Financial 15 Split Corp. TSX:FTN) announces an Equity Buyback for 4,017,102 shares, repesenting 5% of its issued share capital.
May 25, 2023 at 12:00 am EDT
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Financial 15 Split Corp. (TSX:FTN) announces a share repurchase program. Under the normal course issuer bid, the company will repurchase up to 4,007,080 Preferred Shares and 4,017,102 Class A Shares, repesenting 4.99% and 5% of its issued share capital resepcetively. All Preferred Shares or Class A Shares purchased by the Company pursuant to the NCIB will be cancelled. The NCIB will commence on May 29, 2023 and terminate on May 28, 2024. As of May 15, 2023, the company had 40,093,727 Preferred Shares and 40,174,417 Class A Shares issued and outstanding.
Quadravest Capital Management Inc. acted as investment manager to the company.
Financial 15 Split Corporation is a mutual fund company, which invests primarily in over 15 Canadian and the United States financial services companies. It offers over two types of shares, such as Preferred Shares and Class A Shares. Its investment objectives with respect to Preferred Shares are to provide holders of Preferred Shares with cumulative preferential monthly cash dividends in an amount of over 5.25% annually and to pay the holders of the Preferred Shares approximately $10 per Preferred Share on or about the termination date. Its investment objectives with respect to Class A Shares are to provide holders of Class A Shares with regular monthly cash distributions and to permit holders to participate in all growth in the net asset value of the Company over $10 per unit, by paying holders on or about the termination date such amounts as remain in the Company after paying over $10 per Preferred Share. The investment manager of the Company is Quadravest Capital Management Inc.
FINANCIAL 15 SPLT A 