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"Exchange Ratio", at any time and
in respect of each Exchangeable Share, shall initially
be equal to one (May 27, 2004 to July 14,
2004), and shall be increased on each date a distribution
is paid by the Trust between the time at which
that Exchangeable Share was issued and the time
as of which the Exchange Ratio is being calculated
by an amount, rounded to the nearest five decimal
places, equal to a fraction having as its numerator
the product of the then current Exchange Ratio
and the amount of the distribution, expressed
as an amount per Trust Unit, paid on that date,
and having as its denominator the weighted average
trading price of Trust Units on the TSX on the day prior to the payment
date and the two preceding trading days.
The Provident Acquisitions Inc. Exchangeable
Shares were issued in conjunction with the acquisition
of Olympia Energy and Viracocha Energy, which closed on May 27, 2004. The Exchangeable Shares will be automatically
exchanged for Trust Units on January 15, 2006,
subject to extension at the option of the Offeror.
The Exchangeable Shares are not and will not be
listed for trading on any stock exchange, however,
a holder of these shares may exchange all or a
portion of their Exchangeable Share holdings into
Provident Trust Units, by giving notice to their
investment advisor if held beneficially, or for
Registered Unitholders, by contacting Computershare
Trust Company of Canada at 1-888-267-6555.
Click here
for Form T2057 |
