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SPINOFF: Encana and Cenovus


Issue: How do I enter the Encana spinoff of Cenovus?

Cause: In November of 2009, Encana spun off part of the company into a separate company, Cenovus. Encana shareholders received one share of Cenovus for each Encana share owned. For more information, refer to the Encana web site at

http://www.encana.com/investors/pdfs/tax-implications.pdf and
http://www.encana.com/news/newsreleases/2009/pdfs/1125-split-endorsed.pdf

Resolution: This is a normal spinoff. Instructions on entering a normal spinoff can be found at: http://www.iclub.com/support/kb/default.asp?page=normal_spinoff

The information you will need to enter this spinoff is summarized below.

  1. Transaction Date: The transaction was completed 11/30/2009
  2. Parent Security: Encana
  3. Remaining basis percentage: 51.5
  4. Spinoff Security: Cenovus (symbol CVE)
  5. Shares received: This should be exactly the same as the number of Encana shares owned before the spinoff. For example, if you owned 100 Encana shares you should have received 100 Cenovus shares in the spinoff.
  6. Price per Share: Cenovus shares opened at 24.64 on 11/30/2009.

Cash Received: Enter the amount of cash-in-lieu received, if any. This amount should be found on your broker statement.



 
  
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