May 8, 2002
The CPP Investment Board today announced that it acquired beneficial ownership and control of 9,169,049 subordinate voting shares (“Trizec Canada Shares”) of Trizec Canada Inc. (“Trizec Canada”) representing approximately 17.5% of Trizec Canada subordinate voting shares outstanding.
The CPP Investment Board acquired 7,555,249 of its Trizec Canada Shares in exchange for 8,422,797 Subordinate Voting Shares of Trizec Hahn Corporation (“Trizec Hahn Shares”) pursuant to the recently completed plan of arrangement for Trizec Hahn. The CPP Investment Board acquired the balance of its Trizec Canada Shares on an if, as, and when, issued basis for the Trizec Canada Shares on The Toronto Stock Exchange, prior to completion of the plan of arrangement.
Of the 9,169,049 Trizec Canada Shares so acquired by the CPP Investment Board, it owns 7,813,775 Trizec Canada Shares directly and it exercises control or direction over 1,355,274 Trizec Canada Shares, representing approximately 14.9% and 2.6%, respectively, of all outstanding Trizec Canada Shares.
The CPP Investment Board has acquired all of its Trizec Canada Shares for investment purposes and may acquire additional Trizec Canada Shares in the future from time to time.
The CPP Investment Board currently invests in publicly traded equities, with approximately 70 percent in funds based on the S&P/TSX Composite Index and 30 percent in U.S. and international index funds.
The CPP Investment Board is a crown corporation created by an Act of Parliament in December 1997. It invests funds not needed by the Canada Pension Plan to pay current pensions. Cash flows are currently invested only in equities to balance the bond portfolio owned by the Canada Pension Plan. By increasing the long-term value of funds, the CPP Investment Board will help the Plan to keep its pension promise to Canadians. The CPP Investment Board is governed and managed independently of the Canada Pension Plan and at arm’s length from governments.
For further information contact:
Mark Weisdorf Vice President – Private Market Investments 416-868-1538