Beware fellow Canucks..... the tax consequences of shares held in a non-registered account! The share swap constitutes a taxable transaction in that it's a deemed disposition with proceeds of disposition valued as the share price on the "effective date" with that date yet to be decided. Be informed and aware that if you swap shares for NewCo, and don't sell a single share, you would still be liable for capital gains tax next April 30. Naturally your final decision should be based on consultation with a professional tax advisor.