Business
MCAN Mortgage Corporation announces final consideration payable to Xceed shareholders after pro-rationing
Stock market symbol TSX: MKP TORONTO , July 8, 2013 /CNW/ - Further to the joint pr...
About this update from Mcan Mortgage Corporation
[{"type":"text","content":"\n\n\nStock market symbol\nTSX: MKP\n\n\nTORONTO, July 8, 2013 /CNW/ - Further to the joint press release issued\n by MCAN Mortgage Corporation (\"MCAN\" or the \"Company\") and Xceed\n Mortgage Corporation (\"Xceed\") on July 4, 2013 announcing the closing\n of the acquisition by MCAN of each of the issued and outstanding common\n shares of Xceed (\"Xceed Shares\") pursuant to a court-approved plan of arrangement under the Business Corporations Act (Ontario) (the \"Arrangement\"), MCAN announced today the final pro-rated\n consideration to be paid to Xceed shareholders who elected, or were\n deemed to have elected, to receive cash consideration for their Xceed\n Shares.\n\n\nPursuant to the Arrangement, Xceed shareholders were entitled to elect\n to receive either Cdn$1.75 or 0.118 of a common share of MCAN (\"MCAN\n Shares\") for each Xceed Share held, subject to pro-rationing as\n necessary to effect the maximum available cash consideration. After\n giving effect to pro-rationing in accordance with the terms of the\n Arrangement, Xceed shareholders who elected, or were deemed to have\n elected, to receive cash consideration will receive, for each Xceed\n Share held, cash equal to approximately Cdn$1.13 and approximately\n 0.042 of an MCAN Share. The aggregate cash consideration paid by MCAN\n is $30,292,062.50 and the aggregate number of MCAN Shares issued to\n Xceed shareholders who elected, or were deemed to have elected, to\n receive cash consideration is 1,113,713. An additional 418,190 MCAN\n Shares were issued to Xceed shareholders who elected, or were deemed to\n have elected, to receive share consideration.\n\n\nForward-Looking Information \n\n\nThis press release may contain forward-looking statements, including\n statements regarding the acquisition by MCAN of all of the issued and\n outstanding shares of Xceed.  These forward-looking statements can\n generally be identified as such because of the context of the\n statements and often include words such as MCAN \"believes\",\n \"anticipates\", \"expects\", \"plans\", \"estimates\" or words of a similar\n nature.  These statements are based on current expectations, and are\n subject to a number of risks and uncertainties that may cause actual\n results to differ materially from those contemplated by the\n forward-looking statements.  Some of the factor...