TORONTO, ONTARIO -- (Marketwired) -- 06/17/13 -- The Board of Directors of Capital Gains Income STREAMS ("CG STREAMS") today announced that the Notice of Special Meeting of Shareholders and Management Information Circular relating to the previously announced special meeting of the holders of the Company's Preferred Shares and Class A Shares, to be held at 10:00 a.m. (Eastern standard time) on July 10, 2013, has been mailed to the shareholders.
The purpose of the meeting is to consider a special resolution that would allow the merger of CG STREAMS into Dividend 15 Split Corp. ("Dividend 15") on December 1, 2013 (subject to all required regulatory approvals) while still allowing any CG STREAMS shareholders, should they choose, to retract their shares on the existing scheduled termination date on the same terms as originally contemplated.
A vote FOR the proposal will give shareholders two options at the December 1, 2013 termination date:
1) Capital Yield and Equity Dividend shareholders will be able to have their shares exchanged (based on relative net asset values) for an equal dollar amount of units of Dividend 15 through the merger of CG STREAMS into Dividend 15, OR2) Capital Yield shares would receive $25 per share and Equity Dividend shares would receive the NAV less $25 (to a maximum of $15 per share) under the existing termination formula as originally contemplated.
If this proposal is approved, shareholders will not be required to make a decision on this choice until early in November 2013 when further information will be provided.
A vote against the proposal would restrict shareholder's option to the termination option (2 above) only.
The Board of Directors of CG STREAMS has determined that the special resolution is in the best interests of its shareholders. Accordingly, the Board of Directors recommends that shareholders vote FOR the special resolution. The Independent Review Committee of CG STREAMS has also unanimously determined that the calling and holding of the special meeting to consider the matters described in the Circular, on terms set forth in the Circular, achieves a fair and reasonable result for shareholders. In addition, the shareholders of Dividend 15, as required, overwhelmingly approved the potential merger transaction by a vote of over 99% at a recent special meeting of shareholders.
For full details, please review the Notice of Special Meeting of Shareholders and the Management Information Circular which is available on SEDAR and the Company's website at www.quadravest.com.
Certain statements included in this news release constitute forward-looking statements, including, but not limited to, those identified by the expressions "expect", "intend", "will" and similar expressions to the extent they relate to the Company. The forward-looking statements are not historical facts but reflect the Company's current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statement or information whether as a result of new information, future events or other such factors which affect this information, except as required by law.
416-304-4443, toll free at 1-877-4-Quadra (1-877-478-2372)