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Gold/Mining/Energy : JDS Fitel
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To: pat mudge who wrote (666)1/30/1999 6:43:00 PM
From: Sultan  Read Replies (1) of 815
 
.....Slightly off topic....

Not correct Pat if you look at previous mergers of this nature. More recent one where I have shares, a company called Promis systems was bought out by PRI Automation. It closed on Jan 26. Some time next week, my Promis shares will be converted to PRIA exchangable shares based on some ratio, and will trade freely on TSE. There is no tax implication to me until I sell and if some one were to buy the exchangable shares on TSE, they can hold it under RRSP without the share counting towards 20% foreign content limit. In affect exchangable share will trade in sinc with PRIA give or take about 4-5% premium based on how badly some one wants to buy them under RRSP.

There is another company, used to be canadian, merged with an american and moved the HO to Georgia and is now considered american for RRSP purpose. The company, IVI Checkmate trades on nasdaq under CMIV and on TSE they actually have two classes of shares trading. IVI which is exchangable to IVC when ever the share holders want to and IVC which is considered directly equivalent to CMIV (in other words count as foreign holding). If you look at the price of IVI and IVC you will see a real divergence. IVC trades almost same as CMIV but convert for C$, but IVI which is identical to IVC but because is exchangable share to IVC and is not considered foreign holding yet trades at significant premium to IVC.

So you could actually see once the merger goes through, JDS on TSE trading at slight premium to JDS uniphase on nasdaq.
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