September 13, 2016 / 4:11 AM / a year ago

BRIEF-VersaBank and PWC capital to merge

Sept 12 (Reuters) - VersaBank :

* VersaBank & PWC Capital agree to merge

* Board of each of PWC and vb resolved to unanimously recommend that their securityholders vote in favour of transaction

* Each non-voting, non-participating class “b” preferred share in capital of PWC will be acquired by PWC for 102.385 PWC common shares

* Each $1,000 in principal amount of 9% unsecured notes of PWC maturing october 16, 2018, to be acquired by PWC for 4,784 PWC common shares

* Pursuant to amalgamation, each PWC common share will be converted into bank common shares on basis of 36.652 PWC shares for 1 bank shares

* Pursuant to amalgamation, all of outstanding vb securities will be converted into equivalent securities of bank on a one for one basis

* Upon completion, co anticipates existing securityholders and lenders of PWC to own about of 64.9% of VersaBank common shares

* Upon completion, co anticipates existing common shareholders of VersaBank will own remaining shares Source text for Eikon: Further company coverage:

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