Brief: VersaBank and PWC capital to merge
13/09/2016 04:02
Sept 12 (Reuters) - VersaBank VB.TO :
* VersaBank & PWC Capital agree to merge
* Board of each of PWC and vb resolved to unanimously
recommend that their securityholders vote in favour of
transaction
* Each non-voting, non-participating class "b" preferred
share in capital of PWC will be acquired by PWC for 102.385 PWC
common shares
* Each $1,000 in principal amount of 9% unsecured notes of
PWC maturing october 16, 2018, to be acquired by PWC for 4,784
PWC common shares
* Pursuant to amalgamation, each PWC common share will be
converted into bank common shares on basis of 36.652 PWC shares
for 1 bank shares
* Pursuant to amalgamation, all of outstanding vb securities
will be converted into equivalent securities of bank on a one
for one basis
* Upon completion, co anticipates existing securityholders
and lenders of PWC to own about of 64.9% of VersaBank common
shares
* Upon completion, co anticipates existing common
shareholders of VersaBank will own remaining shares
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