Financial 15 Split Corp. Completes Exchange Offer
TORONTO, April 24, 2018 (GLOBE NEWSWIRE) -- Financial 15 Split Corp. (the “Company”) is pleased to announce it has issued 2,035,942 Class A Shares of the Company and has completed the Exchange Offer announced on April 9, 2018. The Class A Shares will trade on the Toronto Stock Exchange under the existing symbol of FTN.
The exchange was offered to holders of SCITI Trust units, whereby one Class A Share of the Company was issued in exchange for 1.17614 freely-tradable listed units of SCITI Trust. The investment fund manager of SCITI Trust confirmed on March 21, 2018 that SCITI Trust would be terminating on its scheduled termination date of April 30, 2018. At that time, SCITI Trust will distribute to its unitholders, including the Company, the net asset value of SCITI Trust in cash.
In conjunction with the Exchange Offer, the Company will also issue 2,035,942 FTN.PR.A Preferred Shares of the Company at a price of $9.90 per Preferred Share to yield 5.55%. The Preferred share offering was led by National Bank Financial Inc., CIBC Capital Markets and BMO Capital Markets. The sales period of the Preferred Share offering ended on April 20, 2018 and is expected to close on or about April 30, 2018. The offering is subject to certain closing conditions including approval by the TSX.
The total value of the Exchange Offer and Preferred Share offering is expected to be approximately $39.1 million, including 2,394,550 units of SCITI Trust.
Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Investors should read the prospectus supplement to the Company’s short form base shelf prospectus dated November 2, 2017 before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Please read the Company’s publically filed documents which are available at www.sedar.com.
For further information, please contact Financial 15 Split Corp. Investor Relations at
416-304-4443 Toll free at 1-877-4-Quadra (1-877-476-2372) or visit www.financial15.com
EIN Presswire does not exercise editorial control over third-party content provided, uploaded, published, or distributed by users of EIN Presswire. We are a distributor, not a publisher, of 3rd party content. Such content may contain the views, opinions, statements, offers, and other material of the respective users, suppliers, participants, or authors.
