RE:RE:RE:Elgin Shareholders meeting those weeMakes sense to get as many shares vs cash and looks like most made that choice, which as you say was the default... so here is what they say in the news release :
Based on valid elections received prior to the election deadline and deemed elections, shareholders of Elgin (the "Elgin Shareholders") elected to receive:
- the Share Consideration in respect of 188,980,537 Elgin Shares (which, at 0.4111 of a Mandalay Share per Elgin Share, would result in aggregate Share Consideration of approximately 77.7 million Mandalay Shares); and
- the Cash Consideration in respect of 4,461,519 Elgin Shares (which, at CDN$0.37 per Elgin Share, would result in aggregate Cash Consideration of approximately CDN$1.7 million).
Since the aggregate Share Consideration would otherwise exceed 50 million Mandalay Shares, all elections (including deemed elections) have been pro-rated in the manner described in the management information circular dated July 25, 2014 prepared by Elgin in connection with the Arrangement. This has resulted in the number of Mandalay Shares that each Elgin Shareholder exchanged for the Share Consideration being reduced by applying an approximate 64.358% pro-ration factor.
For illustrative purposes only, and using the example of an individual holding 1,000 Elgin Shares:
- if such Elgin Shareholder elected to receive Cash Consideration in respect of all of their Elgin Shares held, the Elgin Shareholder would be entitled to receive CDN$370 (being CDN$0.37 for each Elgin Share); or
- if such Elgin Shareholder elected (or was deemed to have elected) to receive Share Consideration in respect of all of their Elgin Shares, the Elgin Shareholder would be entitled to receive approximately 264 Mandalay Shares in consideration for a portion of their Elgin Shares and CDN$131.88 cash in consideration for the remaining portion of the Elgin Shares.
Any questions or requests for assistance in surrendering certificates that formerly represented Elgin Shares in order to receive the Arrangement consideration may be directed to the depository, Computershare Investor Services Inc., by telephone at 1-800-564-6253 toll-free in North America, 1-514-982-7555 outside of North America or by e-mail at corporateactions@computershare.com.
De-listing of the Elgin Shares from the Toronto Stock Exchange ("TSX") is expected to occur shortly. Concurrent with the delisting of the Elgin Shares, Elgin will apply to all applicable Canadian securities regulatory authorities in order to cease to be a reporting issuer.