TORONTO, ONTARIO — (Marketwired) — 10/30/13 — Financial 15 Split Corp. (the “Company”) is pleased to announce that it has filed a short form prospectus in each of the provinces of Canada with respect to an additional offering of preferred shares (“Preferred Shares”) and class A shares (“Class A Shares”) of the Company. The offering will be co-led by National Bank Financial Inc., CIBC World Markets Inc. and RBC Capital Markets.
The Preferred Shares will be offered at a price of $10.00 per Preferred Share to yield 5.25% and the Class A Shares will be offered at a price of $8.50 per Class A Share to yield 17.7%. The closing price of each of the Preferred Shares and the Class A Shares on October 29, 2013 on the TSX was $9.38 and $10.13, respectively.
The proceeds of the secondary offering, net of expenses and the Agents- fee, 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:
The Company-s investment objectives are:
Preferred Shares:
Class A Shares:
The Company is currently scheduled to terminate on December 1, 2015. The Company intends to seek shareholder approval to extend the Termination Date initially to December 1, 2020, and thereafter for additional terms of five years each at the discretion of Quadravest Capital Management Inc., as the manager of the Company. In conjunction with such extension, if approved, shareholders would be offered a special retraction right which would allow them to exit their investment in the Company on the same basis as if the Company were to terminate on its otherwise scheduled Termination Date. Further information regarding the term extension will be provided at the time meetings of shareholders are called to consider and, if deemed acceptable, approve the extension.
The sales period of this overnight offering will end at 8:30 a.m. EST on October 31, 2013.
A copy of the preliminary short form prospectus is available from National Bank Financial Inc., CIBC World Markets Inc. and RBC Capital Markets.
Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Investors should read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.
Contacts:
Financial 15 Split Corp.
Investor Relations
416-304-4443 or Toll free at 1-877-4-Quadra (1-877-478-2372)