Canadian Large Cap Leaders Split Corp. Announces Exchange Ratios

[Not for distribution to United States newswire services or for dissemination in the United States]

TORONTO, Feb. 08, 2024 (GLOBE NEWSWIRE) -- Ninepoint Partners LP (“Ninepoint”), on behalf of Canadian Large Cap Leaders Split Corp. (the “Company”), is pleased to announce the exchange ratios for the exchange offer by the Company (“the “Exchange Option”) being made under the final prospectus of the Company dated January 29, 2024. Ninepoint will act as the manager, portfolio manager and promoter of the Company and will provide all administrative services required by the Company.

The Company will invest in an initially equally-weighted portfolio comprised primarily of equity securities of Canadian Dividend Growth Companies (as defined below), selected by the portfolio manager, that at the time of investment and immediately following each periodic reconstitution and rebalancing: (i) are listed on a Canadian exchange; (ii) pay a dividend; (iii) generally have a market capitalization of at least $10 billion; (iv) have options in respect of its equity securities that, in the opinion of the portfolio manager, are sufficiently liquid to permit the portfolio manager to write options in respect of such securities; and (v) have a history of dividend growth or, in the portfolio manager’s view have high potential for future dividend growth (“Canadian Dividend Growth Companies”).

The investment objectives for the preferred shares of the Company (the “Preferred Shares”) are to provide their holders with fixed cumulative preferential quarterly cash distributions in the amount of $0.1875 per Preferred Share ($0.75 per annum or 7.5% per annum on the issue price of $10.00 per Preferred Share), and to return the original issue price of $10.00 to holders upon maturity.

The investment objectives for the class A shares of the Company (the “Class A Shares”) are to provide their holders with regular monthly non-cumulative cash distributions targeted to be $0.125 per Class A Share representing a yield on the issue price of $15.00 per Class A Share of 10% per annum and to provide holders with the opportunity for growth in the net asset value per Class A Share.

The number of “Units” (each Unit comprised of one Preferred Share and one Class A Share) or Class A Shares issuable for each security of an Exchange Eligible Issuer (as listed below) (the “Exchange Ratio”) has been determined by dividing the weighted average trading price of the securities of such Exchange Eligible Issuer on the principle stock exchange on which such Exchange Eligible Issuer’s securities are listed, during the five consecutive trading days ending on February 7, 2024 (the “Pricing Period”), as adjusted to reflect dividends declared or distributions pending by any Exchange Eligible Issuer that trades on an ex-dividend basis until the closing date (the “Closing Date”) of the Company’s initial public offering (the “Offering”) by the sum of issue prices of a Preferred Share and Class A Share being $25.00 in the case of a subscription for Units or $15.00 in the case of a subscription for Class A Shares. The Exchange Ratio will be adjusted to reflect the $0.01 per Class A Share to be received by prospective purchasers who tendered securities of Exchange Eligible Issuers to the Company for Class A Shares. Holders of securities of Exchange Eligible Issuers who deposited such securities pursuant to the Exchange Option will continue to be holders of record up to the Closing Date and will be entitled to receive distributions in respect of such securities of Exchange Eligible Issuers up to but not including the Closing Date. Each Exchange Ratio has been rounded down to five decimal places. The Company will not issue fractional shares pursuant to the Exchange Option.

The table below sets out the Exchange Eligible Issuers, the securities of which may be accepted by the Company pursuant to the Exchange Option, including the name of the Exchange Eligible Issuer, its ticker symbol, its CUSIP number, its ISIN, its volume weighted average trading price (“VWAP”) during the Pricing Period, the Exchange Ratio per Unit, and the Exchange Ratio per Class A Share.

Agents
The Offering is being made through a syndicate of agents led by RBC Capital Markets which includes CIBC Capital Markets, National Bank Financial Inc., Scotiabank, BMO Capital Markets, Canaccord Genuity Corp., TD Securities Inc., iA Private Wealth Inc., Manulife Wealth Inc., Richardson Wealth Limited, Desjardins Securities Inc., Raymond James Ltd., Echelon Wealth Partners Inc., Hampton Securities Limited, Research Capital Corporation and Wellington-Altus Private Wealth Inc.

The Offering is only made by prospectus. The prospectus contains important detailed information about the securities being offered. Copies of the prospectus may be obtained from one of the agents listed above. Investors should read the prospectus before making an investment decision.

About Ninepoint Partners LP
Based in Toronto, Ninepoint Partners LP is one of Canada’s leading alternative investment management firms overseeing approximately $7 billion in assets under management and institutional contracts. Committed to helping investors explore innovative investment solutions that have the potential to enhance returns and manage portfolio risk, Ninepoint offers a diverse set of alternative strategies spanning Equities, Fixed Income, Alternative Income, Real Assets, F/X and Digital Assets.

For more information on Ninepoint, please visit www.ninepoint.com or for inquiries regarding the Offering, please contact us at (416) 943-6707 or (866) 299-9906 or invest@ninepoint.com.

Certain statements included in this news release constitute forward-looking statements, including, but not limited to, those identified by the expressions “expects”, “intends”, “anticipates”, “will” and similar expressions to the extent that they relate to the Company. The forward-looking statements are not historical facts but reflect Ninepoint'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 Ninepoint believes 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. Neither the Company nor Ninepoint undertake any 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.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or any applicable exemption from the registration requirements. This news release does not constitute an offer to sell or the solicitation of an offer to buy securities nor will there be any sale of such securities in any state in which such offer, solicitation or sale would be unlawful.