The Bonavista Energy Corporation Exchangeable Shares issued in connection with the Plan of Arrangement of Bonavista Energy Trust are not traded on any public stock exchange. At December 31, 2010, the effective date of the Plan of Arrangement, there were 22 million Exchangeable Shares outstanding.
Holders of Exchangeable Shares will not receive cash dividends from Bonavista Energy Corporation but rather the Exchange Ratio will be adjusted to account for dividends paid to shareholders. The increase in the Exchange Ratio is calculated by multiplying the Bonavista Energy Corporation Dividend per share by the Exchange Ratio immediately prior to the Record Date and dividing by the 5 day weighted average trading price of Bonavista Energy Corporation (BNP).
The following table sets out the historical exchange ratio, which is adjusted on the 15th of each month.
| Record Date of Bonavista Energy Corporation Dividend |
Opening Exchange Ratio |
Bonavista Energy Corporation Dividend per Share |
5 day Weighted Average Trading Price of BNP* |
Increase in Exchange Ratio |
Effective Date of the Increase in Exchange Ratio |
Exchange Ratio as of Effective Date |
| December 31, 2011 |
1.04906 |
$0.12 |
$26.07 |
0.00483 |
January 16, 2012 |
1.05389 |
| November 30, 2011 |
1.04424 |
$0.12 |
$25.99 |
0.00482 |
December 15, 2011 |
1.04906 |
| October 31, 2011 |
1.03943 |
$0.12 |
$25.95 |
0.00481 |
November 15, 2011 |
1.04424 |
| September 30, 2011 |
1.03410 |
$0.12 |
$23.27 |
0.00533 |
October 17, 2011 |
1.03943 |
| August 31, 2011 |
1.02923 |
$0.12 |
$25.38 |
0.00487 |
September 15, 2011 |
1.03410 |
| July 31, 2011 |
1.02500 |
$0.12 |
$29.05 |
0.00423 |
August 15, 2011 |
1.02923 |
| June 30, 2011 |
1.02061 |
$0.12 |
$27.93 |
0.00439 |
July 15, 2011 |
1.02500 |
| May 31, 2011 |
1.01642 |
$0.12 |
$29.08 |
0.00419 |
June 15, 2011 |
1.02061 |
| April 30, 2011 |
1.01211 |
$0.12 |
$28.16 |
0.00431 |
May 16, 2011 |
1.01642 |
| March 31, 2011 |
1.00804 |
$0.12 |
$29.74 |
0.00407 |
April 15, 2011 |
1.01211 |
| February 28, 2011 |
1.00413 |
$0.12 |
$30.79 |
0.00391 |
March 15, 2011 |
1.00804 |
| January 31, 2011 |
1.00000 |
$0.12 |
$29.03 |
0.00413 |
February 15, 2011 |
1.00413 |
*Prior to the end of the Month
Exchangeable Shareholders can exchange all or a portion of their holdings at any time by giving notice to their investment advisor or Valiant Trust Company at its principal transfer office in Suite 310, 606 - 4th Street SW Calgary AB T2P 1T1. Valiant Trust Company's telephone number is (403) 233-2801.
