between a legal event and a trading event. In this instance, the pre-merger securities will continue to trade post legal effective date as a proxy for the post-merger entitlement. For example, two TSX listed Issuers, Issuer A and Issuer B, are merging, with: (i) Issuer B being the continuing Issuer; and (ii) a legally effective date as of the opening of business on Wednesday, March 22. Upon closing of the merger, all documents are provided to TSX, as required in the conditional approval letter (including a declaration of trust dated March 22), and TSX issues a bulletin on March 22. For trading purposes, Issuer A, the terminating Issuer, is delisted at the close on Thursday, March 23, and Issuer B, the continuing Issuer, opens for trading on a merged basis at the open on Friday, March 24. On March 22 and 23, Issuer A (the terminating Issuer) trades on an “entitlement basis” (i.e., representing entitlement to the consideration due to holders of Issuer A upon closing of the merger). Note that there is no break in liquidity for holders of Issuer A or Issuer B in this situation. SYMBOLS CONSIDERATIONS Issuers are reminded that, upon completion of a merger, the trading history of an existing symbol will follow the symbol post-merger should the symbol remain listed. For example, two listed Issuers are merging, Issuer A (Symbol: ABC) and Issuer B (Symbol: DEF). Upon completion of the merger, if the continuing Issuer decides to: (i) use a new Symbol “GHI”, neither the trading history of Issuer A or Issuer B will follow; or (ii) use Issuer A’s symbol “ABC”, then the trading history for Issuer A will follow. As a result, prior to the effective trading date for the continuing Issuer, Issuer A’s trading history will follow and after the effective trading date for the continuing Issuer, the continuing Issuer’s trading will follow. 10
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