New Commerce Split Fund: Special Meeting Announcement
06 Março 2014 - 5:20PM
Marketwired
New Commerce Split Fund: Special Meeting Announcement
TORONTO, ONTARIO--(Marketwired - Mar 6, 2014) - New Commerce
Split Fund (the "Company") today announced that a special meeting
of shareholders will be held at 10:00 a.m. (Eastern standard time)
on May 14, 2014. The purpose of the meeting is to consider a
special resolution to allow shareholders to continue their
investment beyond the currently scheduled termination date of
December 1, 2014. Under the proposal, the initial termination date
would be extended by 5 years to December 1, 2019.
The special
resolution will also include a proposal to modify the dividend
policy for the Class I Preferred shares and the Class II Preferred
shares as follows:
- Class II Preferred shareholders would immediately be eligible
to begin receiving monthly dividends at the stated 7.5% annual
dividend rate based on a new minimum threshold of mid-month net
asset value being above $10 (currently at $11.40) beginning June
30, 2014.
- Class I Preferred shareholders would continue to receive
monthly dividends based on their current annual fixed cumulative
dividend of 7.5% per Class I Preferred share until and including
the November 30 2014 monthly dividend. Effective for the December
31, 2014 monthly dividend, the Class I Preferred share annual
cumulative dividend rate would be adjusted to 6.0% and this rate
would remain in effect for the initial extension term of 5 years to
December 1, 2019.
Full details of the
meeting will be contained in the Notice of Meeting and Management
Information Circular which will be mailed on April 17, 2014 to all
shareholders of record on April 9, 2014.
The Company invests
in common shares of Canadian Imperial Bank of Commerce, a Canadian
financial institution.
New Commerce Split FundInvestor Relations416-304-4443Toll Free:
1-877-4-Quadra (1-877-478-2372)www.CommerceSplit.com
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