Dividend 15 Split Corp. II Announces Rights Offering
19 Março 2012 - 6:35PM
Marketwired
Dividend 15 Split Corp. II ("the Company") today announced that it
will issue rights ("Rights") to all Class A Shareholders. Each
Class A Shareholder will be entitled to receive one Right for each
Class A Share held as of the record date of March 28, 2012. Four
Rights will entitle the holder to purchase a Unit consisting of one
Class A Share and one Preferred Share for $19.00. The Rights will
expire at 4:00 p.m. (local time) on June 8, 2012, the expiry date.
If all the Rights are exercised the Company will issue
approximately 1,264,750 Units and will receive net proceeds of
$23,499,063. The net proceeds from the subscription of Units will
be used to acquire additional securities in accordance with the
Company's investment objectives. The exercise price is consistent
with current trading prices and accretive to the most recently
published net asset value per Unit. By raising additional cash
through this offering, the Company will be able to capitalize on
certain attractive investment opportunities that may arise over the
next few months. The offering is expected to increase the trading
liquidity of the Company and reduce the management expense
ratio.
Both the Preferred Shares and Class A Shares trade on the
Toronto Stock Exchange (the "TSX") under the symbol "DF.PR.A" and
"DF" respectively. The Rights will be listed on the TSX under the
ticker symbol DF.RT. It is expected that Rights will commence
trading on March 26, 2012 and continue trading until 12:00 noon
(EST) on June 8, 2012.
The Company invests in a portfolio of leading Canadian
dividend-yielding stocks as follows: Bank of Montreal, Bank of Nova
Scotia, Canadian Imperial Bank of Commerce, Royal Bank of Canada,
Toronto-Dominion Bank, National Bank of Canada, CI Financial Corp.,
BCE Inc., Manulife Financial, Enbridge, Sun Life Financial, TELUS
Corporation, The Thomson Corporation, TransAlta Corporation,
TransCanada Corporation. Shares held within the portfolio are
expected to range between 4-8% in weight but may vary at any
time.
Certain statements included in this news release constitute
forward-looking statements, including, but not limited to, those
identified by the expressions "expect", "intend", "will" and
similar expressions to the extent they relate to the Company. The
forward-looking statements are not historical facts but reflect the
Manager's current expectations regarding future results or events.
These forward-looking statements are subject to a number of risks
and uncertainties that could cause actual results or events to
differ materially from current expectations. Although the Manager
believes that the assumptions inherent in the forward-looking
statements are reasonable, forward-looking statements are not
guarantees of future performance and, accordingly, readers are
cautioned not to place undue reliance on such statements due to the
inherent uncertainty therein. The Manager undertakes no obligation
to update publicly or otherwise revise any forward-looking
statement or information whether as a result of new information,
future events or other such factors which affect this information,
except as required by law.
Contacts: Dividend 15 Split Corp. II Investor Relations
416-304-4443 or Toll Free: 1-877-4-Quadra (1-877-478-2372)
www.dividend15.com
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