Weyburn Inland Terminal intends to simplify its capital structure by exercising its right to redeem all of the Class A Preferred shares of WIT at $40.00 per share.
To date, there are only 265 issued and outstanding Class A Preferred shares, and over 5,455,000 common shares. There are no declared but unpaid dividends accrued to the Class A preferred shares. Payment of the redemption price will be completed on December 20, 2013.
The holders of the Class A Preferred shares will also have the option of converting such shares to Common shares. The conversion will also occur on December 20, 2013 and will be on a 100
Common shares for 1 Preferred share basis.
Formal notice will be issued to holders of Class A Preferred shares in accordance with the Articles of WIT describing both the redemption and conversion option.
Following the conversions and redemptions set to take place on December 20, 2013, all issued and outstanding preferred shares of WIT will be eliminated from WIT's authorized capital in their entirety. The only remaining class of shares of WIT issued and outstanding will be the Common shares.
The Class A Preferred shares will no longer be deemed outstanding on and after December 20,
2013 and all rights with respect to the shares will cease, except only the right of the holders thereof to receive the redemption price. As a result of the mandatory redemption, the right of the holders to convert the Class A Preferred shares to common shares will also terminate on December 20, 2013.
