TSX SYMBOLS: FFN, FFN.PR.A
North American Financial 15 Split Corp. Class A Share Consolidation
Toronto, Ontario – December 13, 2019 / Globe NewsWire: North American Financial 15 Split Corp. (the “Company”) announces a Class A share consolidation.
In connection with the extension of the termination date of the Company, a special retraction right was offered allowing existing shareholders to tender one or both classes of shares and receive a retraction price based on the November 29, 2019 net asset value per unit. In aggregate, more Preferred shares were tendered for retraction than Class A shares. The purpose of the share consolidation is to maintain the requirement that an equal number of Class A shares and Preferred shares remain outstanding.
Immediately after the special retraction payment on or before December 16, 2019, there will be 16,552,263 Preferred shares and 18,761,656 Class A shares outstanding. In order to restore an equal amount of shares outstanding for each Class, Class A shareholders will receive approximately 0.882238913 Class A shares for each Class A share. In addition the monthly Class A share dividend will be increased from a targeted 10
cents per share ($1.20 per annum) to 11.335 cents per share ($1.3602 per annum) in order to maintain the same pre consolidation dividend rate.