Great-West Lifeco Inc. and Canada Life Financial Corp. on Monday announced the proration calculations in connection with the combination transaction between Canada Life and Great-West Lifeco.

This follows from the elections made by holders of Canada Life common shares. The deal is expected to close on July 10.

Based on 159,922,619 Canada Life common shares outstanding on July 3, (which number excludes Canada Life shares held by Great-West Lifeco and its subsidiaries in general accounts), valid elections representing approximately 76% of the outstanding Canada Life common shares were received by the election deadline.

Approximately 19.69 million were elected for cash, approximately 4.84 million were elected for Great-West Lifeco Series E shares and approximately 1.68 million were elected for Great-West Lifeco Series F shares. As these elections did not exceed the applicable available maximums, shareholders who elected to receive cash, Series E or Series F shares will be entitled to receive the cash or such shares elected.

Of the shares in respect of which valid elections were made, approximately 96 million were elected for Great-West Lifeco common shares, resulting in total elections of approximately 113.75 million Great-West Lifeco common shares, being approximately 203% of the maximum amount available.

All holders who validly elected Great-West Lifeco common shares in respect of some or all of their Canada Life common shares will, as a result of proration, receive Great-West Lifeco common shares for approximately 49% of their common share elections.

Holders will be entitled to receive, in respect of each Canada Life share which remains unallocated as a result of this proration (and holders of shares in respect of which a valid election was not submitted prior to the election deadline will also be entitled to receive) the following approximate per-share consideration: $ 38.65, 0.1763 Great-West Lifeco Series E shares and 0.0575 Great-West Lifeco Series F shares.

Shareholders who hold certificates for their shares must submit those certificates to the depositary, Computershare Trust Company of Canada, to receive payment for their shares.