Psion Canada Inc.

August 05, 2005 13:32 ET

Psion Canada Inc. Announces Redemption of Exchangeable Shares

MISSISSAUGA, ONTARIO--(CCNMatthews - Aug. 5, 2005) - Psion Canada Inc. (TSX:PON) announced today that its Exchangeable Shareholders have approved the redemption of all of its Exchangeable Shares at the close of business on August 22, 2005. The redemption price for each Exchangeable Share will be the average mid-market closing price of the Psion PLC ordinary shares on the London Stock Exchange for the five day period ending August 18, 2005, plus a 5% premium, as converted into Canadian dollars at the then prevailing exchange rate. Payment will be mailed to holders on or shortly after August 22, 2005, at which time the shares will be cancelled.

Holders who wish to exchange their Exchangeable Shares for Psion PLC ordinary shares, may do so by delivery of a retraction request and share certificate to the Company's transfer agent, Computershare Trust Company of Canada at 100 University Avenue, 9th Floor, Toronto, Ontario, M5J 2Y1, prior to 5:00 p.m. EST on August 18, 2005.

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