TORONTO, Feb. 21, 2019 (GLOBE NEWSWIRE) -- North American Financial 15 Split Corp. (the “Company”) is pleased to announce it
will extend the termination date of the Company a further five year period from December 1, 2019 to December 1, 2024.
The term extension allows holders of FFN Class A Shares (“Class A Shares”) to continue to receive ongoing
leveraged exposure to a portfolio consisting of high-quality financial services companies made up of Canadian and U.S. issuers, as
well as receiving targeted monthly distributions. Since inception of the Company Class A shareholders have received monthly
distributions totaling $12.65 per share.
Holders of the FFN.PR.A Preferred Shares (“Preferred Shares”) are expected to continue to benefit from
cumulative preferential monthly distributions. The Preferred shareholders have received a total of $7.53 per share since
inception.
The extension of the term of the Company is not expected to be a taxable event and should enable shareholders to
defer potential capital gains tax liability that would have otherwise been realized on the redemption of the Class A Shares or
Preferred Shares at the end of the term, until such time as such shares are disposed of by shareholders.
In connection with the extension, the Company will have the right to amend the minimum rate of cumulative
preferential monthly dividends to be paid to the Preferred Shares for the five year renewal period, commencing December 1,
2019. Any change to the Preferred Share minimum dividend rate for the extended term will be based on market yields for
preferred shares with similar terms at such time and will be announced no later than September 30, 2019. The Company has the
right to establish the rate of cumulative preferential monthly dividends to be paid to the Preferred Shares on an annual basis.
The Company invests in a high quality portfolio consisting of 15 financial services companies made up of
Canadian and U.S. 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. and Wells Fargo &
Co.
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.
Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Investors
should read the prospectus 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.
Investor Relations: 1-877-478-2372 Local:
416-304-4443
www.financial15.com info@quadravest.com
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