Friday, May 17, 2019 1:18:24 PM
On June 4, 2018, Yield completed a two for one subdivision of its issued common shares which increases Glance’s shareholding to 20,900,000 shares out of a total of 78,091,134 shares outstanding. Ms. Green is proposing that all 20,900,000 shares be distributed to Glance shareholders as dividends on a return of capital basis.
In effect, each Glance shareholder will receive approximately 1 Yield share for every 6.5 Glance shares owned. As Yield is currently a private company, it will become a reporting issuer upon the distribution. The distribution can be made as a dividend declared by the board of directors of Glance, or can be done via Plan Of Arrangement to qualify the distribution in accordance with US and Canadian securities laws. There are approximately 22,000 shareholders of Glance internationally and all would benefit on a pro- rated basis.
Following completion of any and all corporate, legal and securities requirements, Ms. Green believes that this proposal to distribute Yield shares to Glance shareholders will create substantial future value for all Glance shareholders.
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