Dividend 15 Split Corp.(TSX:DFN) announces an Equity Buyback for 7,372,466 Class A, representing 9.97% of its issued and outstanding shares.
May 25, 2021 at 12:00 am EDT
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Dividend 15 Split Corp.(TSX:DFN) announces a share repurchase program. Under the plan, the company will repurchase up to 7,372,466 Class A, representing 9.97% of its issued and outstanding shares. The company will not purchase, in any given 30-day period, in the aggregate, more than 7,372,466 Class A shares, being 2% of the issued and outstanding shares. All purchases will be made through the facilities and in accordance with the rules and policies of the TSX. All Class A shares purchased by the company pursuant to the bid will be cancelled. The company believes that such purchases are in the best interests of the company and are a desirable use of its funds. The program will commence on May 13, 2021 and will expire on May 12, 2022. As of May 14, 2021, the company had 73,880,852 Class A Shares issued and outstanding. Quadravest Capital Management Inc., acted as investment manager to the company.
Dividend 15 Split Corp. is a Canada-based mutual fund, which invests primarily in a portfolio of dividend yielding common shares, which includes approximately 15 Canadian companies. The Company offers two types of shares, including Preferred shares and Class A shares. Its investment objectives with respect to Preferred Shares are to provide holders with fixed cumulative preferential monthly cash dividends in an amount of $0.04583 per Preferred share to yield 5.5% per annum on the $10 repayment amount and to return the $10 repayment amount to their holders on the termination date. Its investment objectives with respect to Class A Shares are to provide holders with regular monthly cash distribution targeted to be $0.10 per Class A share and return the original issue price to their holders on the termination date. The net asset value per unit must remain above the required $15 per unit threshold for distributions to be declared. Its investment manager is Quadravest Capital Management Inc.
DIVIDEND 15 SPLIT CORP. 