Exchange Bulletin
StorageVault Canada Inc. (SVI, SVI.DB, SVI.DB.) To Trade On Toronto Stock Exchange
January 24, 2022
Issuer: StorageVault Canada Inc. (the "Company")
| Security | Symbol | Issued and Outstanding Securities | Reserved Securities | Trading Currency |
|---|---|---|---|---|
| Common shares ("Shares") | SVI | 378,058,736 | 39,750,191 | CDN$ |
| 5.75% senior unsecured hybrid debentures ("5.75% Debentures") | SVI.DB | $75,000,000 in principal amount | 0 | CDN$ |
| 5.50% senior unsecured hybrid debentures ("5.50% Debentures") | SVI.DB.B | $57,500,000 in principal amount | 0 | CDN$ |
| Listing category: | Industrial, Non-Exempt Issuer |
| Trading currency: | CDN$ |
| Listing and posted for trading date: | January 26, 2022 (at the opening) |
| Other market(s): | The Shares have been listed on TSX Venture Exchange (the "TSXV") since November 12, 2007. The 5.75% Debentures have been listed on the TSXV since July 21, 2020. The 5.50% Debentures have been listed on the TSXV since July 19, 2021. The aforementioned securities will be delisted from the TSXV on January 26, 2022, upon commencement of trading on Toronto Stock Exchange ("TSX"). |
| Temporary market maker: | National Bank Financial Inc. |
| Security ownership registration: | Non-certificated Issue and Direct Registration System for the Shares and CDS Book Entry only for the 5.75% Debentures and 5.50% Debentures |
| Investor relations: | Steven Scott (877) 622-0205 ir@storagevaultcanada.com - or – Iqbal Khan (877) 622-0205 ir@storagevaultcanada.com |
| Incorporation: | Business Corporations Act (Alberta) on May 31, 2007 |
| Fiscal year end: | December 31 |
| Nature of business: | The Company's primary business is owning, managing and renting self storage and portable storage space to individual, governmental and commercial customers. The Company also stores, shreds, and manages documents and records for customers. |
| Transfer agent and registrar: | TSX Trust Company at its principal offices in Calgary and Toronto |
| Dividends: | The Company's board of directors have established a policy of declaring a quarterly dividend, subject to the availability of cash flow. The amount of the dividend will be determined quarterly. The declaration and payment of future dividends and the amount of any such dividends will be subject to the determination of the Company's board of directors, in its discretion, taking into account, among other things, business performance, financial condition, growth plans and expected capital requirements, statutory solvency tests, as well as any contractual restrictions on such dividends. There can be no assurance that future dividends will be paid. |
| Sponsorship: | Not applicable. |
Principal Terms of the 5.75% Debentures
| Trading rules: | The 5.75% Debentures will be quoted and traded on an accrued interest basis, i.e. all bids, offers and trades of the 5.75% Debentures will reflect only the capital portion of the 5.75% Debentures and will not reflect accrued interest. Accrued interest must be reflected in the seller's and buyer's settlement amount, and must be reflected on the confirmation with clients. The 5.75% Debentures, which are issuable in the minimum principal amount of $1,000 each, will be quoted based on $100 principal amounts with all trades being made in multiples of $1,000. The minimum trading unit of 5.75% Debentures is $1,000 and a board lot of 5.75% Debentures is $1,000. |
| Maturity date: | January 31, 2026 |
| Interest payment dates: | Semi-annually on January 31 and July 31 |
| Interest rate: | 5.75% per annum. Interest will be computed on the basis of a year of 365 or 366 days, as the case may be. |
| Next interest payment date: | January 31, 2022 |
| Next interest payment amount: | $28.83 per $1,000 principal amount |
| Redemption | The 5.75% Debentures will not be redeemable before January 31, 2024 (the "5.75% First Call Date"). On and after the 5.75% First Call Date and prior to January 31, 2025, the 5.75% Debentures will be redeemable in whole or in part from time to time at the Company's option at a redemption price equal to 102.875% of the principal amount of the 5.75% Debentures redeemed plus accrued and unpaid interest, if any, up to but excluding the date set for redemption. On and after January 31, 2025 and prior to the Maturity Date, the 5.75% Debentures will be redeemable, in whole or in part, from time to time at the Company's option at par plus accrued and unpaid interest, if any, up to but excluding the date set for redemption. The Company shall provide not more than 60 nor less than 30 days' prior notice of redemption of the 5.75% Debentures. |
| Share Payment Option on Redemption or Maturity: | Subject to any required regulatory approval and provided no Event of Default has occurred and is continuing, the Company has the option, upon not more than 60 nor less than 30 days' prior notice, to satisfy its obligations to pay on Redemption or Maturity, the principal amount of and premium (if any) on the 5.75% Debentures, in whole or in part, by delivering freely tradeable Shares to 5.75% Debenture holders. Any accrued and unpaid interest will be paid in cash. In such event, payment will be satisfied by delivering for each $1,000 due, that number of freely tradeable Shares obtained by dividing $1,000 by 95% of the Current Market Price on the date fixed for Redemption or Maturity, as the case may be. |
| Additional information: | Debenture indenture dated July 20, 2020, which is available at www.SEDAR.com. Capitalized terms not otherwise defined herein are as defined in the debenture indenture. |
Principal Terms of the 5.50% Debentures
| Trading rules: | The 5.50% Debentures will be quoted and traded on an accrued interest basis, i.e. all bids, offers and trades of the 5.50% Debentures will reflect only the capital portion of the 5.50% Debentures and will not reflect accrued interest. Accrued interest must be reflected in the seller's and buyer's settlement amount, and must be reflected on the confirmation with clients. The 5.50% Debentures, which are issuable in the minimum principal amount of $1,000 each, will be quoted based on $100 principal amounts with all trades being made in multiples of $1,000. The minimum trading unit of 5.50% Debentures is $1,000 and a board lot of 5.50% Debentures is $1,000. |
| Maturity date: | September 30, 2026 |
| Interest payment dates: | Semi-annually on March 31 and September 30 |
| Interest rate: | 5.50% per annum. Interest will be computed on the basis of a year of 365 or 366 days, as the case may be. |
| Next interest payment date: | March 31, 2022 |
| Next interest payment amount: | $27.27 per $1,000 principal amount |
| Redemption: | The 5.50% Debentures will not be redeemable before September 30, 2024 (the "5.50% First Call Date"). On and after the 5.50% First Call Date and prior to September 30, 2025, the 5.50% Debentures will be redeemable in whole or in part from time to time at the Company's option at a redemption price equal to 102.750% of the principal amount of the 5.50% Debentures redeemed plus accrued and unpaid interest, if any, up to but excluding the date set for redemption. On and after September 30, 2025 and prior to the Maturity Date, the 5.50% Debentures will be redeemable, in whole or in part, from time to time at the Company's option at par plus accrued and unpaid interest, if any, up to but excluding the date set for redemption. The Company shall provide not more than 60 nor less than 30 days' prior notice of redemption of the 5.50% Debentures. |
| Share Payment Option on Redemption or Maturity: | Subject to any required regulatory approval and provided no Event of Default has occurred and is continuing, the Company has the option, upon not more than 60 nor less than 30 days' prior notice, to satisfy its obligations to pay on Redemption or Maturity, the principal amount of and premium (if any) on the 5.50% Debentures, in whole or in part, by delivering freely tradeable Shares to 5.50% Debenture holders. Any accrued and unpaid interest will be paid in cash. In such event, payment will be satisfied by delivering for each $1,000 due, that number of freely tradeable Shares obtained by dividing $1,000 by 95% of the Current Market Price on the date fixed for Redemption or Maturity, as the case may be. |
| Additional information: | Debenture indenture dated July 19, 2021, which is available at www.SEDAR.com. Capitalized terms not otherwise defined herein are as defined in the debenture indenture. |
| TSX contact: | Chris Birkett, Managing Director, Toronto Stock Exchange |