WHISTLER, BC, August 25, 2022 /CNW/ — Whistler Blackcomb Holdings Inc. (“WBHI“), a wholly owned subsidiary of Vail Resorts, Inc. (“Vail Resorts“), today announced its intention to redeem all of its outstanding redeemable preferred stock exchangeable for common stock of Vail Resorts (the “Exchangeable shares“) on September 26, 2022 (there “Repayment date“), in accordance with the articles of WBHI.
The exchangeable shares were originally issued as part of the acquisition of WBHI by Vail Resorts in October 2016. The exchangeable shares may be exchanged for common stock of Vail Resorts by shareholders at any time until October 2023, or sooner if the number of exchangeable shares outstanding fell below 20,904 shares (which represented 5% of the total exchangeable shares issued). In July 2022the total number of exchangeable shares outstanding has fallen below this threshold, and there are currently 3,198 exchangeable shares outstanding.
WBHI will send a Redemption Notice and Letter of Transmittal to registered holders of Exchangeable Shares on August 26, 2022. Copies of these documents will be filed on the Canadian System for Electronic Document Retrieval (SEDAR) at www.sedar.com under WBHI’s profile.
On the redemption date, registered holders of exchangeable shares will be entitled to receive one common share of Vail Resorts in exchange for each exchangeable share they hold. In order to receive shares of Vail Resorts common stock, shareholders must return their completed Letter of Transmittal to Computershare Investor Services Inc.
Vail Resorts shares are listed and posted for trading on the New York Stock Exchange under the symbol “MTN”.
WBHI intends to apply to the applicable Canadian securities authorities to cease to be a reporting issuer after the redemption date.
Caution Regarding Forward-Looking Statements:
This news release contains “forward-looking information” within the meaning of applicable Canadian securities laws, including the expected timing and completion of the redemption of the Exchangeable Shares and WBHI’s intention to apply to cease to be a reporting issuer after the date of redemption, which involves known and unknown risks, uncertainties and other factors which may cause the actual timing, completion or results to differ materially from those expressed or implied by such statements prospective. Forward-looking information is based on various factors and assumptions and involves certain risks and uncertainties, should not be construed as guarantees of future results, should not be relied upon unduly, and will not necessarily be precise indications as to whether such results will be or not achieved.
SOURCE Vail Resorts, Inc.
For further information: For further information: Investor Relations: Bo Heitz, (303) 404-1800, [email protected]