The Preferred Shares will be offered at a price of
Since inception of the Company, the aggregate dividends paid on the Preferred Shares have been
The net proceeds of the secondary offering will be used by the Company to invest in a high quality portfolio consisting of 15 financial services companies made up of Canadian and U.S. issuers as follows:
Bank of Montreal National Bank of Canada Bank of America Corp. The Bank of Nova Scotia Manulife Financial Citigroup Inc. Corporation Canadian Imperial Bank of Sun Life Financial Goldman Sachs Group Inc. Commerce Services of Canada Inc. Royal Bank of Canada Great-West Lifeco Inc. JP Morgan Chase & Co. The Toronto-Dominion Bank CI Financial Corp. Wells Fargo & Co.
The Company's investment objectives are:
i. to provide holders of Preferred Shares with cumulative preferential monthly cash dividends currently in the amount of 5.25% annually, to be set by the Board of Directors annually subject to a minimum of 5.25% until 2019; and ii. on or about the termination date of
December 1, 2019(subject to further 5 year extensions thereafter), to pay the holders of the Preferred Shares $10per Preferred Share.
Class A Shares:
i. to provide holders of the Class A Shares with regular monthly cash distributions in an amount to be determined by the Board of Directors; and ii. to permit holders to participate in all growth in the net asset value of the Company above
$10per Unit, by paying holders on or about the termination date of December 1, 2019(subject to further 5 year extensions thereafter) such amounts as remain in the Company after paying $10per Preferred Share.
The sales period of this overnight offering will end at
A preliminary short form prospectus containing important information relating to the Class A and Preferred Shares has been filed with securities commissions or similar authorities in all provinces of
FOR FURTHER INFORMATION PLEASE CONTACT:
Financial 15 Split Corp. IIInvestor Relations 416-304-4443 Toll free at 1-877-4-Quadra (1-877-478-2372) www.financial15.com Source: Financial 15 Split Corp. II