Commerce Split Corp. Preferred Share Rates
September 19 2019 - 8:00AM
Commerce Split Corp. (the “Company”) previously announced on
February 21, 2019 it will extend the termination date of the
Company a further five year period from December 1, 2019 to
December 1, 2024.
In connection with the extension, the Company
has the right to amend the annual rate of cumulative preferential
monthly dividends to be paid to the YCM.PR.A Class I Preferred
Shares (“Class I Preferred Shares”) and the YCM.PR.B Class II
Preferred Shares (“Class II Preferred Shares”) for the five year
renewal period, commencing December 1, 2019. In keeping with
market yields for preferred shares with similar terms, there will
be no change to the rate of the Class I Preferred Shares and the
Class II Preferred Shares.
In relation to the term extension, the Company has an additional
retraction right for those shareholders not wishing to continue
holding their investment, allowing existing shareholders to tender
any or all classes of Shares and receive a retraction price based
on the November 29, 2019 net asset value per unit.
Alternatively, shareholders may sell their shares for the market
price at any time, potentially at a higher price than would be
achieved through retraction, or shareholders may take no action and
continue to hold their shares.
The Company invests in common shares of Canadian Imperial Bank
of Commerce, a Canadian financial institution.
Certain statements included in this news release
constitute forward-looking statements, including, but not limited
to, those identified by the expressions “expect”, “intend”, “will”
and similar expressions to the extent they relate to the Company.
The forward-looking statements are not historical facts but reflect
the Company’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 the
Company believes that 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. The
Company undertakes no 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.
Commissions, trailing commissions, management fees and expenses all
may be associated with mutual fund investments. Investors should
read the prospectus before investing. Mutual funds are not
guaranteed, their values change frequently and past performance may
not be repeated. Please read the Company’s publically filed
documents which are available at www.sedar.com.
Investor Relations: 1-877-478-2372
Local: 416-304-4443
www.commercesplit.com
info@quadravest.com
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