LONDON, Ontario--(BUSINESS WIRE)--PWC Capital Inc. (TSX:PWC) (the “Company”) announced today that it intends to offer to redeem up to 800,000 Class B Preferred Shares (TSX:PWC.PR.B) (“Class B Shares”), for 3.425 common shares of Pacific & Western Bank of Canada held by the Company per Class B Share, less any tax required to be deducted and withheld (the “Special Redemption Price”). This redemption right was approved, with a favourable vote of over 99%, by holders of PWC Common Shares and holders of PWC Class “B” Preferred Shares, each voting separately as a class, at the 2015 Annual and Special Meeting of Shareholders of the Company held on April 9, 2015.
Holders of Class B Shares wishing to participate must provide a duly completed Letter of Transmittal (a “Special Redemption Notice”) indicating their intention to surrender for redemption Class B Shares by 3:00 p.m. (EDT) on May 22, 2015 (the “Special Redemption Notice Deadline”). Beneficial holders of Class B Shares wishing to participate must contact their broker for specific instructions.
On May 25, 2015, the Company will publicly announce the total number of Class B Shares surrendered for redemption and the number of Class B Shares it will redeem (the “Redeemed Shares”). The Company will redeem the Redeemed Shares on May 25, 2015 and will pay the Special Redemption Price for each Redeemed Share as soon as practicable and by no later than June 12, 2015. Holders of Class B Shares that are redeemed will not receive any future dividends on such redeemed Class B Shares.
This news release may contain forward-looking statements, specifically relating to the planned redemption of Class B Shares, that are based on current expectations and are subject to known and unknown uncertainties and risks, which could cause actual results to differ materially from those contemplated or implied by such forward-looking statements. PWC is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or otherwise.