C$ unless otherwise stated TSX/NYSE/PSE: MFC SEHK:945
TORONTO, Aug. 23, 2013 /PRNewswire/ - Manulife Asset Management Limited, the manager (the "Manager") of Copernican World Banks Split Inc. (TSX: CBW/CBW.PR.A) and Copernican International Financial Split Corp. (TSX: CIR/CIR.PR.A) (collectively, the "Funds" and individually, a "Fund"), today announced that the Funds' boards of directors have approved a proposal for each Fund to, among other things, grant securityholders an additional option to allow them to continue their investment in each Fund beyond the currently scheduled termination date of December 2, 2013.
By approving the proposal for each Fund, securityholders will have the opportunity to benefit from a recovering market backdrop. The proposal for each Fund will include, among other things, the following:
- The term of Copernican World Banks Split Inc. and Copernican International Financial Split Corp. may be extended for an additional term of five years. In addition, the termination date of the Funds may be extended further for successive terms of five years thereafter, as determined by the Board; and
- Current redemption rights of the Class A shareholders and Preferred shareholders will remain unchanged and securityholders will be provided with an additional special retraction right providing an option to retract either Preferred shares or Class A shares at the end of the term (and each successive term thereafter) and receive a retraction price that is calculated in the same way that such price would be calculated if the Fund were to terminate on December 2nd, 2013.
A special meeting of securityholders of the Funds has been called and will be held on or about November 15, 2013 to consider and vote upon the proposal for each Fund and any ancillary matters (the "Special Meetings"). Securityholders of record of the Funds at the close of business on or about September 18, 2013 are entitled to receive notice of and vote at the Special Meetings, with respect to their Fund. Further details of the proposal for each Fund will be outlined in a management information circular that will be delivered to securityholders in connection with the Special Meetings.The proposal for each Fund remains subject to review by the Funds independent review committee.