News
Announces TSX Acceptance of Normal Tender Issuer Offer
North American Financial 15 Split Corp
TORONTO, May 27, 2024 (GLOBE NEWSWIRE) — North American Financial 15 Split Corp. (the “Company”) announced today that the Toronto Stock Exchange (the “TSX”) has accepted its notice of intent to become a Normal Course Offering Issuer (the “NCIB”) to purchase its Preferred Shares and Class A Shares through the resources of the TSX and/or alternative Canadian trading systems. The NCIB will begin on May 29, 2024 and end on May 28, 2025.
In accordance with the NCIB, the Company proposes to purchase, from time to time, if deemed advisable, up to 5,327,599 Preferred Shares and 5,256,760 Class A Shares of the Company, representing 10% of the public float of 53,275,992 Preferred Shares and 52,567,602 Class A Shares. Stock. As of May 15, 2024, there were 53,276,492 Preferred Shares and 52,639,792 Class A Shares issued and outstanding. The Company will not purchase, in any 30-day period, in the aggregate, more than 1,065,529 Preferred Shares or more than 1,052,795 Class A Shares, being 2% of the Preferred Shares and Class A Shares issued and outstanding on May 15 , 2024. Pursuant to the issuer’s previous ordinary course offering, which began on May 29, 2023 and will end on May 28, 2024, 230,600 Preferred Shares and 334,600 Class A Shares were acquired.
The Company’s Board of Directors, acting on the advice of Quadravest Capital Management Inc., the Company’s investment manager, believes that such purchases are in the best interests of the Company and are a desirable use of its funds. All purchases will be made through the Facilities and in accordance with the rules and policies of the TSX. All Preferred Shares or Class A Shares acquired by the Company under the NCIB will be cancelled.
The Company invests in a high-quality portfolio of 15 financial services companies comprised of Canadian and North American issuers, as follows: Bank of Montreal, The Bank of Nova Scotia, Canadian Imperial Bank of Commerce, Royal Bank of Canada, Toronto -Dominion Bank, National Bank of Canada, Manulife Financial Corporation, Sun Life Financial, Great-West Lifeco, CI Financial Corp, Bank of America, Citigroup Inc., Goldman Sachs Group, JP Morgan Chase & Co.
Certain statements included in this press release constitute forward-looking statements, including, but not limited to, those identified by the expressions “expects,” “intends,” “will” and similar expressions as they relate to the Company. Forward-looking statements are not historical facts, but rather 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 forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, therefore, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. The Company undertakes no obligation to publicly update or otherwise revise any forward-looking statement or information, whether as a result of new information, future events or other factors affecting such information, except as required by law.
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Investor Relations: 1-877-478-2372
Location: 416-304-4443
www.financial15.com
info@quadravest.com
