PRVT » Topics » Section 3.1 Exchangeable Shares Dividends

This excerpt taken from the PRVT 8-K filed Nov 3, 2009.

Section 3.1 Exchangeable Shares Dividends

 

  (a) Each Holder of an Exchangeable Share shall be entitled to receive and the Board of Directors shall, subject to applicable law, declare a dividend on each Exchangeable Share, on each PMG Dividend Declaration Date:

 

  (i) in the case of a cash dividend declared on any PMG Common Stock, in an amount in cash for each Exchangeable Share in U.S. dollars, or the Canadian Dollar Equivalent thereof on the PMG Dividend Declaration Date, equal to the cash dividend declared on each share of PMG Common Stock; or

 

  (ii) in the case of a dividend declared on any PMG Common Stock in property other than cash, in such type and amount of property for each Exchangeable Share as is the same as or economically equivalent to (as contemplated by Section 4.5 of the Exchange and Support Agreement) the type and amount of property declared as a dividend on each share of PMG Common Stock.

 

  (b) Such dividends shall be paid out of money, assets or property of Corporation properly applicable to the payment of dividends, or out of authorized but unissued shares of Corporation, as applicable.
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