HONG KONG, May 31, 2019 /PRNewswire/ -- MFC Bancorp Ltd. (the "Company" or "MFC") (MFCB) announces that, at its extraordinary general meeting of shareholders held today, the Company's shareholders approved its previously announced share consolidation and subsequent forward split. As a result, effective at the close of business on June 3, 2019, the Company will complete a share consolidation (the "Consolidation") of the issued and outstanding common shares of the Company on a 25 to 1 basis followed by a subsequent share split of the post-consolidation common shares on a 1 to 25 basis (the "Consolidation / Split").
No fractional interests will be issued as a result of the Consolidation. Accordingly, accounts with less than 25 common shares immediately prior to the Consolidation ("Fractional Holders) will not receive any resulting fractional share interests resulting therefrom. As soon as reasonably practicable after the Consolidation, the Company's transfer agent, Computershare, will aggregate and sell such fractional interests at the then-prevailing market prices on account of such Fractional Holders. After such sale and upon surrender of such shareholders' stock certificates, Computershare will pay Fractional Holders their applicable pro rata share of the net proceeds thereof (after customary brokerage commissions and other expenses). Shareholders who hold 25 or more common shares immediately prior to the Consolidation should not be impacted by the Consolidation / Split and should hold the same number of common shares of the Company both before and after the Consolidation / Split.
Computershare will be sending information packages to registered Fractional Holders after the Consolidation with instructions on how to surrender their common share certificates. The Company intends to treat Fractional Holders who hold their shares through banks, brokers or other nominees in the same manner as its registered Fractional Holders. Accordingly, the Company will instruct all nominees to effect the Consolidation / Split for their beneficial holders. Those shareholders who hold their common shares through a bank, broker or other nominee should contact such broker or nominee with any questions in this regard.
In addition, at the extraordinary general meeting, the Company's shareholders approved the previously announced name change of the Company to "Scully Royalty Ltd.". The name change will become effective at the close of business on June 3, 2019 and the Company's common shares will commence trading on the NYSE under the new symbol "SRL" on June 4, 2019.
Certificates representing Common Shares will not be affected by the name change and will not need to be exchanged except in relation to Fractional Holders as described above. Further information regarding the above corporate actions is set forth in the Company's proxy statement dated May 8, 2019, a copy of which is available under the Company's profile at www.sec.gov.