Commerce Split Corp. Preferred Share Rates
TORONTO, Sept. 19, 2019 (GLOBE NEWSWIRE) -- 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 .
Investor Relations: 1-877-478-2372 Local: 416-304-4443
