HONG KONG, May 31, 2019 /PRNewswire/ -- MFC Bancorp Ltd.
(the "Company" or "MFC") (NYSE: MFCB) announces that, at its
extraordinary general meeting of shareholders held today, the
Company's shareholders approved its previously announced share
consolidation and subsequent forward split. As a result, effective
at the close of business on June 3,
2019, the Company will complete a share consolidation (the
"Consolidation") of the issued and outstanding common shares of the
Company on a 25 to 1 basis followed by a subsequent share split of
the post-consolidation common shares on a 1 to 25 basis (the
"Consolidation / Split").
No fractional interests will be issued as a result of the
Consolidation. Accordingly, accounts with less than 25 common
shares immediately prior to the Consolidation ("Fractional Holders)
will not receive any resulting fractional share interests resulting
therefrom. As soon as reasonably practicable after the
Consolidation, the Company's transfer agent, Computershare, will
aggregate and sell such fractional interests at the then-prevailing
market prices on account of such Fractional Holders. After such
sale and upon surrender of such shareholders' stock certificates,
Computershare will pay Fractional Holders their applicable pro rata
share of the net proceeds thereof (after customary brokerage
commissions and other expenses). Shareholders who hold 25 or more
common shares immediately prior to the Consolidation should not be
impacted by the Consolidation / Split and should hold the same
number of common shares of the Company both before and after the
Consolidation / Split.
Computershare will be sending information packages to registered
Fractional Holders after the Consolidation with instructions on how
to surrender their common share certificates. The Company intends
to treat Fractional Holders who hold their shares through banks,
brokers or other nominees in the same manner as its registered
Fractional Holders. Accordingly, the Company will instruct all
nominees to effect the Consolidation / Split for their beneficial
holders. Those shareholders who hold their common shares through a
bank, broker or other nominee should contact such broker or nominee
with any questions in this regard.
In addition, at the extraordinary general meeting, the Company's
shareholders approved the previously announced name change of the
Company to "Scully Royalty Ltd.". The name change will become
effective at the close of business on June
3, 2019 and the Company's common shares will commence
trading on the NYSE under the new symbol "SRL" on June 4, 2019.
Certificates representing Common Shares will not be affected by
the name change and will not need to be exchanged except in
relation to Fractional Holders as described above. Further
information regarding the above corporate actions is set forth in
the Company's proxy statement dated May 8,
2019, a copy of which is available under the Company's
profile at
www.sec.gov.
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SOURCE MFC Bancorp Ltd.