TORONTO, ONTARIO--(Marketwire - Jan. 7, 2011) - Dividend 15 Split Corp. (the "Company") has issued an additional 157,000 Class A Shares and 157,000 Preferred Shares of the Company for aggregate gross proceeds of $3,454,000. This brings the Company's net assets to approximately $328 million. The additional shares trade on the Toronto Stock Exchange under the existing symbols DFN (Class A Shares) and DFN.PR.A (Preferred Shares).
The net proceeds from the over-allotment will be used by the Company to invest in an actively managed portfolio of dividend-yielding common shares which includes each of the 15 Canadian companies listed below. These are currently among the highest dividend-yielding securities in the S&P/TSX 60 Index:
Bank of Montreal | Enbridge Inc. | TELUS Corporation | ||
The Bank of Nova Scotia | Manulife Financial Corporation | The Thomson Corporation | ||
BCE Inc. | National Bank of Canada | The Toronto-Dominion Bank | ||
Canadian Imperial Bank of Commerce | Royal Bank of Canada | TransAlta Corporation | ||
CI Financial Corp. | Sun Life Financial Inc. | TransCanada Corporation |
Since inception the Company has made 81 consecutive distributions to both the Class A shareholders and the Preferred shareholders. Class A shareholders have received a total of $11.60 per share (including five special distributions of $0.25 per share, one special distribution of $0.50 per share and one special stock dividend of $1.75 per share) and Preferred shareholders have received a total of $3.56 per share, for a combined total of $15.16 per unit.
The Company's investment objectives are:
Preferred Shares: |
- to provide holders of the Preferred Shares with fixed, cumulative preferential monthly cash dividends in the amount of $0.04375 per Preferred Share to yield 5.25% per annum on the original issue price; and
- on or about December 1, 2014 (termination date), to pay the holders of the Preferred Shares the original issue price of those shares.
Class A Shares: |
- to provide holders of the Class A Shares with regular monthly cash dividends initially targeted to be $0.10 per Class A; and
- on or about December 1, 2014 (termination date), to pay the holders of Class A Shares at least the original issue price of those shares.
A copy of the final prospectus is available from RBC Capital Markets and CIBC World Markets, or at www.dividend15.com.
Contact Information: Dividend 15 Split Corp.
Investor Relations
416-304-4443 or 1-877-478-2372
info@dividend15.com
www.dividend15.com