COM DEV International Ltd. (TSX:CDV) Completes
a Transaction with Honeywell International Ltd. (HON)
TORONTO, Feb. 4, 2016 /CNW/ - S&P Dow Jones
Canadian Index Services will make the following changes in the
S&P/TSX Canadian Indices:
The Arrangement Agreement between COM DEV International Ltd.
(TSX:CDV) and Honeywell International Inc. (NYSE:HON) has been
completed. Honeywell will acquire the equipment business of COM DEV
for an initial cash consideration of $5.125 per COM DEV share (all figures are in
Canadian dollars). The maritime ship tracking business of COM DEV,
called exactEarth Ltd., will be spun out to COM DEV shareholders on
the basis of 0.197854963 shares of exactEarth for each COM DEV
share held. A subsequent payment from Honeywell to COM DEV
shareholders of up to $CDN0.125 per
COM DEV share will also be made approximately 2 weeks later.
The index treatment of this event in the S&P/TSX SmallCap
and the S&P/TSX Capped Information Technology Indices will be
as follows. The $5.125 cash payment
to CDV shareholders will be treated as a special dividend with an
ex-date of Tuesday, February 9, 2016.
At the same time, there will be a name and ticker change of COM DEV
to exactEarth Ltd. (TSX:XCT). Also, the shares will be consolidated
on a 0.197854963-for-1 basis. The consolidated shares of exactEarth
Ltd. will remain in both the aforementioned indices.
As required, a separate announcement about the subsequent cash
payment will be made when details are known.
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