Dividend 15 Split Corp. announces an Equity Buyback for 12,289,392shares, representing 9.99% of its issued share capital.
May 27, 2024 at 12:00 am
Share
Dividend 15 Split Corp. (TSX:DFN) announces a share repurchase program. Under the normal course issuer bid, the company will repurchase up to 12,213,038 Preferred Shares and 12,289,392 Class A Shares of the company, representing 9.98% and 9.99% respectively of its share capital. The company has recieved approva from the Toronto Stock Exchange. 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, 2024 and terminate on May 28, 2025. As of May 15, 2024, the company had 122,320,016 Preferred Shares and 122,975,116 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. 
