ARX Exchangeable Shares
ARC Shares Exchangeable into ARC Units
ARC exchangeable shares (ARX) trade on the Toronto Stock Exchange (TSX) along with ARC units (AET.UN). The ARX shares do not pay out any distributions rather they can be exchanged for trust units (AET.UN) at any given time. ARX shares can be exchanged at an exchange ratio as of an effective date. Following are the details on the calculation of the exchange ratio:
2010
| Record Date Distribution |
Opening Exchange Ratio |
Trust Unit Distribution (Cdn$) |
10 Day Weighted Average Price (Cdn$) |
Increase in Exchange Ratio** |
Effective Date of Increase in Exchange Ratio |
Exchange Ratio as of Effective Date |
| Aug 31, 2010 |
2.82551 |
0.10 |
19.3165 |
0.01463 |
Sep 15, 2010 |
2.84014 |
| Jul 30, 2010 |
2.81171 |
0.10 |
20.3679 |
0.01380 |
Aug 16, 2010 |
2.82551 |
| Jun 30, 2010 |
2.79848 |
0.10 |
21.1558 |
0.01323 |
Jul 15, 2010 |
2.81171 |
| May 31, 2010 |
2.78466 |
0.10 |
20.1467 |
0.01382 |
Jun 15, 2010 |
2.79848 |
| Apr 30, 2010 |
2.77195 |
0.10 |
21.8107 |
0.01271 |
May 17, 2010 |
2.78466 |
| Mar 31, 2010 |
2.75900 |
0.10 |
21.2969 |
0.01295 |
Apr 15, 2010 |
2.77195 |
| Feb 26, 2010 |
2.74640 |
0.10 |
21.8030 |
0.01260 |
Mar 15, 2010 |
2.75900 |
| Jan 29, 2010 |
2.73316 |
0.10 |
20.6402 |
0.01324 |
Feb 15, 2010 |
2.55492 |
2009
| Record Date Distribution |
Opening Exchange Ratio |
Trust Unit Distribution (Cdn$) |
10 Day Weighted Average Price (Cdn$) |
Increase in Exchange Ratio** |
Effective Date of Increase in Exchange Ratio |
Exchange Ratio as of Effective Date |
| Dec 31, 2009 |
2.71953 |
0.10 |
19.9573 |
0.01363 |
Jan 15, 2009 |
2.73316 |
| Nov 30, 2009 |
2.70645 |
0.10 |
20.6942 |
0.01308 |
Dec 15, 2009 |
2.71953 |
| Oct 30, 2009 |
2.69349 |
0.10 |
20.7836 |
0.01296 |
Nov 16, 2009 |
2.70645 |
| Sep 30, 2009 |
2.67944 |
0.10 |
19.0758 |
0.01405 |
Oct 15, 2009 |
2.69349 |
| Aug 31, 2009 |
2.66426 |
0.10 |
17.5479 |
0.01518 |
Sep 15, 2009 |
2.67944 |
| Jul 31, 2009 |
2.64889 |
0.10 |
17.2340 |
0.01537 |
Aug 17, 2009 |
2.66426 |
| Jun 30, 2009 |
2.63365 |
0.10 |
17.2779 |
0.01524 |
Jul 15, 2009 |
2.64889 |
| May 29, 2009 |
2.61785 |
0.10 |
16.5667 |
0.01580 |
Jun 15, 2009 |
2.63365 |
| Apr 30, 2009 |
2.59771 |
0.12 |
15.4789 |
0.02014 |
May 15, 2009 |
2.61785 |
| Mar 31, 2009 |
2.57665 |
0.12 |
14.6800 |
0.02106 |
Apr 15, 2009 |
2.59771 |
| Feb 27, 2009 |
2.55492 |
0.12 |
14.1096 |
0.02173 |
Mar 16, 2009 |
2.57665 |
| Jan 31, 2009 |
2.53682 |
0.12 |
16.8233 |
0.01810 |
Feb 16, 2009 |
2.55492 |
2008
| Record Date Distribution |
Opening Exchange Ratio |
Trust Unit Distribution (Cdn$) |
10 Day Weighted Average Price (Cdn$) |
Increase in Exchange Ratio** |
Effective Date of Increase in Exchange Ratio |
Exchange Ratio as of Effective Date |
| Dec 31, 2008 |
2.51668 |
0.15 |
18.7416 |
0.02014 |
Jan 15, 2009 |
2.53682 |
| Nov 30, 2008 |
2.49032 |
0.20 |
18.8914 |
0.02636 |
Dec 15, 2008 |
2.51668 |
| Oct 31, 2008 |
2.45490 |
0.24 |
16.6359 |
0.03542 |
Nov 17, 2008 |
2.49032 |
| Sep 30, 2008 |
2.43068 |
0.24 |
24.0848 |
0.02422 |
Oct 15, 2008 |
2.45490 |
| Aug 31, 2008 |
2.40779 |
0.28 |
29.4551 |
0.02289 |
Sep 15, 2008 |
2.43068 |
| Jul 31, 2008 |
2.38563 |
0.28 |
30.1416 |
0.02216 |
Aug 15, 2008 |
2.40779 |
| Jun 30, 2008 |
2.36758 |
0.24 |
31.4796 |
0.01805 |
Jul 15, 2008 |
2.38563 |
| May 31, 2008 |
2.34894 |
0.24 |
30.2471 |
0.01864 |
Jun 16, 2008 |
2.36758 |
| Apr 30, 2008 |
2.33157 |
0.20 |
26.8467 |
0.01737 |
May 15, 2008 |
2.34894 |
| Mar 31, 2008 |
2.31375 |
0.20 |
25.9728 |
0.01782 |
Apr 15, 2008 |
2.33157 |
| Feb 29, 2008 |
2.29439 |
0.20 |
23.7049 |
0.01936 |
Mar 17, 2008 |
2.31375 |
| Jan 31, 2008 |
2.27289 |
0.20 |
21.1480 |
0.021495 |
Feb 15, 2008 |
2.29439 |
2007
| Record Date Distribution |
Opening Exchange Ratio |
Trust Unit Distribution (Cdn$) |
10 Day Weighted Average Price (Cdn$) |
Increase in Exchange Ratio** |
Effective Date of Increase in Exchange Ratio |
Exchange Ratio as of Effective Date |
| Dec 31, 2007 |
2.24976 |
0.20 |
19.4544 |
0.02313 |
Jan 15, 2008 |
2.27289 |
| Nov 30, 2007 |
2.22650 |
0.20 |
19.1435 |
0.02326 |
Dec 17, 2007 |
2.24976 |
| Oct 31, 2007 |
2.20555 |
0.20 |
21.0600 |
0.02095 |
Nov 15, 2007 |
2.22650 |
| Sept 30, 2007 |
2.18448 |
0.20 |
20.7380 |
0.02107 |
Oct 15, 2007 |
2.20555 |
| Aug 31, 2007 |
2.16283 |
0.20 |
19.9767 |
0.02165 |
Sept 17, 2007 |
2.18448 |
| Jul 31, 2007 |
2.14316 |
0.20 |
21.7903 |
0.01967 |
Aug 15, 2007 |
2.16283 |
| Jun 30, 2007 |
2.12420 |
0.20 |
22.4112 |
0.01896 |
Jul 16, 2007 |
2.14316 |
| May 31, 2007 |
2.10602 |
0.20 |
23.1662 |
0.01818 |
Jun 15, 2007 |
2.12420 |
| Apr 30, 2007 |
2.08689 |
0.20 |
21.8214 |
0.01913 |
May 15, 2007 |
2.10602 |
| Mar 31, 2007 |
2.06763 |
0.20 |
21.4752 |
0.01926 |
Apr 16, 2007 |
2.08689 |
| Feb 28, 2007 |
2.04889 |
0.20 |
21.8628 |
0.01874 |
Mar 15, 2007 |
2.06763 |
| Jan 31, 2007 |
2.03013 |
0.20 |
21.6414 |
0.01876 |
Feb 15, 2007 |
2.04889 |
2006
| Record Date Distribution |
Opening Exchange Ratio |
Trust Unit Distribution (Cdn$) |
10 Day Weighted Average Price (Cdn$) |
Increase in Exchange Ratio** |
Effective Date of Increase in Exchange Ratio |
Exchange Ratio as of Effective Date |
| Dec 31, 2006 |
2.01251 |
0.20 |
22.8430 |
0.01762 |
Jan 15, 2007 |
2.03013 |
| Nov 30, 2006 |
1.99406 |
0.20 |
21.6207 |
0.01845 |
Dec 15, 2006 |
2.01251 |
| Oct 31, 2006 |
1.98002 |
0.20 |
28.2102 |
0.01404 |
Nov 15, 2006 |
1.99406 |
| Sept 30, 2006 |
1.96502 |
0.20 |
26.1962 |
0.01500 |
Oct 16, 2006 |
1.98002 |
| Aug 31, 2006 |
1.95196 |
0.20 |
29.8957 |
0.01306 |
Sept 15, 2006 |
1.96502 |
| Jul 31, 2006 |
1.93827 |
0.20 |
28.3176 |
0.01369 |
Aug 15, 2006 |
1.95196 |
| Jun 30, 2006 |
1.92377 |
0.20 |
26.5335 |
0.01450 |
Jul 17, 2006 |
1.93827 |
| May 31, 2006 |
1.90983 |
0.20 |
27.3961 |
0.01394 |
Jun 15, 2006 |
1.92377 |
| Apr 30, 2006 |
1.89591 |
0.20 |
27.2304 |
0.01392 |
May 15, 2006 |
1.90983 |
| Mar 31, 2006 |
1.88185 |
0.20 |
26.7598 |
0.01406 |
Apr 17, 2006 |
1.89591 |
| Feb 28, 2006 |
1.86776 |
0.20 |
26.5028 |
0.01409 |
Mar 15, 2006 |
1.88185 |
| Jan 31, 2006 |
1.85382 |
0.20 |
26.6057 |
0.01394 |
Feb 15, 2006 |
1.86776 |
2005
| Record Date Distribution |
Opening Exchange Ratio |
Trust Unit Distribution (Cdn$) |
10 Day Weighted Average Price (Cdn$) |
Increase in Exchange Ratio** |
Effective Date of Increase in Exchange Ratio |
Exchange Ratio as of Effective Date |
| Dec 31, 2005 |
1.83996 |
0.20 |
26.5567 |
0.01386 |
Jan 16, 2006 |
1.85382 |
| Nov 30, 2005 |
1.82528 |
0.20 |
24.8707 |
0.01468 |
Dec 15, 2005 |
1.83996 |
| Oct 31, 2005 |
1.80863 |
0.20 |
21.7266 |
0.01665 |
Nov 15, 2005 |
1.82528 |
| Sept 30, 2005 |
1.79533 |
0.17 |
22.9526 |
0.01330 |
Oct 17, 2005 |
1.80863 |
| Aug 31, 2005 |
1.78143 |
0.17 |
21.7902 |
0.01390 |
Sept 15, 2005 |
1.79533 |
| Jul 31, 2005 |
1.76921 |
0.15 |
21.7221 |
0.01222 |
Aug 15, 2005 |
1.78143 |
| Jun 30, 2005 |
1.75594 |
0.15 |
19.8477 |
0.01327 |
Jul 15, 2005 |
1.76921 |
| May 31, 2005 |
1.74175 |
0.15 |
18.4061 |
0.01419 |
Jun 15, 2005 |
1.75594 |
| Apr 30, 2005 |
1.72697 |
0.15 |
17.5257 |
0.01478 |
May 16, 2005 |
1.74175 |
| Mar 31, 2005 |
1.71265 |
0.15 |
17.9336 |
0.01432 |
Apr 15, 2005 |
1.72697 |
| Feb 28, 2005 |
1.69932 |
0.15 |
19.1253 |
0.01333 |
Mar 15, 2005 |
1.71265 |
| Jan 31, 2005 |
1.68606 |
0.15 |
19.0697 |
0.01326 |
Feb 15, 2005 |
1.69932 |
2004
| Record Date Distribution |
Opening Exchange Ratio |
Trust Unit Distribution (Cdn$) |
10 Day Weighted Average Price (Cdn$) |
Increase in Exchange Ratio** |
Effective Date of Increase in Exchange Ratio |
Exchange Ratio as of Effective Date |
| Dec 31, 2004 |
1.67183 |
0.15 |
17.6229 |
0.01423 |
Jan 17, 2005 |
1.68606 |
| Nov 30, 2004 |
1.65735 |
0.15 |
17.1654 |
0.01448 |
Dec 15, 2004 |
1.67183 |
| Oct 31, 2004 |
1.64267 |
0.15 |
16.7862 |
0.01468 |
Nov 15, 2004 |
1.65735 |
| Sept 30, 2004 |
1.62818 |
0.15 |
16.8533 |
0.01449 |
Oct 15, 2004 |
1.64267 |
| Aug 31, 2004 |
1.61289 |
0.15 |
15.8229 |
0.01529 |
Sept 15, 2004 |
1.62818 |
| Jul 31, 2004 |
1.59781 |
0.15 |
15.8894 |
0.01508 |
Aug 16, 2004 |
1.61289 |
| Jun 30, 2004 |
1.58199 |
0.15 |
15.0005 |
0.01582 |
Jul 15, 2004 |
1.59781 |
| May 31, 2004 |
1.56634 |
0.15 |
15.0127 |
0.01565 |
Jun 15, 2004 |
1.58199 |
| Apr 30, 2004 |
1.55104 |
0.15 |
15.2030 |
0.01530 |
May 17, 2004 |
1.56634 |
| Mar 31, 2004 |
1.53618 |
0.15 |
15.5092 |
0.01486 |
Apr 15, 2004 |
1.55104 |
| Feb 29, 2004 |
1.52099 |
0.15 |
15.0203 |
0.01519 |
Mar 15, 2004 |
1.53618 |
| Jan 31, 2004 |
1.50565 |
0.15 |
14.7200 |
0.01534 |
Feb 16, 2004 |
1.52099 |
2003
| Record Date Distribution |
Opening Exchange Ratio |
Trust Unit Distribution (Cdn$) |
10 Day Weighted Average Price (Cdn$) |
Increase in Exchange Ratio** |
Effective Date of Increase in Exchange Ratio |
Exchange Ratio as of Effective Date |
| Dec 31, 2003 |
1.49013 |
0.15 |
14.4024 |
0.01552 |
Jan 15, 2004 |
1.50565 |
| Nov 30, 2003 |
1.47367 |
0.15 |
13.4328 |
0.01646 |
Dec 15, 2003 |
1.49013 |
| Oct 31, 2003 |
1.45774 |
0.15 |
13.7274 |
0.01593 |
Nov 17, 2003 |
1.47367 |
| Sept 30, 2003 |
1.44148 |
0.15 |
13.2979 |
0.01626 |
Oct 15, 2003 |
1.45774 |
| Aug 31, 2003 |
1.42571 |
0.15 |
13.5630 |
0.01577 |
Sept 15, 2003 |
1.44148 |
| Jul 31, 2003 |
1.40909 |
0.15 |
12.7184 |
0.01662 |
Aug 15, 2003 |
1.42571 |
| Jun 30, 2003 |
1.39255 |
0.15 |
12.6313 |
0.01654 |
Jul 15, 2003 |
1.40909 |
| May 31, 2003 |
1.37557 |
0.15 |
12.1549 |
0.01698 |
Jun 16, 2003 |
1.39255 |
| Apr 30, 2003 |
1.36281 |
0.15 |
11.7540 |
0.01276 |
May 15, 2003 |
1.37557 |
| Mar 31, 2003 |
1.34954 |
0.15 |
11.3057 |
0.01327 |
Apr 15, 2003 |
1.36281 |
| Feb 28, 2003 |
1.33664 |
0.15 |
11.6256 |
0.01290 |
Mar 17, 2003 |
1.34954 |
| Jan 31, 2003 |
1.32433 |
0.15 |
12.1899 |
0.01231 |
Feb 17, 2003 |
1.33664 |
2002
| Record Date Distribution |
Opening Exchange Ratio |
Trust Unit Distribution (Cdn$) |
10 Day Weighted Average Price (Cdn$) |
Increase in Exchange Ratio** |
Effective Date of Increase in Exchange Ratio |
Exchange Ratio as of Effective Date |
| Dec 31, 2002 |
1.31350 |
0.13 |
12.0041 |
0.01083 |
Jan 15, 2003 |
1.32433 |
| Nov 30, 2002 |
1.30188 |
0.13 |
11.1855 |
0.01162 |
Dec 16, 2002 |
1.31350 |
| Oct 31, 2002 |
1.29131 |
0.13 |
12.2978 |
0.01057 |
Nov 15, 2002 |
1.30188 |
| Sept 30, 2002 |
1.28106 |
0.13 |
12.6859 |
0.01025 |
Oct 15, 2002 |
1.29131 |
| Aug 31, 2002 |
1.27082 |
0.13 |
12.7015 |
0.01024 |
Sept 15, 2002 |
1.28106 |
| Jul 31, 2002 |
1.26018 |
0.13 |
12.2235 |
0.01064 |
Aug 15, 2002 |
1.27082 |
| Jun 30, 2002 |
1.24982 |
0.13 |
12.5538 |
0.01036 |
Jul 15, 2002 |
1.26018 |
| May 31, 2002 |
1.23917 |
0.13 |
12.2072 |
0.01065 |
Jun 15, 2002 |
1.24982 |
| Apr 30, 2002 |
1.22888 |
0.13 |
12.6352 |
0.01029 |
May 15, 2002 |
1.23917 |
| Mar 31, 2002 |
1.21885 |
0.13 |
12.9656 |
0.01003 |
Apr 15, 2002 |
1.22888 |
| Feb 28, 2002 |
1.20783 |
0.13 |
11.7938 |
0.01102 |
Mar 15, 2002 |
1.21885 |
| Jan 31, 2002 |
1.19699 |
0.13 |
11.9889 |
0.01084 |
Feb 15, 2002 |
1.20783 |
2001
| Record Date Distribution |
Opening Exchange Ratio |
Trust Unit Distribution (Cdn$) |
10 Day Weighted Average Price (Cdn$) |
Increase in Exchange Ratio** |
Effective Date of Increase in Exchange Ratio |
Exchange Ratio as of Effective Date |
| Dec 31, 2001 |
1.18422 |
0.15 |
11.7491 |
0.01084 |
Jan 15, 2002 |
1.19699 |
| Nov 30, 2001 |
1.17063 |
0.15 |
11.0412 |
0.01102 |
Dec 15, 2001 |
1.18422 |
| Oct 31, 2001 |
1.15719 |
0.15 |
11.1594 |
0.01344 |
Nov 15, 2001 |
1.17063 |
| Sept 30, 2001 |
1.13925 |
0.20 |
11.1457 |
0.01794 |
Oct 15, 2001 |
1.15719 |
| Aug 31, 2001 |
1.12307 |
0.20 |
12.3580 |
0.01618 |
Sept 15, 2001 |
1.13925 |
| Jul 31, 2001 |
1.10558 |
0.20 |
11.4331 |
0.01749 |
Aug 15, 2001 |
1.12307 |
| Jun 30, 2001 |
1.08691 |
0.22 |
11.7841 |
0.01867 |
Jul 15, 2001 |
1.10558 |
| May 31, 2001 |
1.07030 |
0.22 |
13.2443 |
0.01661 |
Jun 15, 2001 |
1.08691 |
| Apr 30, 2001 |
1.05239 |
0.22 |
12.2839 |
0.01791 |
May 15, 2001 |
1.07030 |
| Mar 31, 2001 |
1.03494 |
0.20 |
11.4637 |
0.01745 |
Apr 15, 2001 |
1.05239 |
| Feb 28, 2001 |
1.01764 |
0.20 |
11.5610 |
0.01730 |
Mar 15, 2001 |
1.03494 |
| Jan 31, 2001 |
1.00000 |
0.20 |
12.9656 |
0.01764 |
Feb 15, 2001 |
1.01764 |
** The increase in the exchange ratio is calculated by dividing the ARC Energy Trust distribution per unit by the 10 day weighted average trading price of AET.UN and multiplying by the opening exchange ratio.