Canadian Warrants

Additional information on the warrant offering may be found in the fund's short form prospectus dated Aug. 6, 2010, which is available on SEDAR.

The fund may use the book-entry only system administered by CDS Clearing and Depository Services Inc. with respect to the warrants, the non-certificated issue system or another system acceptable to the fund. Shareholders hold their Class A shares through a CDS participant and will not receive physical certificates evidencing their ownership of warrants and all warrantholders will hold their warrants through a CDS participant. The fund expects that each shareholder will receive a confirmation of the number of warrants issued to it under the offering from its CDS participant in accordance with the practices and procedures of that CDS participant.

A warrantholder may subscribe for the resulting whole number of units or any lesser whole number of units by instructing the participant in CDS holding the subscriber's warrants to exercise all or a specified number of such warrants and forwarding the subscription price for each unit subscribed for in accordance with the terms of the offering and the warrant indenture to the CDS participant that holds the subscriber's warrants.

The subscription price is payable in Canadian funds by certified cheque, bank draft or money order drawn to the order of a CDS participant, by direct debit from the subscriber's brokerage account or by electronic funds transfer or other similar payment mechanism. All payments must be forwarded to the appropriate office of the CDS participant. The entire subscription price for units subscribed for must be paid at the time of subscription and must be received by the warrant agent prior to the expiry date. If mail is used for delivery of subscription funds, for the protection of the subscriber, certified mail with return receipt requested should be used and sufficient time should be allowed to avoid the risk of late delivery. A subscriber subscribing through a CDS participant must deliver its payment and instructions sufficiently in advance of the expiry date to allow the CDS participant to properly exercise the warrants on such subscriber's behalf. Warrantholders are encouraged to contact their broker or other CDS participant as each CDS participant may have an earlier deadline for receipt of instructions and payment.

Each warrantholder that subscribes for units to which such holder is entitled pursuant to the basic subscription privilege may, at any time during the exercise period, subscribe for additional units on a pro rata basis (based on the number exercised under the basic subscription privilege) pursuant to the additional subscription privilege, if applicable, at a price equal to the subscription price for each additional unit. Warrantholders will not be required to exercise all of their warrants under the basic subscription privilege to be eligible for the additional subscription privilege.

To apply for additional units under the additional subscription privilege, a beneficial holder of warrants must forward their request to a CDS participant prior to the expiry date. Payment for additional units, in the same manner as for units, must accompany the request when it is delivered to the CDS participant. Any excess funds will be returned by mail or credited to a subscriber's account with its CDS participant without interest or deduction. Payment in full of the subscription price must be received by the warrant agent prior to the expiry date, failing which the subscriber's entitlement to such units will terminate. Accordingly, the subscriber must deliver payment and instructions sufficiently in advance of the expiry date to allow the CDS participant to properly apply for additional units under the additional subscription privilege, as applicable.

The Class A shares and the preferred shares are not registered under the 1933 Act. The offering is made in Canada and not in the United States. The offering is not, and under no circumstances is to be construed as, an offering of any Class A shares or preferred shares for sale in the United States or an offering to or for the account or benefit of any U.S. person or a solicitation therein of an offer to buy securities. Accordingly, the warrants may not be distributed to shareholders located in the United States, and no subscriptions will be accepted from any person, or his agent, who appears to be, or whom the fund has reason to believe is, resident in the United States.

Each CDS participant will, prior to the expiry date, attempt to sell for the U.S. shareholder the warrants allotable to such shareholder at the price or prices it determines in its discretion. Neither the fund nor any CDS participant will be subject to any liability for the failure to sell any warrants for such a shareholder or in connection with the sale of any warrants at a particular price on a particular day. It is expected that any proceeds received by the CDS participant with respect to the sale of warrants, net of brokerage fees and costs incurred and, if applicable, Canadian tax required to be withheld, will be delivered by mailing cheques (in Canadian funds and without payment of any interest) as soon as practicable to the shareholder whose warrants were sold, at the shareholder's last recorded address. Amounts of less than $1.00 will not be forwarded. There is a risk that the proceeds received from the sale of warrants will not exceed the brokerage fees and costs of or incurred by the CDS participant in connection with the sale of such warrants and, if applicable, the Canadian tax required to be withheld. In such event, no proceeds will be forwarded.

Shareholders whose recorded addresses are outside of Canada (but not in the United States) will be permitted to subscribe for units pursuant to the terms of the offering or, if they do not wish to exercise any of their warrants to subscribe for units, will be permitted to sell or otherwise transfer their warrants through a CDS participant provided that they represent to the fund that the receipt by them of warrants and the issuance to them of Class A shares and preferred shares upon the exercise of warrants are not in violation of the laws of their jurisdiction of residence.

The warrants will be governed by the terms of a master warrant indenture dated Aug. 10, 2010, between the fund and Computershare Trust Company of Canada, as warrant agent. The warrant indenture provides for appropriate adjustments to the warrants in the event of stock dividends, subdivisions, consolidations and other forms of capital reorganization.

The fund will pay a fee of 17 cents per warrant to the dealer whose client exercised the warrant.

It is anticipated that the prospectus will be mailed to Class A shareholders on or about Aug. 30, 2010.

The TSX has been advised that the fund has not retained the services of any securities dealer or broker to solicit subscriptions for shares and will not pay any fee or commission for soliciting such subscriptions.

World Financial to list 8.55 million warrants Nov. 17

2009-11-13 22:51 MT - Warrants Called to Trade
TSX bulletin 2009-1505
Holders of Class A shares (Symbol: WFS) of World Financial Split Corp. of record as of the close of business on Nov. 19, 2009, will be issued warrants, on the basis of one transferable warrant for each Class A share held. Each whole warrant entitles the holder to purchase one unit at a price of $13.14 on or before 5 p.m. (Toronto time) on March 31, 2010. Each unit consists of one transferable, redeemable Class A share and one transferable, redeemable preferred share (symbol: WFS.PR.A) of the fund.

The Class A shares of the fund will commence trading on an ex distribution basis at the opening on Nov. 17, 2009, at which time 8,557,010 warrants will be posted for trading on a when-issued basis, under the following trading information:

Symbol: WFS.WT
Cusip No.: 98146P 11 1
Trading currency: Canadian
Designated market maker: Desjardins Securities Inc.
Other markets: None

Additional information on the warrant offering may be found in the fund's short-form prospectus dated Nov. 6, 2009, which is available at SEDAR. Capitalized terms used but not otherwise defined are as defined in the prospectus.

Warrants may be exercised at any time during the period commencing at market open (Toronto time) on Dec. 1, 2009, and ending at the expiry date. Warrants not exercised prior to the expiry date will be void and of no value.

The fund uses the book-entry only system administered by CDS Clearing and Depository Services Inc. with respect to units and warrants. The fund may also use the non-certificated issue system or another system administered by CDS.

A warrantholder may subscribe for the resulting whole number of units or any lesser whole number of units by instructing the participant in CDS participant holding the subscriber's warrants to exercise all or a specified number of such warrants and forwarding the subscription price for each unit subscribed for in accordance with the terms of the offering and the warrant indenture to the CDS participant which holds the subscriber's warrants.

The subscription price is payable in Canadian funds by certified cheque, bank draft or money order drawn to the order of a CDS participant, by direct debit from the subscriber's brokerage account or, by electronic funds transfer or other similar payment mechanism. All payments must be forwarded to the appropriate office of the CDS participant. The entire subscription price for units subscribed for must be paid at the time of subscription and must be received by the warrant agent prior to the expiry date. If mail is used for delivery of subscription funds, for the protection of the subscriber "certified mail return receipt requested" should be used and sufficient time should be allowed to avoid the risk of late delivery. A subscriber subscribing through a CDS participant must deliver its payment and instructions sufficiently in advance of the expiry date to allow the CDS participant to properly exercise the warrants on such subscriber's behalf. Warrantholders are encouraged to contact their broker or other CDS participant as each CDS participant may have an earlier deadline for receipt of instructions and payment.

Subscriptions for units made in connection with the offering through a CDS participant will be irrevocable and subscribers will be unable to withdraw their subscriptions for units once submitted. Warrantholders who wish to exercise their warrants and receive units are reminded that because warrants must be exercised through a CDS participant, a significant amount of time may elapse from the date of exercise and the date the units issuable upon the exercise thereof are issued to the subscriber.

Each warrantholder that subscribes for all of the units to which such holder is entitled pursuant to the basic subscription privilege may, at any time during the exercise period, subscribe for additional units pursuant to the additional subscription privilege, if applicable, at a price equal to the subscription price for each additional unit. Warrantholders must exercise all of their warrants under the basic subscription privilege to be eligible for the additional subscription privilege. To apply for additional units under the additional subscription privilege, a beneficial holder of warrants must forward their request to a CDS participant prior to the expiry date. Payment for additional units, in the same manner as for units, must accompany the request when it is delivered to the CDS participant. Any excess funds will be returned by mail or credited to a subscriber's account with its CDS participant without interest or deduction. Payment in full of the subscription price must be received by the warrant agent prior to the expiry date, failing which the subscribe's entitlement to such units will terminate. Accordingly, the subscriber must deliver payment and instructions sufficiently in advance of the expiry date to allow the CDS participant to properly apply for additional units under the additional subscription privilege, as applicable.

Each holder of warrants that subscribes for units to which such holder is entitled pursuant to the basic subscription privilege may, at any time during the exercise period, subscribe for additional units pursuant to the additional subscription privilege, if applicable, at a price equal to the subscription price for each additional unit. Holders of warrants will not be required to fully exercise all of their warrants under the basic subscription privilege in order to be eligible for the additional subscription privilege. To apply for additional units under the additional subscription privilege, a beneficial holder of warrants must forward their request to a CDS participant. Payment for additional units, in the same manner as for units, must accompany the request when it is delivered to the CDS participant. Any excess funds will be returned by mail or credited to a subscriber's account with its CDS participant, without interest or deduction. Payment in full of the subscription price must be received by the warrant agent prior to 5 p.m. (Toronto time) on the expiry date, failing which the subscriber's entitlement to such units will terminate. Accordingly, the subscriber must deliver payment and instructions sufficiently in advance of the expiry date to allow the CDS participant to properly exercise warrants on such subscriber's behalf and apply for additional units under the additional subscription privilege, as applicable.

The units are not registered under the 1933 Act. The offering is made in Canada and not outside of Canada. The offering is not, and under no circumstances is to be construed as, an offering of any units for sale in the United States or an offering to or for the account or benefit of any U.S. person or a solicitation therein of any offer of units. Accordingly, neither a subscription for units pursuant to the basic subscription privilege nor an application for additional units pursuant to the additional subscription privilege will be accepted from any person, or his agent, who appears to be, or who the fund has reason to believe is, a national or resident of the United States. Each CDS participant for a unitholder resident outside of Canada will, prior to the expiry date, attempt to sell the warrants allotable to such unitholder at the price or prices it determines in its discretion. Any proceeds received by the CDS participant with respect to the sale of warrants, net of brokerage fees and costs incurred and, if applicable, of Canadian tax required to be withheld, will be delivered by mailing cheques (in Canadian funds and without payment of any interest) as soon as practicable to such unitholder whose warrants were sold, at the unitholder's last recorded address. Amounts of less than $1 will not be forwarded.

The warrants will be governed by the terms of a master warrant indenture dated Nov. 6, 2009, between the manager, on behalf of the fund and Computershare Trust Company of Canada, as warrant agent. The warrant indenture provides for appropriate adjustments to the warrants in the event of stock dividends, subdivisions, consolidations and other forms of capital reorganization.

Within 30 days of the proper exercise of a warrant, the fund will pay a fee of 33 cents per warrant to the dealer whose client exercised the warrant.

The Toronto Stock Exchange has been advised the fund has not retained the services of any securities dealer or broker to solicit subscriptions for units and will not pay any fee or commission for soliciting such subscriptions.