TORONTO, ONTARIO--(Marketwired - June 30, 2016) - Partners Value Investments Inc. (the "Company") (TSX VENTURE:PVF) and Partners Value Investments LP (the "Partnership") (TSX VENTURE:PVF.UN)(TSX VENTURE:PVF.PR.A) today announced the completion of the first step of the proposed capital reorganization. The capital reorganization will be implemented over the course of a two-business day period, commencing today and concluding July 4, 2016. Upon completion of the Arrangement, all of the issued and outstanding common and non-voting shares of the Company (collectively, the "Shares") will have been exchanged for one equity limited partnership unit of the Partnership ("Equity LP Units") and 0.2719 Class A Preferred LP Units, Series 1 of the Partnership ("Series 1 Preferred LP Units"). In addition, each shareholder of the Company that did not validly exercise dissent rights has received one purchase warrant ("Warrants") for each share held.
Pursuant to the Arrangement: (i) up to 73,546,897 Equity LP Units will be issued to shareholders of the Company at an issue price of $25.96 per Equity LP Unit; (ii) up to 19,997,402 Series 1 Preferred LP Units will be issued to shareholders of the Company at an issue price of US$25 per Series 1 Preferred LP Unit; and (iii) 73,544,024 Warrants were issued to shareholders of the Company. The exercise price of the Warrants is $32.45. Five warrants are required to purchase one non-voting exchangeable share of the Company. The non-voting exchangeable shares will be exchangeable for Equity LP Units of the Partnership at the option of the holder. The warrants will expire on June 30, 2026. It is anticipated that the Equity LP Units, Series 1 Preferred LP Units and Warrants will commence trading today on the TSX Venture Exchange under the symbols PVF.UN, PVF.PR.A and PVF.WT, respectively.
The common shares of the Company ceased trading on the TSX Venture Exchange on June 29, 2016 after the market closed and will be de-listed from the TSX Venture Exchange on July 4, 2016.
For further details concerning the Arrangement and the steps thereunder, please consult the management information circular mailed to shareholders of the Company on May 4, 2016.
Forward Looking Statements
Note: This news release contains "forward-looking statements" within the meaning of Canadian securities laws. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as "anticipates" or the negative version thereof and other similar expressions, or future or conditional verbs such as "may", "will", "should", "would" and "could". Forward-looking statements in this news release include statements regarding the timing of completion of the proposed reorganization. Forward-looking statements are provided for the purpose of presenting information about current expectations and plans of management of the Company relating to the future, and readers are cautioned that such statements may not be appropriate for other purposes. Although management believes that these forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on them or other forward-looking statements because they involve known and unknown risks, uncertainties, and other factors, which may cause the actual results to differ materially from the anticipated future results expressed or implied by such forward-looking statements.
Factors that could cause actual results to differ materially from those set forward in the forward-looking statements include the risk factors and uncertainties detailed from time to time in the Company's documents filed with the securities regulators in Canada.
The Company cautions that the foregoing list of important factors that may affect future results is not exhaustive. When relying on the Company's forward-looking statements and information, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by law, the Company undertakes no obligation to publicly update or revise any forward-looking statements and information, whether written or oral, that may be as a result of new information, future events or otherwise. However, any further disclosures made on related subjects in subsequent reports should be consulted.