Colliers International and New FirstService – April 2015
On April 21, 2015, the shareholders of FirstService approved a proposal to separate the Company into two new independent public companies – Colliers International and "new" FirstService. On June 1, 2015, the Subordinate Voting Shares of "old" FirstService ceased trading on the TSX and NASDAQ. The "new" FirstService Subordinate Voting Shares and colliers International Subordinate Voting Shares began regular trading on the TSX and NASDAQ at the commencement of trading on June 2, 2015. The "new" FirstService Subordinate Voting Shares trade under the symbol FSV on both the TSX and NASDAQ, and the Colliers International Subordinate Voting Shares trade under the symbol CIG on the TSX and the symbol CIGI on NASDAQ.
For the purposes of the enhanced dividend tax credit rules contained in the Income Tax Act (Canada) and any corresponding provincial and territorial tax legislation, all dividends (and deemed dividends) paid by the Company to Canadian residents on its subordinate voting shares, multiple voting shares and preferred shares are designated as "eligible dividends". Unless stated otherwise, all dividends (and deemed dividends) paid by the Company are designated as "eligible dividends" for the purposes of such rules.
Subordinate voting share dividends paid to U.S. holders may be subject to withholding tax.
FirstService strengthens its balance sheet and increases its market capitalization by simplifying its capital structure in a two-step process: a) a partial redemption of 30% of the preferred shares for cash; b) the conversion of all remaining preferred shares (70%) into subordinate voting shares.
In November 2009, the Company completed an offering of US$77 million of 6.5% Convertible Unsecured Subordinated Debentures maturing December 31, 2014. The debentures were redeemed by the Company on September 24, 2013 in accordance with the redemption rights attached to the debentures. Prior to redemption, substantially all holders exercised their right to convert, resulting in the issuance of 2.74 million subordinate voting shares.
The Board of Directors of FirstService declared a stock dividend of one preferred share for every five outstanding subordinate voting shares or multiple voting shares of FirstService. The stock dividend was payable on August 1, 2007 to shareholders of record at the close of business on July 25, 2007.
The Board of Directors declared a stock dividend doubling the number of FirstService's outstanding subordinate voting shares and multiple voting shares and effectively achieving a 2- for-1 stock split.
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