Financial 15 Split Corp. Completes Exchange Offer
April 24 2018 - 11:57AM
Financial 15 Split Corp. (the “Company”) is pleased to announce it
has issued 2,035,942 Class A Shares of the Company and has
completed the Exchange Offer announced on April 9, 2018. The Class
A Shares will trade on the Toronto Stock Exchange under the
existing symbol of FTN.
The exchange was offered to holders of SCITI
Trust units, whereby one Class A Share of the Company was issued in
exchange for 1.17614 freely-tradable listed units of SCITI
Trust. The investment fund manager of SCITI Trust confirmed
on March 21, 2018 that SCITI Trust would be terminating on its
scheduled termination date of April 30, 2018. At that time,
SCITI Trust will distribute to its unitholders, including the
Company, the net asset value of SCITI Trust in cash.
In conjunction with the Exchange Offer, the
Company will also issue 2,035,942 FTN.PR.A Preferred Shares of the
Company at a price of $9.90 per Preferred Share to yield 5.55%. The
Preferred share offering was led by National Bank Financial Inc.,
CIBC Capital Markets and BMO Capital Markets. The sales period of
the Preferred Share offering ended on April 20, 2018 and is
expected to close on or about April 30, 2018. The offering is
subject to certain closing conditions including approval by the
TSX.
The total value of the Exchange Offer and
Preferred Share offering is expected to be approximately $39.1
million, including 2,394,550 units of SCITI Trust.
Commissions, trailing commissions, management
fees and expenses all may be associated with mutual fund
investments. Investors should read the prospectus supplement to the
Company’s short form base shelf prospectus dated November 2, 2017
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.
For further information, please contact
Financial 15 Split Corp. Investor Relations at
416-304-4443 Toll free at
1-877-4-Quadra (1-877-476-2372) or visit www.financial15.com
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