M Split Corp. Preferred Share Rates Maintained
September 18 2024 - 4:29PM
M Split Corp. (the “Company”) announces there will be no change to
annual rates of the Company’s Preferred Shares for the new
five-year term effective December 1, 2024. Payments will continue
to be made at the annual rate of 7.50% or $0.375 per Class II
Preferred Share and 7.50% or $0.375 per Class II Preferred Share
(if and when the net asset value per unit exceeds $10.00), based on
their $5.00 repayment values. These rates are in keeping with
market yields for preferred shares with similar terms.
As previously announced on March 12, 2024 the
Company will extend the termination date a further five year period
from December 1, 2024 to December 1, 2029. 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,
2024 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 Manulife
Financial Corporation, the largest life insurer in Canada offering
financial products and wealth management services.
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 publicly filed documents
which are available at www.sedarplus.com.
Investor Relations:
1-877-478-2372
Local:
416-304-4443
www.m-split.com
info@quadravest.com
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