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To: Ellie who wrote (17073)6/17/1999 5:44:00 PM
From: Graham Hickey  Read Replies (1) | Respond to of 62348
 
First Marathon shareholders will have the option of receiving C$26 in cash OR 1.3 common shares of National Bank for each Class A non-voting share or Class C voting share they hold.

No, the cash would not be prorate. Consider it a floor. (Based on the details of the news release)



To: Ellie who wrote (17073)6/17/1999 7:49:00 PM
From: the Chief  Respond to of 62348
 
Actually no, they are saying 26 or 1.3 shares. So if everyone wants the 26 then they have to pay the 26. If they everyone wants the shares, they issue shares. Ultimately it doesn't matter to the purchasing company because they have to dillute to either pay the cash or issue the shares!

the Chief


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