CanWest Announces Stock Split and Special Dividend in Contemplation of International Stock Offering.WINNIPEG, Manitoba--(BUSINESS WIRE)--April 17, 1996--CANWEST GLOBAL(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). , WINNIPEG STOCK EXCHANGE: CWW CWW Compressed Work Week CWW City West Water (Australia) CWW Church Without Walls (various religious organizations) CWW Columbus Water Works (Columbus, Georgia, USA) ) CanWest Global Communications CanWest Global Communications Corp. TSX: CGS TSX: CGS.A NYSE: CWG is one of Canada's largest international media companies. The company's head office is situated in Winnipeg, Manitoba, at the tallest building (CanWest Global Place) in the city and it is on the Corp. announced today a proposed offering of its shares outside Canada. The offering will be made only by means of a prospectus. The company anticipates filing with the Securities and Exchange Commissions as early as next week. In contemplation of the offering, the Board of Directors today declared a special stock dividend, and intends to effect a capital reorganization to split its outstanding Multiple Voting Noun 1. multiple voting - the act of voting in more than one place by the same person at the same election (illegal in U.S.) balloting, vote, voting, ballot - a choice that is made by counting the number of people in favor of each alternative; "there were only 17 and Subordinate Voting Shares Voting Shares Shares that give the stockholder the right to vote on matters of corporate policy making as well as who will compose the members of the board of directors. Notes: Different classes of shares, such as preferred stock, sometimes don't allow for voting rights. on a three-for-one basis and to create a new class of Non-Voting Shares. The proposed capital reorganization is subject to shareholder approval. If the capital reorganization is approved, it is the Non-Voting Shares which will be offered in international markets. "Because the new foreign ownership rules permit an unlimited number of Non-Voting Shares to be issued to non-Canadians, we can now substantially increase our access to capital markets outside Canada. The proposed reorganization will permit CanWest's shares to trade in foreign capital markets on an unrestricted basis, without jeopardizing CanWest's broadcasting licences," stated I.H. Asper, O.C., Q.C., the Chairman and Chief Executive officer of CanWest, "We expect this to increase the liquidity of our shares." The proceeds of the stock offering will be used to finance among other things CanWest's already announced Canadian development plans for new television stations in Quebec These television stations are found in the province of Quebec. VHF
and new cable specialty networks if these plans receive CRTC CRTC Canadian Radio-Television & Telecommunications Commission CRTC Combat Readiness Training Center CRTC Cathode Ray Tube Controller CRTC China Railway Telecommunications Center CRTC Cold Region Test Center CRTC Continuously Regenerated Trap Column approval. CanWest also announced the declaration of a special stock dividend payable to shareholders of record on April 26, 1996, prior to completion of the International Offering, in the amount of approximately 12 Subordinate Voting Shares for each 100 shares held on that date. The stock dividends will be paid on May 28, 1996. The proposed capital reorganization would create a new class of Non-Voting Shares which would be substantially identical to the existing class of Subordinate and Multiple Voting Shares, except that the holders would not be entitled to vote except on matters requiring separate share class votes and the Non-Voting Shares would be convertible by a Canadian into Subordinated Voting Shares. The existing Subordinate Voting Shares would become convertible into Non-Voting Shares. CanWest today called a special meeting of shareholders to be held on May 27, 1996. To be implemented, the capital reorganization must be approved by holders of at least 2/3 of the outstanding Subordinate Voting Shares. CanWest Global Communications Corp. is a multi-national television broadcaster. It owns and operates the CanWest Global System, Canada's largest privately-owned television station group. It also maintains significant investments in the TEN Television Network in Australia and the TV3 Television Network in New Zealand New Zealand (zē`lənd), island country (2005 est. pop. 4,035,000), 104,454 sq mi (270,534 sq km), in the S Pacific Ocean, over 1,000 mi (1,600 km) SE of Australia. The capital is Wellington; the largest city and leading port is Auckland. . CONTACT: CanWest Global Communications Corp. I.H. Asper, 204/956-2025 204/947-9841 (Fax) or CanWest Global Communications Corp. T.C. Strike, 204/956-2025 204/947-9841 (Fax) or CanWest Global Communications Corp. J.E. Maguire, 204/956-2025 204/947-9841 (Fax) |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion