Shaw Communications Inc. Announces Corus Spin Off Effective Today.
Shaw Communications(Alberta Stock Exchange:SJR.A.) (Alberta Stock Exchange:SJR.B.) (TSE:SJR.B.) (NYSE:SJR) Shaw Communications Inc. announced that the arrangement of Shaw (the "Arrangement"), which spins off Corus Entertainment Inc. as an independently operated, publicly-traded company, became effective today as anticipated.
Under the Arrangement, Shaw was separated into two distinct publicly-traded corporations, one of which continues under the name Shaw Communications Inc. and the other of which is called Corus Entertainment Inc. Shaw Communications Inc. will continue to carry on Shaw's cable television, internet access, telecommunications and satellite business. Corus will carry on Shaw's radio broadcasting, specialty television, digital music services and cable advertising services business.
Pursuant to the Arrangement, Class A shareholders of Shaw hold one Class A Share of Shaw Communication Inc. and one-third of a Class A Share of Corus for each Class A Share of Shaw previously held by them. Class B non-voting shareholders of Shaw hold one Class B Non-Voting Share of Shaw Communications Inc. and one-third of one Class B Non-Voting Share of Corus for each Class B Non-Voting Share of Shaw previously held by them.
The Corus Class B Non-Voting Shares will begin trading on a "when issued" basis on The Toronto Stock Exchange at the opening of trading on September 3, 1999. The Shaw Class B Non-Voting Shares will begin trading at the opening of trading on an "ex-distribution" basis on The Toronto Stock Exchange and The Alberta Stock Exchange on September 3, 1999 and on the New York Stock Exchange at the opening of trading on September 10, 1999. The record date for determining holders entitled to receive certificates representing Corus Class B Non-Voting Shares will be after the close of business on September 8, 1999, with mailing of such certificates expected to commence September 9, 1999. Fractional Corus Class B Non-Voting Shares will not be issued. Shareholders who would otherwise be entitled to receive a fraction of a Corus Class B Non-Voting Share will receive a cheque from Corus for an amount determined by multiplying such fraction by an amount equal to the simple average of the closing price per Corus Class B Non-Voting Shares on each of the first five trading days of such shares.
Shaw Communications Inc. is traded on the Alberta, Toronto and New York Stock Exchanges.
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|Date:||Sep 2, 1999|
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