![]() ![]() To the extent that this Warrant has not been partially or completely exercised at the time of such Distribution, such portion of the Distribution shall be held in abeyance for the benefit of the Holder until the Holder has exercised this Warrant.ĭistributions to Shareholders (a) The Trustees shall from time to time distribute ratably among the Shareholders of any class of Shares, or any series of any such class, in accordance with the number of outstanding full and fractional Shares of such class or any series of such class, such proportion of the net profits, surplus (including paid-in surplus), capital, or assets held by the Trustees as they may deem proper or as may otherwise be determined in accordance with this Declaration. Pro Rata Distributions During such time as this Warrant is outstanding, if the Company shall declare or make any dividend (other than cash dividends) or other distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way of return of capital or otherwise (including, without limitation, any distribution of shares or other securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a “Distribution”), at any time after the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have participated therein if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the participation in such Distribution (provided, however, to the extent that the Holder’s right to participate in any such Distribution would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial ownership of any shares of Common Stock as a result of such Distribution to such extent) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation). ![]() Related to Pro Rata Distributions to Parity Stock Holders Adjustments for Dividends, Distributions, Stock Splits, Etc.These results differ from those found in Jog and Riding (1986, 1989) for the effective dates. Although no statistically significant abnormal returns or beta shifts are found on the announcement and effective dates for such recapitalizations, statistically significant positive abnormal returns are found on the effective dates for the paired differences between V and RV shares. The GLS and SUR estimation techniques and various adjustments are used to deal with possible violations of the assumptions of a dummy-variable version of a two-beta market model for portfolios of V and RV shares, V minus RV shares, V shares only, and RV shares only. These firms created a new class of common stock by distributing restricted voting ( RV) shares through the stock split (pro rata) distribution method to current shareholders (holders of single class shares which became voting shares). Tests are conducted to assess if abnormal returns or beta nonstationarity are associated with the announcements and effective dates for a sample of Canadian firms.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |