuer (the "Unit Exchange Ratio") has been determined by dividing the weighted average trading price of the securities of the Exchange Eligible Issuers on the TSX during the three consecutive trading days ending on April 17, 2008 (the "Pricing Period") adjusted to reflect dividends declared, if any, by such Exchange Eligible Issuers that will not be received by the Company (the "Exchange Price") by $25.00. The Unit Exchange Ratio will be rounded down to four decimal places.

The number of Class A Shares issuable in exchange for securities of an Exchange Eligible Issuer (the "Class A Exchange Ratio") will be determined by dividing the Exchange Price by $15.00. Prospective purchasers will receive that number of Class A Shares issuable in exchange for securities of Exchange Eligible Issuers as determined in the manner described above and $0.01 in cash per Class A Share. The Class A Exchange Ratio will be adjusted to reflect the $0.01 for each Class A Share received and will be rounded down to four decimal places.

The following table specifies the Exchange Eligible Issuers to be acquired by the Company under the Exchange Option, the weighted average trading price of the securities of the Exchange Eligible Issuers on the TSX during the Pricing Period and the Exchange Ratios used to determine the number of Units and Class A Shares to be issued for the securities of each Exchange Eligible Issuer.



Unit Class A
Weighted Average Exchange Exchange
Issuer Trading Price Ratio Ratio
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Bank of Montreal $45.3944 1.8157 3.0283
Canadian Imperial Bank
of Commerce $67.1618 2.6864 4.4804
National Bank of Canada $50.0638 2.0025 3.3398
Royal Bank of Canada $46.0058 1.8402 3.0690
The Bank of Nova Scotia $45.1072 1.8042 3.0091
The Toronto-Dominion Bank $63.1774 2.5270 4.2146

Great-West Lifeco Inc. $30.6140 1.2245 2.0422
Manulife Financial Corporation $37.8162 1.5126 2.5227
Power Financial Corporation $35.6214 1.4248 2.3763
Sun Life Financial Inc. $46.4666 1.8586 3.0998


Contact Information

  • Navina Capital Corp.
    Andrew Bentley
    Chief Executive Officer
    (416) 601-2430 or 1-800-513-3868
    Website: www.navinacapital.com