Exchangeable shares
Vault Energy Inc. is authorized to issue an unlimited number of exchangeable shares. Exchangeable shares are convertible into Trust units based on the exchange ratio, which is adjusted monthly to reflect the distributions paid on the Trust units. Cash distributions are not paid on exchangeable shares, however the exchangeable shareholders do have the right to vote at the meetings of unitholders. The exchangeable shares must be exchanged for Trust units by June 22, 2008.
| Exchange Rate Adjustment Date |
Total Distribution $ |
Closing Unit Price
(on last date before Distribution date) $ |
Exchange Ratio |
| 2007 |
|
|
|
| Jan 15/08 |
0.085 |
|
|
| Dec 14/07 |
0.085 |
3.71 |
1.58617 |
| Nov 15/07 |
0.085 |
3.86 |
1.55111 |
| Oct 12/07 |
0.085 |
4.31 |
1.51802 |
| Sep 14/07 |
0.085 |
4.04 |
1.48853 |
| Aug 14/07 |
0.085 |
4.14 |
1.45710 |
| Jul 13/07 |
0.085 |
5.21 |
1.42736 |
| Jun 15/07 |
0.085 |
5.33 |
1.40410 |
| May 15/07 |
0.085 |
5.58 |
1.38181 |
| Apr 13/07 |
0.085 |
4.94 |
1.36093 |
| Mar 15/07 |
0.085 |
4.08 |
1.33725 |
| Feb 15/07 |
0.085 |
5.30 |
1.31185 |
| 2006 |
|
|
|
| Jan 15/07 |
0.085 |
4.95 |
1.29099 |
| Dec 15/06 |
0.085 |
5.66 |
1.26889 |
| Nov 15/06 |
0.115 |
5.07 |
1.24930 |
| Oct 13/06 |
0.115 |
6.50 |
1.22311 |
| Sept 15/06 |
0.115 |
7.96 |
1.20219 |
| Aug 15/06 |
0.115 |
8.95 |
1.18534 |
| Jul 14/06 |
0.115 |
8.70 |
1.17050 |
| Jun 15/06 |
0.115 |
8.13 |
1.15484 |
| May 15/06 |
0.115 |
8.74 |
1.13873 |
| Apr 17/06 |
0.115 |
9.60 |
1.12420 |
| Mar 15/06 |
0.115 |
8.95 |
1.11113 |
| Feb 15/06 |
0.115 |
8.95 |
1.09691 |
| 2005 |
|
|
|
| Jan 13/06 |
0.115 |
10.85 |
1.08383 |
| Dec 15/05 |
0.115 |
11.70 |
1.07266 |
| Nov 15/05 |
0.115 |
11.01 |
1.06214 |
| Oct 15/05 |
0.115 |
11.50 |
1.05125 |
| Sept 15/05 |
0.115 |
13.63 |
1.04110 |
| Aug 15/05 |
0.115 |
12.06 |
1.03226 |
| Jul 15/05 |
0.115 |
10.34 |
1.02193 |
| Jun 30/05 |
0.115 |
10.47 |
1.01068 |
|
|
