TORONTO, May 27, 2024 (GLOBE NEWSWIRE) — North American Financial 15 Split Corp. (the “Company”) announced today that the Toronto Stock Exchange (the “TSX”) has accepted its notice of intent to make a normal course issuer offer (the “NCIB”) to purchase the Company's preferred shares and Class A shares through the TSX and/or any alternative trading system in Canada. The NCIB will commence on May 29, 2024 and expire on May 28, 2025.
Pursuant to the NCIB, the Company is proposing to purchase up to 5,327,599 shares of the Company's preferred stock and 5,256,760 shares of Class A stock from time to time as it deems appropriate, which would represent 10% of the public offering of 53,275,992 shares and 52,567,602 shares of Class A stock. As of May 15, 2024, there were 53,276,492 shares of preferred stock and 52,639,792 shares of Class A stock issued and outstanding. The Company will not purchase more than 1,065,529 shares of preferred stock or 1,052,795 shares of Class A stock in the aggregate, which would represent 2% of the preferred stock and Class A stock issued and outstanding as of May 15, 2024, in any 30-day period. The previous regular course issuer bid, which began on May 29, 2023 and ended on May 28, 2024, purchased 230,600 Preferred Shares and 334,600 Class A Shares.
Our board of directors, acting on the advice of our investment manager, Quadravest Capital Management Inc., believes that such purchases are in our best interests and a desirable use of our funds. All purchases will be made through the facilities of the TSX and in accordance with the rules and policies of the TSX. All preferred shares or Class A shares purchased by us pursuant to the NCIB will be cancelled.
The Company invests in a high-quality portfolio of 15 financial services companies representing the following Canadian and U.S. issuers: Bank of Montreal, The Bank of Nova Scotia, Canadian Imperial Bank of Commerce, Royal Bank of Canada, Toronto-Dominion Bank, National Bank of Canada, Manulife Financial Corporation, Sun Life Financial, Great-West Lifeco, CI Financial Corp, Bank of America, Citigroup Inc., Goldman Sachs Group, JP Morgan Chase & Co. and Wells Fargo & Co.
Certain statements contained in this press release are forward-looking statements, including, but not limited to, those identified by words such as “expects,” “intends,” “will,” and similar expressions, to the extent they relate to the Company. 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, therefore, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainties. The Company undertakes no obligation to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or other factors affecting this information, except as required by law.
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