FTU.PR.A Reinstates Dividend, Pays Partial Arrears

US Financial 15 Split Corp. has announced:

the reinstatement of the regular monthly distribution of $0.04375 for each Preferred share ($0.525 annually) effective for the month of April as well as a dividend of $0.05 representing a portion of the accrued dividends in arrears. Both dividends will be payable on May 10, 2010 to Preferred shareholders on record as at April 30, 2010.

Management believes that the strong recovery in the US financial services companies held in the portfolio from the March 2009 lows combined with the current level of dividend income and option premiums from the covered call writing program presents the necessary conditions to reinstate the monthly dividend and to begin the process of making payments on the accrued dividends.

The 14 months of cumulative accrued dividends from February 2009 to March 2010 totaling $0.6125 per Preferred share are currently recorded as a liability of the Company and are accrued to the benefit of the Preferred shareholders. The accrued liability will decrease to $0.5625 per Preferred share after the payment of the $0.05 dividend. The timing and amount of any future payments of the cumulative dividends will be reviewed by the Board on an ongoing basis and will be based on market conditions, the level of the net asset value and income realized in the portfolio.

Regular monthly dividends of $0.04375 will continue each month and will be payable to Preferred shareholders on record on the last business day of each month.

The net asset value per unit as at April 15, 2010 was $7.17.

FTU.PR.A was last mentioned on PrefBlog when they published the 2009 Semi-Annual Financials. FTU.PR.A is tracked by HIMIPref™ but is relegated to the Scraps index on credit concerns.

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