A Re-organization in the S&P/TSX Composite Index
TORONTO, May 27, 2015 /CNW/ - S&P Dow Jones Canadian Index Services will make the following changes in the S&P/TSX Canadian Indices:
FirstService Corporation (TSX:FSV) has completed a corporate reorganization whereby the company will separate itself into two independent publicly traded companies. Effective at the open of trading on Tuesday, June 2, 2015, FirstService Corporation will change its name to Colliers International Group Inc. (TSX:CIG) which will retain the commercial real estate services assets of the company.
Concurrently, the company will spin off, on a 1-for-1 basis, shares in a new company that will retain the name FirstService Corporation and will have the new ticker symbol NFS. This new FirstService Corporation will retain the company's assets related to residential property management. The spun out shares of the new FirstService Corporation will be added to all the S&P/TSX indices where the current manifestation of FirstService is a constituent after the close on Monday, June 1, 2015.
Both the new FirstService Corporation and Colliers International Group Inc. will trade on TSX on an ex-distribution basis starting Wednesday, May 27, 2015. The close price of the current FirstService Corporation on Monday, June 1, 2015, will be reduced by the ex-distribution price of new FirstService (NFS) at the close that day.
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SOURCE S&P Dow Jones Indices
Tony North, Director, Canadian Index Operations, S&P Dow Jones Indices, (+) 416 507 3204, tony.north@spdji.com; David Blitzer, Managing Director and Chairman of the Index Committee, S&P Dow Jones Indices, (+) 212 438 3907, david.blitzer@spdji.comCopyright CNW Group 2015