TORONTO, Dec. 11, 2017 (GLOBE NEWSWIRE) -- Trisura Group Ltd. (“Trisura” or the “Company”) (TSX:TSU) today announced that the previously announced 1 for 10 share consolidation of its common shares (the “share consolidation”) followed immediately by a 10 to 1 share split (the “share split”) received shareholder approval at Trisura’s special meeting of shareholders held earlier today. Shareholders also approved and ratified Trisura’s management share option plan (the “option plan”) and the option grants made to date thereunder at today’s meeting. The share consolidation and share split was approved by approximately 99.54% of the votes cast by all of the Trisura shareholders eligible to vote at the meeting and approximately 99.36% of the votes cast by minority shareholders of Trisura. The option plan and the option grants were approved and ratified by approximately 90.12% of the votes cast by all of the Trisura shareholders eligible to vote at the meeting.
Share Consolidation and Share Split
The share consolidation and share split is expected to become effective on December 29, 2017 (the “effective date”) for common shares held by shareholders of record at the close of business on December 20, 2017 (the “record date”). The common shares are expected to begin trading on a post-consolidation and split basis on the Toronto Stock Exchange on the effective date under the same trading symbol.
As previously announced, cash proceeds will be paid to shareholders who hold less than 10 common shares as of the record date at a price per Trisura common share based on the average trading price of Trisura common shares for the 20 days prior to the effective date.
Letters of transmittal were mailed to registered shareholders on November 10, 2017 providing instructions to surrender the certificates evidencing their common shares to Trisura’s transfer agent, AST Trust Company (Canada) (“AST”), for (a) in the case of holders of 10 or more common shares as of the record date, replacement certificates representing the same number of common shares they currently hold and (b) in the case of holders of less than 10 common shares as of the record date, cash proceeds. Following the record date, registered shareholders are requested to submit their share certificates, together with their completed applicable letter of transmittal, to AST. Copies of the letters of transmittal are available on the SEDAR profile of Trisura at www.sedar.com and our website at www.trisura.com/group/investor-centre. Registered shareholders may also contact AST to request a copy of the letter of transmittal at (416) 682-3860 (or 1-800-387-0825), or inquiries@astfinancial.com.
Non-registered shareholders who hold their Trisura common shares through an intermediary such as a bank, trust company, securities dealer or broker should note that these intermediaries may have their own procedures for processing the share consolidation and share split which may differ from those described above for registered shareholders. Non-registered shareholders who have questions should contact their intermediary for more information.
About Trisura Group
Trisura Group Ltd. is an international specialty insurance provider operating in the surety, risk solutions, corporate insurance and reinsurance segments of the market. Trisura has three principal regulated subsidiaries: Trisura Guarantee Insurance Company in Canada, Trisura Specialty Insurance Company in the USA and Trisura International Insurance Ltd. in Barbados. Trisura Group is listed on the Toronto Stock Exchange under the symbol "TSU".
Further information is available at http://www.trisura.com/group. Important information may be disseminated exclusively via the website; investors should consult the site to access this information. Details regarding the operations of Trisura Group are also set forth in regulatory filings. A copy of the filings may be obtained on Trisura Group’s SEDAR profile at www.sedar.com.
For more information, please contact:
| Name: David Clare, Chief Investment Officer Tel: 647-503-6516 Email: dclare@pvii.ca |
Cautionary Statement Regarding Forward-Looking Statements and Information
Note: This news release contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of applicable Canadian securities regulations. The words “will”, “intends” and derivations thereof and other expressions that are predictions of or indicate future events, trends or prospects and which do not relate to historical matters identify forward-looking statements.
Forward-looking statements in this news release include statements with respect to the record date and effective date of the share consolidation and share split of Trisura’s common shares and the date Trisura expects its common shares to begin trading on a post-consolidation and split basis. Although Trisura believes that such forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information as such statements and information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Trisura to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information. Except as required by law, Trisura undertakes no obligation to publicly update or revise any forward-looking statements or information, whether written or oral, that may be as a result of new information, future events or otherwise.