Share split TORONTO, Jan. 08, 2025 (GLOBE NEWSWIRE) -- (TSX: NPS, NPS.PR.A) – Canadian Large Cap Leaders Split Corp. (the “Company”) is pleased to announce its intention to effect a stock split of its Class A shares (the “Share Split”) as well as a concurrent private placement of its preferred shares (the “Private Placement”). The Company intends to announce the final number of Class A shares and preferred shares expected to be outstanding following the Share Split and Private Placement by way of press release on or about January 22, 2025.
It is the Company’s intention that Class A shareholders of record on or about Tuesday, February 4, 2025 will receive additional Class A shares pursuant to the Share Split. The number of preferred shares offered in the Private Placement will be an amount such that following the Share Split there will be an approximate equal number of Class A and preferred shares outstanding. The Company expects that the Share Split and the Private Placement will result in an approximately 14% increase in the number of outstanding Class A shares and preferred shares. The Share Split and the Private Placement are subject to regulatory approval as well as the approval of the Toronto Stock Exchange (the “TSX”).
Following the Share Split, Class A shareholders will continue to receive the currently targeted monthly distribution of $0.125 per Class A share, although Class A shares per investor should reflect a balance which is approximately 14% higher than prior to the Share Split. As such, existing Class A shareholders are expected to be provided with an effective increase in monthly cash distributions equal to approximately 14%. The Company provides a distribution reinvestment plan, on a commission-free basis, for Class A shareholders that wish to reinvest distributions and realize the benefits of compound growth.