Dividend 15 Split Corp. Announces Mailing of Notice of Meeting and Management Information Circular
13 Mayo 2013 - 9:53AM
Marketwired
The Board of Directors of Dividend 15 Split Corp. ("Dividend 15")
today announced that the Notice of Special Meeting of Shareholders
and Management Information Circular relating to the previously
announced special meeting of the holders of the Company's Preferred
Shares and Class A Shares, to be held at 10:00 a.m. (Eastern
standard time) on June 3, 2013, has been mailed to the
shareholders.
The primary purpose of the meeting is to consider a special
resolution to allow Class A and Preferred shareholders to continue
their investment beyond the currently scheduled termination date of
December 1, 2014. Under the proposal, the termination date would be
extended by 5 years to December 1, 2019.
If the extension is approved, Class A and Preferred shareholders
will be provided with a Special Retraction right which is designed
to provide them with an opportunity to retract their shares and
receive a retraction price that is calculated in the same way that
such price would be calculated if Dividend 15 were to terminate on
December 1, 2014 as originally contemplated.
Since inception, Dividend 15 has exceeded its distribution
objectives. Class A and Preferred shareholders have received 109
consecutive monthly distributions since inception. Class A
shareholders have received a total of $14.40 per share (including
five special distributions of $0.25 per share, one special
distribution of $0.50 per share and one special stock dividend of
$1.75 per share), and Preferred shareholders have received a total
of $4.79 per share for a combined total of $19.19 per unit. All
distributions have been made in tax advantaged eligible Canadian
dividends or capital gains dividends. As at May 9, 2013, the
annualized current yield of the Class A shares is 11.25% and for
the Preferred shares it is 5.05%.
Shareholders will also be asked to approve a proposal that would
allow the potential addition to Dividend 15 of the remaining cash
assets of two other terminating Funds (Capital Gains Income Streams
Corporation and Income Streams III Corporation) managed by
Quadravest Capital Management Inc. These two other Funds are
scheduled to terminate on December 1, 2013 and this proposal would
allow Dividend 15 to receive the cash assets of these Funds into
Dividend 15 in exchange for the issue of shares of Dividend 15 at
its respective net asset value per unit at such time. This proposal
could result in an increase in the assets of Dividend 15 by up to
20% and provide a source of cash to take advantage of potential
market opportunities at such time. Other associated benefits
include the potential of a lower expense ratio and increased
trading liquidity of both Class A shares and Preferred shares. This
proposal does not affect or change any of the investment
objectives, shareholder provisions or any other attributes of
Dividend 15.
For full details, please review the Notice of Special Meeting of
Shareholders and the Management Information Circular which is
available on SEDAR and the Company's website at
www.dividend15.com.
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
Company'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 Company
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 Company 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: Investor Relations 416-304-4443, toll free at
1-877-4-Quadra (1-877-478-2372) www.dividend15.com
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