Business
Magellan Aerospace Corporation announces share consolidation
TORONTO, May 22 /CNW/ - Magellan Aerospace Corporation ("Magellan" or the "Company") is pleased t...
About this update from Magellan Aerospace Corporation
[{"type":"text","content":"\n\n\n\nTORONTO, May 22 /CNW/ - Magellan Aerospace Corporation ("Magellan" or the\n"Company") is pleased to announce that it has proceeded with its previously\nannounced consolidation of the common shares of the Company. The consolidation\nwas approved at the annual and special meeting of shareholders of the Company\nheld on May 13, 2008. The consolidation resulted in each shareholder of the\nCompany receiving one post-consolidation common share for every five\npre-consolidation common shares held. Upon completion of the consolidation\nMagellan has approximately 18,178,565 post-consolidation common shares\noutstanding.\n\n\nLetters of transmittal with respect to the consolidation were sent to all\nregistered shareholders of the Company on May 21, 2008. Shareholders will be\nrequired to send their certificates representing pre-consolidation common\nshares with a properly executed letter of transmittal to Computershare\nInvestor Services Inc., to receive their certificates representing\npost-consolidation common shares. No certificates representing fractional\npost-consolidation common shares will be issued pursuant to the consolidation.\nAny fractional interests representing less than 0.5 of a post-consolidation\ncommon share will not entitle the holder thereof to receive a\npost-consolidation common share and any fractional interest representing 0.5\nor more of a post-consolidation common share will entitle the holder thereof\nto receive one whole post-consolidation common share.\n\n\nThe Company filed articles of amendment pursuant to the Business\nCorporations Act (Ontario) to effect the consolidation on May 21, 2008. The\npost-consolidation common shares will commence trading on the Toronto Stock\nExchange approximately two to three trading days after the issuance of a\nbulletin by the Toronto Stock Exchange with respect to the consolidation.\n\n\nMagellan Aerospace Corporation is one of the world's most integrated and\ncomprehensive aerospace industry suppliers. Magellan designs, engineers, and\nmanufactures aeroengine and aerostructure assemblies and components for\naerospace markets, advanced products for military and space markets, and\ncomplementary specialty products. Magellan is a public company whose shares\ntrade on the Toronto Stock Exchange (TSX: MAL), with operating units\nthroughout Canada, th...