Partners Value Split Corp.
TSX : PVS.PR.A

Partners Value Split Corp.

March 07, 2016 17:50 ET

Partners Value Split Corp. Announces Intention to Redeem Class AA Preferred Shares, Series 1

TORONTO, ONTARIO--(Marketwired - March 7, 2016) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICES

Partners Value Split Corp. (the "Company") announced today its intention to redeem all of its outstanding Class AA Preferred Shares, Series 1 (the "Series 1 Preferred Shares") (TSX:PVS.PR.A) for cash on March 28, 2016 (the "Redemption Date"). The redemption price per Series 1 Preferred Share will be equal to C$25.00 plus accrued and unpaid dividends of C$0.091541 thereon to March 28, 2016, representing a total redemption price of C$25.091541 per Series 1 Preferred Share (the "Redemption Price"). Formal notice will be delivered to holders of Series 1 Preferred Shares in accordance with the terms of the Series 1 Preferred Shares.

From and after the Redemption Date the Series 1 Preferred Shares will cease to be entitled to dividends or any other participation in any distribution of the assets of the Company and the holders thereof shall not be entitled to exercise any of their other rights as shareholders in respect thereof except to receive the Redemption Price (less any tax required to be deducted and withheld by the Company). After the redemption of the Series 1 Preferred Shares, the Company will consolidate the existing capital shares held by Partners Value Investments Inc. so that there are an equal number of preferred shares and capital shares outstanding.

Vu H. Nguyen, Chief Financial Officer, will be available at (416) 363-9491 to answer any questions regarding the redemption.

This news release contains "forward-looking information" within the meaning of Canadian provincial securities laws and regulations. The words "expected", "will", "agreed" and "enable" and other expressions which are predictions of or indicate future events, trends or prospects and which do not relate to historical matters or identify forward-looking information. Forward-looking information in this news release includes statements with regard to the redemption of the Series 1 Preferred Shares. Although the Company believes that the anticipated future results or achievements expressed or implied by the forward-looking information and statements are based upon reasonable assumptions and expectations, the reader should not place undue reliance on the forward-looking information and statements because they involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking information and statements. Factors that could cause actual results to differ materially from those contemplated or implied by the forward-looking information and statements include: the behaviour of financial markets, including fluctuations in interest and exchange rates, availability of equity and debt financing and other risks and factors detailed from time to time in the Company's other documents filed with the Canadian securities regulators. We caution that the foregoing list of important factors that may affect future results is not exhaustive. When relying on our forward-looking information to make decisions with respect to the Company, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as may be required by law, the Company undertakes no obligation to publicly update or revise any forward-looking information or statements, whether written or oral, that may be as a result of new information, future events or otherwise. Reference should be made to the Company's most recent Annual Information Form for a description of the major risk factors.

Contact Information

  • Partners Value Split Corp.
    Vu H. Nguyen
    Chief Financial Officer
    (416) 363-9491