Dividend 15 Split Corp. has announced:
that it has issued 1,181,421 Units for an aggregate of $23.3 million pursuant to the Rights offering that expired on November 16, 2009 at 4:00 p.m. (local time). The net proceeds from the subscription of Units will be used to acquire additional securities in accordance with the Company’s Investment objectives. By raising additional cash through this offering it allows the Company to capitalize on certain attractive investment opportunities that may arise over the next few months. In addition, the offering is expected to increase the trading liquidity of the Company and reduce the management expense ratio.
Both the Preferred Shares and Class A Shares trade on the Toronto Stock Exchange (the “TSX”) under the symbol “DFN.PR.A” and “DFN” respectively.
It was only yesterday that I predicted negligible take-up! So much for predictions! There were 10,037,713 units outstanding on May 31, so issue size has increased by a little over 11% (barring interim retractions).
DFN.PR.A was last mentioned on PrefBlog when the rights offering was announced. DFN.PR.A is tracked by HIMIPref™, but is relegated to the Scraps subindex on credit concerns.
[…] was last mentioned on PrefBlog when the company announced that its rights offering was 47% subscribed. DFN.PR.A is tracked by HIMIPref™ but is relegated to the Scraps subindex on credit […]