Dividend 15 Split Corp. II(TSX:DF) announces an Equity Buyback for 1,388,294 Class A, representing 9.94% of its issued and outstanding shares.
May 11, 2020 at 12:00 am EDT
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Dividend 15 Split Corp. II(TSX:DF) announces a share repurchase program. Under the plan, the company will repurchase up to 1,388,294 Class A, representing 9.94% of its issued and outstanding shares. The company will not purchase, in any given 30-day period, in the aggregate, more than 279,384 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, 2020 and will expire on May 12, 2021. As of May 1, 2020, the company had 13,969,249 Class A Shares issued and outstanding.
Quadravest Capital Management Inc., acted as investment manager to the company.
Dividend 15 Split Corp. II is an investment company, which invests in a portfolio of 15 dividend-yielding, Canadian companies. It offers two types of shares, a Class A and Preferred. The investment objectives with respect to the Class A shares are to provide holders of the Class A shares with regular monthly cash dividends. The net asset value per unit must be above the required $15 per unit threshold for monthly dividends to be declared; and on or about the termination date, to pay the holders of Class A shares at least the original issue price of those shares. The investment objectives with respect to the Preferred shares are to provide holders of the Preferred shares with fixed, cumulative preferential monthly cash dividends in the amount of $0.04792 on the $10 repayment amount per Preferred share to yield 5.75%, and to pay the holders of the Preferred shares the $10 repayment value of those shares. Quadravest Capital Management Inc. is the investment manager of the Fund.