TVA Group Inc. Announces Final Results of Substantial Issuer Bid
03 June 2008 - 11:49PM
Marketwired
MONTREAL, CANADA ("TVA Group") announces the final results of
its offer (the "Offer") to purchase for cancellation a total of
3,000,000 participating Class B non-voting shares (the "Class B
Shares") at a fixed price of $17.00 per share, which expired on
June 2, 2008 at 8:00 p.m. (Montreal time).
Based on the report provided by the depositary for the Offer, a
total of 9,189,542 Class B Shares were deposited as at the
expiration of the Offer. TVA Group has purchased for cancellation
3,000,000 Class B Shares (with adjustments for odd lot purchases
and to avoid the purchase of fractional shares) at the purchase
price of $17.00 per share for an aggregate purchase price of
$51,000,000. As a result, shareholders who have deposited Class B
Shares pursuant to the Offer will have approximately 32.6% of their
deposited Class B Shares purchased for cancellation by TVA Group,
subject to the odd lot and fractional share adjustments.
TVA Group and the depositary for the Offer expect that the final
proration factor and exact number of Class B Shares to be taken up
and paid for under the offer will be determined on or about June 4,
2008. Payment for Class B Shares tendered and accepted for purchase
will be made on or before June 5, 2008. Return of Class B Shares
not purchased because of proration or because they were invalidly
deposited will be made as promptly as possible.
The Class B Shares repurchased for cancellation represent
approximately 13.2% of TVA Group's outstanding Class B Shares
before giving effect to the repurchase. After giving effect to the
repurchase, there will remain outstanding 19,704,848 Class B
Shares.
Important Income Tax Information for TVA Group Shareholders
As described in the Offer to Purchase and Issuer Bid Circular
describing the Offer that was mailed to TVA Group's shareholders,
TVA Group is hereby designating the entire amount of the deemed
dividend arising from its purchase of Class B Shares under the
Offer as an "eligible dividend" for purposes of the enhanced
dividend tax credit pursuant to subsection 89(14) of the Income Tax
Act (Canada) and any relevant provincial legislation of comparable
effect. This notice meets the requirements of the Income Tax Act
(Canada). Shareholders are urged to contact their own tax advisors
if they have any questions with regard to the designation of the
eligible dividends.
TVA Group Inc., a subsidiary of Quebecor Media Inc., is an
integrated communications company involved in television, the
production and distribution of audiovisual products, and in
magazine publishing. TVA Group is one of the largest private sector
producers and the largest private sector broadcaster of
French-language entertainment, information and public affairs
programming, and magazine publishing in North America. TVA also
operates SUN TV, a general-interest station in Toronto. The
Company's Class B Shares are listed on the Toronto Stock Exchange
under the ticker symbol "TVA.B".
Contacts: TVA Group Inc. Denis Rozon, CA Vice-President and
Chief Financial Officer 514-598-2808 www.tva.canoe.ca
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